Mr. Speaker, I want to remind the House that our government's focus remains clear and disciplined. We are controlling what we can control, which means maintaining fiscal sustainability while making targeted, high-impact investments for Canadians; maintaining our fiscal anchors; and ensuring that every dollar spent on behalf of Canadians supports growth, resilience and improving the well-being of Canadians. That is the direction we need right now, and it is in the context of global changes we are witnessing, which are sudden and, I would say, unprecedented.
Global economies are more than a year into a profound rupture, characterized by the trade decisions made by the U.S. administration. Economic security, industrial policy and geopolitical competition are increasingly shaping investment, trade and financial decisions. Of course, the recent conflict in the Middle East, which has disrupted key shipping routes and damaged energy infrastructure, has pushed energy prices higher, underscoring the fragility of global supply chains and adding to already elevated uncertainty.
Despite this environment, the government is delivering an $11.5‑billion improvement in the projected 2025-26 budgetary balance. This strength carries into future years, improving the budgetary balance relative to last year's budget by an average of $10.7 billion per year from 2026-27 to 2029-30 before new measures. I will note that, in addition, our deficit-to-GDP ratio, one of the key fiscal anchors, is well below the G7 average, as shown on page 12 of the spring economic update.
Fortunately, this fiscal room allows the government to improve affordability and raise Canadians' standard of living through targeted and responsible policy measures, particularly in the areas of fuel, food and housing affordability. This is a move that started in budget 2025 and indeed, before then, with some income tax cuts for which we were happy to get the support of the other side. It marked a strategic shift in the government's management of public finances, focusing on expanding federal capital spending to mobilize investments while maintaining fiscal responsibility.
Our budget 2025, as members know, set out a clear plan to build the strongest economy in the G7. We are moving toward that with very strong growth rates projected in relation to other G7 countries, and again, the strongest fiscal position in the G7, in particular with a debt-to-GDP ratio well below that of our G7 peers.
Our plan remains rooted in fiscal responsibility, not for its own sake, but to create the capacity to invest our long-term economic strength and greater self-reliance. I want to mention again that there are two fiscal anchors, which are balancing operating spending with revenues by 2028-29 and maintaining a declining deficit-to-GDP ratio, both of which we are obtaining.
We also remain committed to the disciplined implementation of budget 2025 efficiency measures, including the comprehensive expenditure review, which, together with other measures in budget 2025, total $60 billion in savings and revenues over 5 years.
We are now in the implementation phase. The focus is turning toward targeted, ongoing reviews, beginning with efforts to rein in spending on external management and other consulting services. These are not easy decisions; they are challenging but necessary actions. We will continue to support our objective of spending less to invest more.
In these serious times, with these serious geopolitical headwinds, it is important to make targeted investments, control what we can control, maintain our fiscal anchors and attend to the affordability and economic needs of Canadians.