Presented 26 April 1993 Finance minister Don Mazankowski | Parliament 34th Deficit $38.5 billion | |
Party Progressive Conservative | ||
The 1993 Canadian budget was a Canadian federal budget for the Government of Canada presented by Minister of Finance Don Mazankowski in the Canadian House of Commons on 26 April 1993.
The budget was poorly received, and described as "stand pat", "do nothing", and a "lame duck". Preceding the budget, Mazankowski had stated that government revenues would decrease compared to 1992 as a result of "slow economic growth, continued high unemployment and low inflation".
The Canadian Bond Rating Service downgraded Canada's federal debt rating from AAA to AA+, and the budgetary deficit for the fiscal year was expected to be $32.6 billion. Mazankowski stated that the rating service had based its decision on "erroneous information".
The value of the Canadian dollar declined with respect to the United States dollar in the foreign exchange market the day after the budget speech, and interest rates "climbed sharply".