The Decibel How Carney’s historic defence spending could change the economy
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Jul 22, 2025 Pippa Norman, an innovation reporter for The Globe, dives into Canada's ambitious plan to boost defense spending to $150 billion annually by 2035. She discusses how this shift creates massive opportunities for Canadian companies vying for defense contracts. Norman also examines the implications of aligning with NATO, and what increased military investment means for Canada’s identity as a peacekeeping nation. With industry leaders eyeing potential changes under Prime Minister Mark Carney, the conversation highlights a pivotal moment in the Canadian defense sector.
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Surprising Defense Interest at Tech Event
- At Toronto Tech Week, a defense panel expected 12 attendees but over 100 registered, with 50 more on the waiting list.
- This showed pent-up demand for discussions about Canada's defense and military future.
Generational Shift in Defense Spending
- Canada plans a generational shift by raising defense spending to 5% of GDP by 2035.
- This means spending up to $150 billion annually, more than doubling current budgets.
History of Defense Neglect
- Canadian defense has been deprioritized by multiple governments due to shifting priorities and cost concerns.
- Past decisions cancelled major projects, leaving the sector weakened compared to allies.