The fiscal year of 2022-23 concluded with a deficit of $41.3 billion for the federal government, slightly lower than the forecast provided in the March budget. In comparison, the previous fiscal year had a deficit of $95.6 billion. Improved economic growth and the diminishing impact of the COVID-19 pandemic contributed to a revenue increase of $34.2 billion, equivalent to 8.6 percent. Program expenses decreased by $29.9 billion, or 6.5 percent, as the government phased out COVID-19 support programs. Public debt charges rose by $10.4 billion, or 42.0 percent, due to higher interest rates. Additionally, net actuarial losses saw a decrease of $0.5 billion, or 5.0 percent, compared to the previous year.
About Ben G.
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Freelance contributor since 2023 covering finance and world news.
During the day, Ben is a finance professional with experience in M&A advisory and public equity investing
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