Based on our economic and fiscal outlook in October, we anticipate expenditures to keep growing. We had an estimate for this year of $543 billion, rising to $553 billion next year and rising at roughly the same pace to reach $628 billion in 2029-30. However, that was before the government announcements related to the GST holiday and the $250 cheques for those making less than $150,000, which will create a small increase, or a small bump, in expenditures this year and next.
That's what we expect. The debt-to-GDP ratio should be on a downward trend—not necessarily this year or next, but starting in 2026-27 and with a gentle decrease after that.