Canada finance minister indicates he won't deliver full budget

OTTAWA, May 14 (Reuters) - Canadian Finance Minister Francois-Philippe Champagne on Wednesday indicated the new Liberal government would not present an annual budget, but instead will table an economic update later in the year.

Traditionally the federal government presents an annual budget in the first quarter and follows it up with an update on its finances.

When repeatedly pressed about the date of a full budget, Champagne talked about the fall economic statement.

"The first action being taken by the government is to bring in a tax cut," he told reporters.

"The second thing we will do is ... outline the government's priorities for the next Parliament, and then there will be an economic update in the fall. So the sequence is very clear and very logical."

The ruling Liberals were returned to power in an April 28 election. The government has already said it will outline its priorities on May 27.