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Expenditure Monitor 2015-2016 Q2
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Expenditure Monitor 2015-16 Q2.xlsx
Total government expenditures for the first half of 2015-16 were $124.7 billion, an increase of 5.5 per cent over the same period last year ($118.2 billion). This is slightly higher than the 3.4 per cent increase in total program expenses outlined in Budget 2015. Most of this increase draws from the Government’s new enhanced Universal Child Care Benefit (UCCB). The first cheques for this enhanced benefit were delivered in July, adding $3.2 billion to the previous year’s UCCB payments.
Infrastructure spending is responsible for most of the remaining increase. Supplementary Estimates (A) 2015-16 requested over $1.1 billion for infrastructure renewal. The programs that were major recipients of these infrastructure funds have increased spending by $284 million compared to the previous year, an overall increase of 5.6 per cent. When combined with $151 million in increased spending by the Office of Infrastructure Canada’s Large Scale Infrastructure Investments program, this brings the investment in infrastructure renewal to $435 million by the end of the summer of 2015.
These spending increases are offset by lower interest rate costs on public debt. With the decline in the long-term bond yields, the Government’s average interest rate on public debt has fallen from 2.83 per cent in 2011 to 2.23 per cent in 2014. Further decreases have provided $327 million in savings from public debt interest in the first six months of 2015-16. These savings look set to continue until interest rates begin to rise.