44th Parl. 1st Sess.
October 16, 2023 11:00AM
- Oct/16/23 2:36:22 p.m.
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Mr. Speaker, in due course, our government will provide an update on the fiscal picture, both expenses and revenues, in the fall economic update.
Let me be clear, because I do not want Canadians to be misled by alarmist, partisan talking points from the opposition. The reality is that Canada's position is fiscally responsible. We have the lowest debt and deficit in the G7. Our AAA credit rating has been reaffirmed by our ratings agencies.
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- Oct/16/23 2:37:05 p.m.
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Mr. Speaker, the finance minister is known for speeding up, just for the wrong reasons.
By adding more debt than every government before them combined, she put the pedal to the metal on her deficits and revved up inflation. Unlike on an Alberta highway, the consequence of her spending is not just a speeding ticket; it is a bigger deficit, as well as higher inflation. These things have led to higher interest rates, putting Canada most at risk in the G7 for a mortgage default crisis.
After eight years, the Liberals are definitely not worth the cost. Is the finance minister going to blow through her budget deficit projections, again, by more than $6 billion, yes or no?
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- Oct/16/23 2:37:46 p.m.
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Mr. Speaker, our government will provide an update on our fiscal position, expenses and revenues in due course, in this fall's economic update.
I want to be very clear on Canada's fiscal position. I was at the IMF World Bank finance ministers meeting just last week. That is where it was so clear that Canada has the lowest deficit, the lowest debt-to-GDP ratio in the G7. Our position is enviable.
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- Oct/16/23 2:38:32 p.m.
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Mr. Speaker, it is nice to welcome back the finance minister. I was beginning to think she had forgotten the address of this location.
After eight years, Canadians are realizing that the government is not worth the cost. Canadians are struggling and the government continues to increase its deficits and inflation. Everyone now agrees that deficits increase interest rates.
Will the finance minister finally confirm for Canadians that she will balance the budget so that interest rates can come down and Canadians can keep their homes?
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- Oct/16/23 2:38:59 p.m.
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I would like to remind members that we are not to make an indirect or direct reference to the presence or absence of members in the House. As members know, according to the rules, members have responsibilities that sometimes take them out of this place. I will have more to say on that later this week.
The hon. Deputy Prime Minister and Minister of Finance.
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- Oct/16/23 2:39:26 p.m.
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Mr. Speaker, I am happy to confirm that I was not in the House of Commons last week. In fact, none of us were, because—
Some hon. members: Oh, oh!
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- Oct/16/23 2:39:42 p.m.
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The Deputy Prime Minister has 20 seconds left on her clock.
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- Oct/16/23 2:40:07 p.m.
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Mr. Speaker, last week was, of course, a constituency week, and I was proud to be able to do my job at the IMF-World Bank finance ministers' meeting, in particular because the G7 finance ministers affirmed our shared condemnation of Hamas and shared support for the state of Israel. The first time G7 ministers had met in person, Canada was at the table that—
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- Oct/16/23 2:40:35 p.m.
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Again, I would like to remind members that I am well aware of the time members have to ask and to answer questions.
The hon. member for Simcoe North.
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- Oct/16/23 2:40:55 p.m.
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Mr. Speaker, while households are dealing with higher interest rates, taxpayers are now on a bigger hook. That is because interest on the debt is going up. The government projected just a few months ago that it would spend $44 billion on debt-servicing costs this year, but that assumed that interest rates would go down. Instead, interest rates have gone up.
Will the Minister of Finance finally tell Canadians how much they are now on the hook for with higher debt-servicing costs, because interest rates have not come down?
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- Oct/16/23 2:41:37 p.m.
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Mr. Speaker, our government will state Canada's fiscal position, revenues and costs clearly in the fall economic statement in due course this fall.
What the opposition clearly does not want to admit is that Canada's fiscal position is responsible. Indeed, it is enviable compared to our peer countries. This was reaffirmed by the independent ratings agency, DBRS Morningstar, which recently reaffirmed our AAA rating, and by S&P, which reaffirmed it after the budget.
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- Oct/16/23 2:42:23 p.m.
