MNI BRIEF: BOC Says Budget Is Significant Shift To Investment

Bank of Canada Governor Tiff Macklem on Thursday said Mark Carney's first budget introduced this week marks a "significant change" towards reviving lagging investment and productivity, a stronger-than-usual view on questions about fiscal policy he normally avoids.

“Our diagnosis of what’s holding the economy back is very similar to what’s in the budget,” Macklem told the Senate banking committee. He noted burdensome regulations and weak investment.

Ending a long period of such weaknesses requires careful follow-through from lawmakers on the implementation and buy-in from private investors, he said. (See: MNI INTERVIEW: Carney Plan Weak On Trump Proofing, Vote Appeal)