Canada's spring fiscal update shows a lower deficit. The revenue driving that improvement comes largely from higher energy prices. Jamie Ellerton and Lindsay Broadhead track the contradiction: a decade of policy aimed at limiting energy investment, followed by a fiscal win nobody wants to attribute to energy.

The sovereign wealth fund announcement lands in that context. Norway's version was built on oil surpluses too large to spend domestically. Canada's version is deficit financed. Ellerton flags the structural problem: the P3 model this fund resembles has repeatedly left taxpayers holding the risk while private investors take the upside.

King Charles addressed U.S. Congress. Both guests noted a measurable shift in Trump's tone in the room.

Topics: Canada sovereign wealth fund, spring fiscal update, Canadian energy revenues, P3 model Canada, King Charles Congress

GUEST: Lindsay Broadhead | http://broadheadcomms.ca
GUEST: Jamie Ellerton | http://conaptus.com

Originally aired on 2026-04-29