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Mr. Speaker, the Parliamentary Budget Officer expects the federal deficit to reach $46.5 billion next year. That is 16% more than the Liberal government had initially projected.
That being the case, he does not expect interest rates to drop until April 2024. Given the ongoing housing crisis, that is truly a disaster.
Will the Minister of Finance confirm that the deficit will really be $6 billion higher next year?
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- Oct/16/23 2:42:53 p.m.
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Mr. Speaker, our government will confirm the budget figures in the November economic statement.
Today, however, I can point out a very important reality, a reality that should be reassuring for all Canadians: Canada's fiscal position is very strong. We have the lowest deficit and debt-to-GDP ratio in the entire G7, and our AAA credit rating has been reconfirmed by credit agencies.
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- Oct/16/23 2:43:37 p.m.
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Mr. Speaker, is the minister aware that about 20% of mortgages are now in negative amortization? The monthly payment does not even cover the principal and interest.
Our leader has repeatedly warned about the inevitable outcome of rising inflationary spending. No one listened, not the Bloc Québécois nor the Liberals.
After eight years of disastrous management, will the Liberals stop their inflationary spending to bring mortgage rates down so that Canadians can keep their homes?
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- Oct/16/23 2:44:11 p.m.
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Mr. Speaker, it is confusing to me that the hon. member would pose such a question when he has a plan that is actually going to increase the cost of building homes and increase the cost to Canadians for living in them. His plan literally is to add taxes to home building and to cut funding that will build more homes for Canadians.
Over the course of our time in the House over the last number of years, we have repeatedly put measures on the floor that are going to help improve the affordability of housing in our country. Time and time again, that member has voted against them.
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- Oct/16/23 2:44:47 p.m.
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Mr. Speaker, if Canada were a part of the group of five countries formed by the United States to address the conflict between Israel and Gaza, then Canada would be helping to make decisions and would have first-hand information.
Let us see. Can the government and the Deputy Prime Minister tell us whether humanitarian corridors will be opened in Gaza starting today and whether civilians will be able to cross over into Egypt?
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- Oct/16/23 2:45:25 p.m.
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Mr. Speaker, I want to assure the hon. member that Canada was the first western country to announce humanitarian assistance to civilians in Israel and Gaza. Not only that, by announcing it so early and so quickly, we have actually incentivized other partners to move forward.
We are working with partners in the region and our trusted international organizations to ensure we have access to civilians both in Gaza and Israel. We are working diligently, and as events move forward, we will continue to insist on international humanitarian access to civilians in Gaza.
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- Oct/16/23 2:46:07 p.m.
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Mr. Speaker, we want to reiterate that the Bloc Québécois strongly and unequivocally condemns the Hamas terrorist attacks. We reiterate that Israel has a right to defend itself against Hamas.
However, we need to distinguish between Hamas and the people of Gaza and Palestine. As early as last Tuesday, the UN was calling for a humanitarian corridor into Gaza for medical reasons. That is the very basis of the Geneva Convention relative to the Protection of Civilian Persons, which states in article 3, and I quote, “The wounded and sick shall be collected and cared for.”
What concrete efforts is Canada making to obtain such assurances from Israel?
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- Oct/16/23 2:46:42 p.m.
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Mr. Speaker, we are continuing with our long-standing position that in conflict areas humanitarian access must provided to civilians to ensure there is access to life-saving food, medicine and water. I spoke yesterday with our trusted international partners as well as organizations on the ground, both international and Canadian. They have pre-positioned supplies.
We are the first country that has moved forward to provide much-needed humanitarian assistance, and we are insisting on that access so we can deliver medical supplies to civilians who need them.
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- Oct/16/23 2:47:22 p.m.
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Mr. Speaker, in order to send aid, there first needs to be a humanitarian corridor.
We are pushing hard, because lately Canada has been losing ground on the international scene. Once again, Canada is on the sidelines while the United States, the United Kingdom, Germany, France and Italy work together. That is unacceptable.
When it comes to human rights, Canada has a contribution to make and it must insist on making it.
Has the Prime Minister spoken directly with Israel about setting up a humanitarian corridor in Gaza?
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