The new Liberal government tabled its first budget on May 2, 2013. The Budget is projecting a deficit of $9.8 billion for 2012-13, $5 billion lower than projected a year ago, and increasing to $11.7 billion for 2013-14.
The 2010 Budget put forward by the previous Liberal administration had a plan to cut the deficit in half within five years and to eliminate it in eight years. The current Liberal government remains on track to meet the fiscal targets outlined in the 2010 Budget beyond 2013-14. This includes steadily declining deficits and a return to a balanced budget by 2017-18.
The government is projecting real GDP growth of 1.5% in 2013, 2.3% in 2014, and 2.4% in each of 2015 and 2016.