Prime Minister Mark Carney's second federal budget allocates tens of billions of dollars in new spending to tackle what the government describes as the twin challenges of our time: improving affordability in an era of high prices and securing Canada's sovereignty as it faces external threats.

The budget's new big-ticket items include generous tax measures designed to prompt an "investment supercycle," increased GST rebates to help with the cost of living, an $11.2-billion cash injection to tackle homelessness and one of the largest investments in Canadian arts, culture and identity in recent history to bolster national pride.