Québec, the September 13, 2026 - Accompanied by Ms. Julie White, the Liberal candidate for Jean-Talon, and Mr. Frédéric Beauchemin, the Liberal candidate for Brome-Missisquoi, Mr. Charles Milliard, leader of the Quebec Liberal Party, is presenting today its financial framework, which calls for a return to a balanced budget in 2029–2030, while investing in the priorities of Quebecers: housing, education, health care, families, infrastructure, and business competitiveness.
This financial framework is presented against a backdrop of pressure on Quebec’s public finances. The pre-election report published last August, reviewed by the Auditor General of Quebec, highlights more than $40 billion in cumulative budget deficits over the past eight years and the shift from a surplus to a situation of structural deficits.
At the same time, the significant increase in public spending has not led to an improvement in public services commensurate with the resources allocated, while challenges have intensified in health care, education, infrastructure, housing, and purchasing power.
A return to balance as early as 2029–2030
The fiscal framework calls for a return to a balanced budget by 2029–2030 and in subsequent years, in accordance with the Balanced Budget Act and the objectives established by the Debt Reduction Act and the Act Establishing the Generations Fund.
This path also makes it possible to completely eliminate the $6 billion budget shortfall associated with the gap that needed to be closed during the last three years of the previous financial framework.
A contingency reserve of $4 billion will be maintained for the duration of the framework, including $2.5 billion this year and next, to account for economic and fiscal risks that remain high, particularly in a context marked by economic uncertainty and a trade war.
Nearly $12 billion for Quebecers' priorities
Despite limited room for maneuver, the financial framework provides for nearly $12 billion in new commitments, focused on sectors that address the population’s priority needs:
- Housing and affordable housing;
- Education and Academic Success;
- Health care, particularly through increased investment in home health care;
- Families;
- Businesses and small and medium-sized enterprises, through more targeted support and more effective economic measures.
These commitments will be financed without compromising the path back to a balanced budget, in particular through savings resulting from a reform aimed at improving government efficiency, the refocusing of certain business tax credits, the regulation of illegal online gambling, and an increase in federal transfers to better reflect Quebec’s reality.
Significant support for the government’s priority initiatives
The financial framework calls for an average annual increase in health care spending of approximately 5 percent, as well as an average annual increase of more than 3 percent for education. The goal is clear: to protect essential services while improving government performance and ensuring that available resources truly meet the needs of the population.
The financial framework also calls for a major increase in infrastructure investments. Funding for the Quebec Infrastructure Plan (PQI) will be increased to $195 billion over 10 years—$28 billion more than originally planned—including more than $8 billion in additional funding over the term of the financial framework.
Choices We Must Make Today to Regain Flexibility
This financial framework is based on the belief that Quebec can return to a sound financial path while investing in its priorities.
This is not about giving in to the temptation of election-year spending or tax cuts that would be unrealistic given the current state of public finances. Rather, it is a matter of making responsible choices, improving the efficiency of the government, and reallocating resources to sectors where they will have the greatest impact.
The goal is to create a more efficient and effective government capable of providing better services to the public, a more favorable economic environment, and more competitive businesses capable of generating greater wealth.
By gradually restoring balance to its public finances, Quebec will thus be able to regain the flexibility needed to support sustainable prosperity.
“After eight years of cumulative deficits and public services that have not improved in proportion to the amounts spent, Quebec must regain a clear direction. Our fiscal framework makes responsible choices: it allows us to return to a balanced budget as early as 2029–2030, while investing nearly 12 billion dollars in Quebecers’ priorities. We will restore our public finances without weakening our services, build a stronger economy, and give Quebec the means to achieve its ambitions.”
- Charles Milliard, Leader of the Quebec Liberal Party
Read the financial framework document, by clicking here.
