44th Parl. 1st Sess.

December 6, 2022 10:00AM

Dec/6/22 12:22:01 p.m.
Watch
Re: Bill C-32

Mr. Speaker, it gives me great pleasure to rise today in the House to speak to the fall economic statement. I appreciated the accolades from my colleague across the way, the member of Parliament for Regina—Lewvan. He gave me a shout-out for being authentic and real with Canadians, and I appreciate that. Although I disagree with most of the sentiments he shared, I appreciate the accolades from him. It is great when we can stand and be honest and authentic in this place. In terms of the vision the member opposite claimed our government does not have, I would say the Conservative Party today seems to bring nothing to the table but angst and austerity, fear and division, and empty rhetoric and catchphrases. There are no solutions and no plan. I will argue in my speech today that we do have a vision, there is a plan and it is represented in the fall economic statement. We know the challenges all too well that this country is facing and we have to understand those challenges in context. Coming out of the global pandemic, we have averted a sort of second coming of the Great Depression. It has been the worst public health crisis in 100 years. That is the context in which we need to understand our recovery and the fall economic statement. Canada has fared much better than almost any other country in the world. There have been fewer deaths per capita, higher vaccination rates and a stronger economic recovery than pretty much every peer country we could compare ourselves to. Our real GDP recovery from the pandemic is strong and Canada is leading G7 countries. Our labour market is strong and has come back stronger than ever. Just yesterday there was a report saying that Canada has improved and has one of the highest participation rates among women in the economy at this point, due to some of the measures our government put in place. We have also seen what we call a V-shaped recovery, documented in the fall economic statement, which shows that our economy dipped drastically during the pandemic and then recovered quite quickly, which is exactly what the government had said multiple times would be the optimum scenario. As another member pointed out recently in his question, we have the lowest net debt-to-GDP ratio in the G7, we are forecasted to have the lowest deficit as a percentage of GDP and we have also maintained a AAA credit rating. That sounds pretty good to me. I do not know if other members in the House really pay attention to those fact-based details, but it certainly seems to me like that is a strong recovery. Now we have global inflation that is the top issue Canadians care about today, although I will note that health care is trending and really overtaking inflation as the top issue. We know inflation is the direct result of pandemic-related supply chain disruptions, extreme weather due to climate change and geopolitical instability due to Russia's illegal invasion of Ukraine. We all know these, as we have heard them many times in the House. Coming out of the pandemic, demand for many goods and services has exceeded supply, and that has led to global inflation of course. There are inflationary pressures, and we know that. Even when we look at inflation in comparable countries, Canada has lower consumer price inflation compared to other economies. If we compare Canada to Italy, Sweden, Germany, the U.K., Europe, the G20 average, the U.S., Australia, New Zealand, Norway, the list goes on, we have lower consumer price inflation in Canada. Global supply chain pressures have started to subside after their pandemic peak, and commodity price fluctuations are still quite volatile, which we have seen, so tackling inflation is obviously one of the key challenges. A key measure that the Bank of Canada and all central banks around the world are taking is raising interest rates, with Canada doing so quite aggressively, to cool down and slow down the economy until supply starts to catch up to demand. The postpandemic economic growth will slow as a result and Canadians are feeling the pinch. We all know this. It is tricky to get this right. Of course we have to have debates and be really thoughtful about how we approach this because there are lots of unknowns. Global financial markets are not something within the federal government's control. We have to remain agile. We have to be careful not to add fuel to the fire. I think we have all heard these things. They are quite clearly outlined in the fall economic statement. We must do what we can to alleviate the inflationary pressures, while we work toward preparing the conditions for growth. In my view, and in our government's view, it is to build an economy that works for all Canadians. What does that mean? It is an economy that is more equitable, fair, just and sustainable; that is more resilient; that addresses long-standing inequities that we experienced during the pandemic; that continues to fight climate change; and that we do not let up from the fight against climate change just because some of the members opposite do not agree that climate change is real. We on this side of the House understand that climate change is real. There is ample evidence to suggest that we all need to be concerned about global warming and that Canada experiences even more than many other places in the world. We have also provided immediate targeted supports for those who need it the most. We can think of the doubling of the GST tax credit, the rental top-up support of $500 and dental care as well for lower-income families and kids. If I were to summarize all of this, we have a pretty good track record. We have had a strong recovery and we have dealt with the pandemic quite well. Now we are moving into a period of global inflation. The fall economic statement outlines three main areas we are addressing. We have supply chains. We are strengthening the resiliency of our supply chains. That is very clearly laid out. That means those supply chains can withstand shocks in the future. There is the national trade corridors fund, which launched in 2017. There are $4.6 billion, $2.8 million allocated to over 130 projects, including the Oshawa port authority, right next door to my riding, which will be making major updates to the port so its infrastructure can accommodate more shipments coming in and out. The national supply chain task force is another initiative, which has already achieved some great recommendations that are being implemented. People and their talents, skills and labour is another major theme in the fall economic statement. We are investing in the skills for a net-zero economy. There is the sustainable jobs training centre, a new sustainable jobs stream under the union training and innovation program, and a sustainable jobs secretariat. All of these are designed to help retrain people to take on the jobs in a net-zero economy. The immigration levels plan has also been increased, which is great news for our labour market constraints. My favourite portion has to do with sustainable finance. We are launching the innovation and investment agency, $1 billion over five years, modelled after the Business Finland and Israel innovation authority. The objective is to work to help new and established Canadian firms innovate, commercialize, research and create new economic opportunities for workers and businesses in Canada. We are also launching the Canada growth fund, which is designed to attract substantial private investment in Canadian businesses and projects to help seize the opportunities provided by a net-zero economy. The policy goals are very clearly outlined in the fall economic statement. We will be able to capitalize on an abundance of natural resources and strengthen critical supply chains to secure Canada's economic environmental well-being. Fifteen billion dollars of public capital will have a three time multiplier effect with respect to leveraging private capital. Think about how much that $60 billion will help build the economy of tomorrow. We saw an example of that just yesterday at the GM Ingersoll plant, which is producing Canada's first-ever electric cargo vans. This is great news for our country. There have been substantive investments through the net-zero accelerator and some of the other government initiatives. We want to build that even stronger, so that in clean hydrogen and clean technology, Canada can be a world leader. Using the new financial tools, while using the government's leverage to basically de-risk some of those investments, is a key strategy in how we can move forward.

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