Prime Minister Justin Trudeau's Liberal government is responding to the sluggish global economy with an economic update that puts an even greater focus on infrastructure spending than in its spring budget, while making it easier for private-sector investors to add their money to the government's already considerable funding pot.
The government will also make it easier for foreign investors to expand into Canada, in a further attempt to boost the tepid economy.
But Finance Minister Bill Morneau is still staring at a future full of red ink, with no forecast return to a balanced budget.
And so beyond the economic forecast, the fall update is focused on how to make a "real and measurable impact," Morneau said, taking the potentially controversial step of allowing private-sector pension funds and institutional investors to "get involved" in public infrastructure.
Morneau added this would bring private-sector capital, expertise and fiscal discipline to the public policy goals of the current government.
The centrepiece of last March's budget was a $120-billion infrastructure plan, rolling out over 10 years. With today's economic update, the government is now planning for $186 billion worth of programs, seeing the light of day over the next 11 years.
It's a clear signal that the Liberals see public infrastructure spending as their best economic growth strategy.
