OTTAWA — Canada’s new Finance Minister Francois-Philippe Champagne said Wednesday that the Liberal government will not present a full annual budget this year. Instead, it plans to publish an economic update in the fall.

Traditionally, the federal budget is presented in the first quarter of the year, followed by a fall fiscal review. However, this time, the cabinet is taking a different approach.

Responding to persistent questions from reporters about the budget date, Champagne emphasized that the priority is tax cuts and setting the direction of the new parliament.

“The first step is to introduce a tax cut,” the minister said. “The second step will be to announce the government’s priorities, and then the economic update in the fall. The sequence of actions is clear and logical.”

Recall that the Liberal Party returned to power following the April 28 elections. The new government promises to present its priorities on May 27.