Yes, we see expenditures related to old age security and the guaranteed income supplement rising as the population gets older, and with inflation, of course. However, the main driver is an aging population. We also see the need for expenditures in the health care sector to increase as the population ages.
However, given that, at the federal level, most of the government's expenditures consist of transfer payments to the provinces that are set in legislation and grow in line with inflation, or GDP growth. It is the same with old age security, which grows with population growth and inflation.
We see that the government's fiscal position, in the absence of further measures, should still be sustainable in an environment where interest rates would return to a more normal level.