Federal Finance Minister Joe Oliver said he will delay tabling the budget until April due to economic uncertainty caused by falling oil prices. Speaking at a Calgary news conference Thursday, Oliver said that the federal government needs more information before it can begin finalizing the budget. The last budget was released in February 2014, and the budget in 2013 came out in March of that year. The minister said that there are benefits to lower oil prices, particularly for consumers and manufacturers. But there are also consequences, with the profits for energy companies taking a hit, along with federal and provincial government tax revenues. Related Stories Oil prices have dropped significantly to about US$45 a barrel, down from last summer when the price was about US$100. The bottom line is the intermediate term impact on real GDP will be broadly neutral, but the impact on nominal GDP will be negative, he said. For Albertans and other people in the energy sector that has meant and will continue to mean prosperity at home, he said. During this difficult time for Alberta, our federal government is taking action to secure your prosperity. NDP Leader Thomas Mulcair said the Conservatives were likely “going to do some razzle dazzle” in the budget, but “calmer heads in the finance department said: ‘You’ve got to be kidding, the numbers aren’t there.’” ctvnews.ca/politics/federal-budget-to-be-delayed-until-april-oliver-1.2190676
Posted on: Fri, 16 Jan 2015 03:45:54 +0000