If you look at the front section of volume 1, the financial statement discussion and analysis section, you see significant improvement over the last 20-odd years in the performance of the federal government.
I think it is important, as was just mentioned, to remember when looking at things such as level of net debt and net debt-to-GDP, that in Canada there is only one taxpayer. The level of debt of the provinces is also important when making the comparison to total GDP, because the GDP for the country is what it is. I think there has been significant improvement.
There has always been a bit of an issue of trying to identify what an appropriate level of net debt-to-GDP is. I don't think anybody has ever said that X is what a country's net debt-to-GDP should be.
The risk lies with such things as interest rate increases. You can see that in 2015, out of $280 billion worth of spending, $26 billion is for interest expense. If there were significant increases in interest rates—which would be accompanied by increases in inflation, of course—those types of things could cause a significant impact on the federal government's bottom line.
Fundamentally I would say there has been significant improvement. I think the government is in a good place at this point, but there are risks to be aware of.