It's clear that when we have a shortfall in capital spending, it likely reduces the ratio and it further takes us away from reaching the 2% NATO target, but it also has another impact. If you don't spend money now and you spend the same amount in the upcoming years, with inflation that is specific to the defence sector, it reduces the absolute value of that money. If you spend $4 billion now versus spending $4 billion in five years, you can buy less gear with the same billions of dollars five years from now due to inflation. It also impacts the capacity of DND to acquire military bases, equipment, barracks and so on.
In the absence of an increase in the overall amount, delaying also has a detrimental impact on the value of what you can buy.