We did some analyses—not to translate the spending into how much of a rate increase it means, but looking at spending that was non-COVID-related—and we found that in the absence of non-COVID-related spending over the last couple of years, the deficit would have been almost $26 billion lower each year on average and the debt-to-GDP ratio would have been 4.7 percentage points lower in 2027-28 than was projected in the last budget.
As to the part of your question that relates to the inflationary nature of government spending, the Bank of Canada's monetary policy report indicated last week that government spending—and by that they mean not only federal but also provincial spending—overall stimulates aggregate demand, which is wording equivalent to providing inflation or stimulating inflation.