Canada finance minister promises economic update without mentioning budget

OTTAWA, May 14 (Reuters) - Canadian Finance Minister Francois-Philippe Champagne on Wednesday said the new Liberal government will table an economic update later in the year, implying it will not present an annual budget in the near term.

When pressed by reporters about the date for a full budget, Champagne talked about the fall economic statement, a mini-budget that covers the remainder of the fiscal year and budget updates.

"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."

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

A budget was not presented in the first quarter because Parliament was suspended due to elections.

Economist Rebekah Young of Scotiabank called for more transparency from the government as U.S. tariffs threaten the nation's export-dependent economy.

"One could argue that the more uncertain the time is, the more useful it is to provide that kind of transparency," she said. She said provinces have highlighted the uncertainty they face from tariffs and their contingency measures.

Ontario's government will present a budget on Thursday.

The federal government presented its last fiscal update in December under Prime Minister Justin Trudeau. If past practices were followed, it could be almost a year before another budget update is available.

Young said Prime Minister Mark Carney's election platform had a detailed government spending plan. Many priorities can be achieved through legislation without presenting a budget, she said.

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

Leader of the opposition Conservative Party Pierre Poilievre criticized the lack of a budget presentation.

"Now, in the face of serious economic threats, the Liberals don’t intend to present a budget this year. There is no roadmap forward, no economic vision, and no willingness to lead," he said in a post on X.