44th Parl. 1st Sess.
May 16, 2023 10:00AM
- May/16/23 2:20:17 p.m.
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Mr. Speaker, the reality is that inflation is going down. Inflation was 8.1% in June and 4.4% in April. That is a big difference.
The Bank of Canada expects inflation to reach 3% this summer and to drop below 3% by the end of the year. As for our economy, our AAA credit rating remains intact.
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- May/16/23 2:21:41 p.m.
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Once again, the Conservatives do not want to talk about the reality of the Canadian economy.
The reality is that Canada has the strongest economy of all the G7 countries. We also have the strongest fiscal position and the lowest deficit of all the G7 countries.
It is thanks to the work of Canadians that we have a very low level of unemployment. Inflation is dropping—
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- May/16/23 2:22:58 p.m.
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Mr. Speaker, yet again, despite the best efforts, which actually are not that good, of the Conservatives to mislead Canadians, the Canadian economy is strong. We have the strongest fiscal position in the G7, and our AAA credit rating was reaffirmed after I tabled the budget.
On inflation, I know that the party opposite does not really know too much about the Bank of Canada, but the Bank of Canada follows CPI-trim and CPI-median; those are the core indicators. CPI-median and CPI-trim went down between March and April.
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- May/16/23 2:24:23 p.m.
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Mr. Speaker, I have another request: Would that ex-minister stop leading Canadians astray, urging them, recklessly, to invest in crypto? That is an area where we actually really do disagree.
I want to talk about the core inflationary measures that the Bank of Canada follows, which determine the path of interest rates. One of them is CPI-trim. CPI-trim peaked at 5.6% in June of last year. It was 4.4% in March, and fell to—
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- May/16/23 2:25:49 p.m.
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Mr. Speaker, Canadians know better than to listen to the Leader of the Opposition when it comes to money, because he did, after all, urge them to invest in crypto. They know better than to rely on the Leader of the Opposition when it comes to the Bank of Canada, because his answer is to fire the independent Governor of the Bank of Canada. What the Bank of Canada looks at is CPI-trim and CPI-median. CPI-median peaked at 5.2% in June. It was 4.5% in March and went down to 4.2% in April.
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- May/16/23 2:27:44 p.m.
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Mr. Speaker, I want to be very honest and straightforward with our Bloc Québécois colleagues and all Quebeckers. French in Canada is very important and the Quebec nation is a priority for our government and for me personally. We truly understand how important the linguistic and cultural vitality of the Quebec nation is, and I must say that, as the Minister of Finance—
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- May/16/23 2:29:04 p.m.
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Mr. Speaker, I would like to continue by saying that we truly believe in Quebec. We truly believe in the importance of the Quebec nation. That is why we are investing in the French language across Canada. That is also why we are investing in Quebec's economy.
We are investing in health care. We are investing in child care. We are investing in the green plan for industry. All these things are priorities to Quebeckers, and they are our priorities as well.
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- May/16/23 2:30:14 p.m.
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Mr. Speaker, helping that single mother with two kids is a priority for our government. That is why we have invested in early learning and child care, and brought the fees down by 50%. That is why the grocery rebate is so important, and I am glad people will get their cheques on July 5. I absolutely agree with the member opposite that housing is a very significant challenge for Canadians. That is why I am glad we have delivered on the tax-free first-time homebuyers savings account. That is why we have guidelines to protect Canadians with mortgages who are facing—
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- May/16/23 2:31:34 p.m.
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Mr. Speaker, as the member opposite knows very well, supporting families with children is one of the greatest priorities of our government, and for that single mother in Vancouver, child care fees coming down by 50% is meaningful. That single mother in Vancouver, depending on the age of her children, could be getting $12,000 a year through the Canada child benefit. I bet that helps.
I do agree that we have more work to do on housing. That is why I am glad that, in the budget, we created an additional $4 billion to implement a co-developed urban, rural and northern indigenous housing strategy.
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- May/16/23 2:32:54 p.m.
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Mr. Speaker, let us talk for a minute about fiscal responsibility and about inflation, which is coming down. In terms of Canada's fiscal position, the truth is, moving past the overheated and, frankly, metaphorically challenged Conservative rhetoric, that Canada has the strongest fiscal position in the G7. Our AAA credit rating was reiterated by S&P after I tabled the budget. We have the lowest deficit in the G7.
Some hon. members: Oh, oh!
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- May/16/23 2:34:29 p.m.
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Mr. Speaker, I am standing in the House right now, doing my job, and it is a privilege to do it. I was in Japan last week, at the meeting of the G7 finance ministers, where we talked about the global economy, where we talked about continuing to support Ukraine against the illegal Russian invasion and where we talked about economic security in the face of an aggressive China. I was proud and privileged to represent Canada there.
Are the Conservatives proposing that finance ministers should not attend meetings of the G7?
Some hon. members: Oh, oh!
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- May/16/23 2:36:04 p.m.
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Mr. Speaker, the people who talk to Canadians as if they are in kindergarten are the Conservatives. The Conservatives behave as if Canadians do not understand that the judge of Canada's fiscal responsibility is not overheated Conservative rhetoric. The judge is the ratings agencies, and they have reaffirmed Canada's AAA rating.
Conservatives do not understand that we, in fact, have the lowest deficit in the—
Some hon. members: Oh, oh!
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- May/16/23 2:36:49 p.m.
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I do not mind at all, Mr. Speaker.
Canadians understand that Canada has a very strong fiscal position. We have the lowest deficit in the G7. Our AAA rating was reaffirmed by S&P after I tabled my budget.
Canadians also understand that, contrary to what the member opposite suggested, it is not the government that sets interest rates. It is the Bank of Canada, and the Bank of Canada looks at CPI-trim and CPI-median, both of which went—
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- May/16/23 2:39:26 p.m.
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Mr. Speaker, it is important to reiterate that our budget is fiscally responsible and agencies such as S&P reiterated our AAA rating. As for the average Canadian, it is our government that shows them compassion. It is our government that invests in families. it is our government that invests in health care. It is not the Conservatives, who only want to cut, cut, cut.
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- May/16/23 2:52:12 p.m.
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Mr. Speaker, no government has invested more for our car sector and our auto workers than our government. We proved that with the NAFTA negotiations, we proved that when we got Canada carved into the U.S. EV incentives and we proved that with the VW investment. We are doing the same thing with Stellantis.
We are going to ensure a fair deal for Canadians across our whole country, and that does mean that Ontario needs to do its fair share, and it means that Stellantis needs to do its fair share as well.
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- May/16/23 3:01:57 p.m.
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Mr. Speaker, some things are just beyond the pale.
Our Minister of Mental Health is one of the most respected members of this House. Unlike the Leader of the Opposition, who is a career politician and has done nothing else, she is a doctor. She devoted much of her life to delivering babies and bringing forth life.
I heard the Leader of the Opposition shout across the aisle, “You are killing them.” That is shameful. That is entirely unacceptable.
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