Who Is Watching the Government’s Books Right Now?

The Organisation for Economic Co-operation and Development (OECD) is an international organization that was first established in 1961. Today the OECD is made up of 38 member countries that work together on policies enhancing economic growth, stability, and social well-being.

Recently the OECD released a report that reviewed our very own Canadian Parliamentary Budget Office (PBO). This was not widely reported on in Canadian media however our Canadian PBO did extremely well here when compared to other similar offices worldwide.

For those wondering “what is the PBO?” here is a brief definition from the OECD:
“The Canadian PBO was established in 2006 in response to growing concerns about the credibility and transparency of federal fiscal management. 

At the time, Parliament faced persistent challenges in fulfilling its oversight role: government forecasts repeatedly underestimated surpluses, major programmes experienced cost overruns, and the complexity of budget information made scrutiny difficult.  These issues, combined with limited internal financial expertise, underscored the need for an independent institution to strengthen parliamentary capacity and restore confidence in fiscal governance.”

Those of you who read my reports often will know that I regularly reference the reports from the PBO who does an excellent, non-partisan, job assisting Members of Parliament with up-to date and accurate information. Getting back to the OECD report on our Canadian PBO, the conclusion in this report was an important one, and again I will share just a couple of quotes directly from the OECD report:

The first one: “The Canadian PBO has established itself as a cornerstone of fiscal transparency and parliamentary accountability. Its evolution demonstrates the value of independence, a clear mandate, and strong analytical capacity in enabling effective oversight.”

The second quote: “Today, the PBO is widely recognised as credible and influential, with outputs that shape parliamentary deliberations and inform public debate. Canada’s position at the top of the OECD Fiscal Advocacy Index underscores the strong impact of its work in fostering informed fiscal discourse. ”

In summary the OECD concludes that the work that our PBO does is at the very top of all OECD similar rated agencies in the index worldwide. A remarkable achievement in an era where many Canadian federal institutions are struggling.

Now I mention all of this because currently, Canada no longer has a PBO. Canada’s interim Parliamentary Budget Officer, Jason Jacques, recently completed his term, and to date Prime Minister Carney has not appointed a replacement to serve in the role.

Without a Parliamentary Budget Officer installed, the office cannot publish any reports or accept new work requests from Members of Parliament. In essence it cannot hold PM Carney’s government accountable and provide increased budgetary transparency. 

My question this week: How important do you think it is that PM Carney immediately replace the PBO or should we just trust his government’s fiscal rhetoric at face value?

Please join the discussion online at my Facebook Page, or reach me directly at Dan.Albas@parl.gc.ca or toll-free at 1-800-665-8711.