The federal government gave the nation a financial update Tuesday evening with the focus being on affordability, training for the workforce of tomorrow, and the deficit.

The deficit is projected to be down to $66.9 billion from $78 billion, and down to $56 billion in a few years.

Finance Minister Francois-Philippe Champagne announced that improved economic performance gave Ottawa an extra $60 billion, most of which is going to new spending, including a $400 weekly wage top-up for apprentices in the skilled trades, and a $5,000 bonus upon completion of the program.

The finance minister also said the Bay du Nord offshore project has advanced significantly under the Carney government’s watch as energy security is top-of-mind.

There is an extra $755 million for sports, to be used to attract marquee events and to develop athletes, and government will establish a financial crimes agency.

Most of the affordability measures, such as pausing the excise tax on gas and diesel and the enhancement of the GST/grocery benefit were previously announced. However, the amount Canadians pay into the Canada Pension Plan will go down. Government used the example that someone making $70,000 a year will see their CPP contribution reduced by $133 a year. The employer also saves $133 on that employee.

At first glance, it appears that Newfoundland and Labrador’s wish to be involved in talks about expanding Pharmacare have gone unheeded. There was no mention of the program in last night’s federal financial report card, meaning that it will remain as a pilot project in three other provincial jurisdictions.

NL Health Minister Lela Evans had hoped to see this province qualify for free diabetes medications and contraceptives.

The feds also mentioned opportunities regarding airports, but stopped short of using the word “privatization.”

The economic statement puts the projected cost of a barrel of oil for the year at about $20 less than where it currently stands, hovering around the $100 mark.