Context:
Quote:
Reflecting the increase in interest rates over the last year, public debt charges
have risen and are projected to be $43.9 billion for 2023-24, representing
1.6 per cent of GDP (Chart A2.1). Over the forecast horizon, public debt charges
are projected to remain steady as a share of GDP, at 1.5 per cent of GDP
($50.3 billion) by 2027-28. This level is substantially lower than the average cost
of financing debt over the last two decades, even with a significantly higher
public debt because of COVID-19. Debt charges are projected to represent
approximately 9.3 per cent of total government revenue by 2027-28, similar to
the level in 2013-14.
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https://www.budget.canada.ca/2023/pd...et-2023-en.pdf
In short, this isn't new.
