44th Parl. 1st Sess.
January 29, 2024 11:00AM
Madam Speaker, happy new year to you and to all colleagues in the House.
Today, we have the opportunity to speak to Bill C-59, which is the legislation that would implement the initiatives in the fall economic statement before Christmas.
Before I get too much further, I will be sharing my time with the hon. member for Nepean.
One of the things I contemplated over the Christmas break was the decorum in this place. I know that will be something on which those who sit in the chair will be focused. I will commit to those who are here today, and indeed to the House, that we will have robust debate but we should try to keep it within the confines of respectful debate at the same time.
The fall economic statement from this government was focused on two core issues: affordability and housing. Those are top-of-mind issues at home in Kings—Hants. I want to talk first about the economic context, because affordability is a top-of-mind issue, but it is important for my constituents, and for Canadians across the country, to understand where we are at in the current economic context. If all they did was listen to the Conservative opposition bench, they would never really understand some of the positive things that are happening vis-à-vis Canada's economic growth and particularly our investment climate right now.
Inflation is a global issue. The last statistic by Statistics Canada shows that Canada had a 3.4% inflation rate in the month of December 2023, and we are working to try to help bring that under control. However, where does Canada rate in a global context? I pulled out some statistics from around the world: Germany, 3.7%; France, the same; U.K., just over 4%; and United States is on par with Canada. I would submit that Ireland, India, Australia and New Zealand are all comparable countries and they have higher inflation rates than Canada right now.
I know that is cold comfort. I do not say this to Canadians and to my constituents to suggest that this government will rest on its laurels, but it is important, because when we hear the opposition members talk, they suggest that Canada is a laggard in the world with respect to the affordability question. We have work to do and we will continue to do that work. However, make no mistake, it is important to contextualize that as we move forward.
How about our debt-to-GDP ratio? When we listen to the member for Carleton and the opposition, they would suggest that Canada is in a terrible situation vis-à-vis its debt-to-GDP ratio. That is not the case. Canada is actually a leader in the G7 with respect to net debt-to-GDP ratio and it also has the lowest deficit in the G7. Again, we do not hear that being said very much from the opposition benches. It is important for Canadians to understand that.
The number that I thought was quite important is investment in the country. Yes, we want Canadian equity firms and Canadian businesses investing in our country, but we know that in a globalized economy we want other countries and companies around the world to come to Canada and invest in our economic success as well.
A number that is quite striking is foreign direct investment in 2023. Canada was third overall in the entire world. We are 40 million people. We are a relatively small country with respect to population in the world, but of course rich in resources and ingenuity. We are third in the world, not per capita but over all, behind U.S. and Brazil. That is an incredible feat. It is something of which every Canadian, and every member of Parliament in the House, should be proud. It is being driven by this government's view of investing and driving future growth, particularly in a transition to a lower-carbon economy. This is a significant number that Canadians should understand.
However, when we talk about affordability, we have to also balance spending with responsibility. We are in an environment now where we saw the Bank of Canada, through the governor, Tiff Macklem, hold interest rates at 5%. His indication to the Canadians, to the public, and to this government is that we will expect to see decreases in the benchmark interest rate over the next couple of months. That is extremely important.
I am proud of the way in which this government has walked a very careful line between putting out supports to vulnerable Canadians, but at the same time being mindful that we do not want the spending that does take place to further drive inflation. The Bank of Canada has been very clear that this has not happened to date, and it is important that this government continue to do this. I for one, and I know my colleagues in all corners of this place, will be focused on that question as well.
With respect to housing, I want to tell a story. I represent Kings—Hants, a rural riding in Nova Scotia, just outside Halifax in the beautiful Annapolis Valley. Come see us sometime. Indeed, that invitation is to all Canadians. I remember knocking on doors during the 2019 election, as a new candidate. I would go to rural areas of my riding, where there would be a for sale sign on a property. I would go in and talk to the homeowner, and I would note, of course, that they were trying to sell their house. They would say they were concerned they would never be able to sell their house. They had had it on the market for two years and were worried they would never be able to get the equity to be able to retire or move on with their life.
If one were to come to my riding right now, there is little to no real estate available whatsoever. I want people to understand that, in fact, in Nova Scotia, that is a good thing because for years, we were concerned about our demographic trends. In fact, for my generation, as someone who is 33 years old, when I was coming out of university, there were a lot of folks who were actually moving elsewhere in the country. We have reversed that trend in Atlantic Canada. That is a good thing.
Economic growth and population growth are good things, but we need to have the housing to keep pace. We have heard commentary in this place about past iterations of federal governments, both Liberal and Conservative, that have not invested in housing, particularly social housing. I am pleased to say that this is something that has changed under the current government. The philosophy is to invest in public housing, along with market housing, which that the hon. member for Elmwood—Transcona mentioned. Both have to happen at the same time. I would point Canadians to the fact of our most recent investment, which is removing the HST on purpose-based rental housing.
Again, owning one's own home is extremely important, and we will want all Canadians to have that opportunity. However, some people are in a situation where affordable rentals are also extremely important. I have seen the cost of rentals go up, in the community of Kentville, for example, from being in the range of $1,200 a few years ago to now upwards of $2,000, because of the pressure we have seen.
All three levels of government have to be part of this.
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- Jan/29/24 3:09:33 p.m.
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- Re: Bill S-6
Mr. Speaker, this week marks Red Tape Awareness Week. I would like to thank all the small businesses in my riding that have continued to show entrepreneurship and work hard to foster economic development in Canada.
We know that many of these businesses face administrative challenges in day-to-day operations, and our government has been there every step of the way to listen and adapt regulations to better suit their needs. The Conservative Party claims to care for small businesses, yet calls supports for businesses inflationary.
Could the President of the Treasury Board please tell the House how our government is supporting small businesses to build a stronger economy for all Canadians?
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- Jan/29/24 3:10:19 p.m.
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- Re: Bill S-6
Mr. Speaker, small businesses are the backbone of the Canadian economy. We stood with small businesses during and after the pandemic, including in terms of reducing credit card transaction fees, establishing a program for small businesses in federal procurement and assisting the tourism sector.
Unlike the Conservatives, who have no plan to reduce red tape, we will continue to stand with small businesses with Bill S-6. It is at second reading. We are bringing it back before the House. We will create an efficient and effective economy for all small businesses.
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- Jan/29/24 7:46:17 p.m.
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Mr. Speaker, I am really happy that my hon. colleague mentioned this, because it is an important question that seems simple as to its facts but is actually quite complex in terms of how the supply chain truly works. I will say this: The costs that are being borne by our farmers, the costs that are being borne by cattle producers like my family, and the costs that are being borne by the truckers who are moving the food are all increasing. That is true, and I want to thank my hon. colleague for making that clear.
However, the part I hope she can hear clearly is that it is not Canadians who are benefiting from this. It is not even the government that is benefiting from this. It is the megacorporations that, at the time of input increase, increased not only the base cost of goods but also the profit margin of those goods. That is the definition of “profiteering”. We used to be a country that, in the face of profiteering, would clamp down on it. We only need to look at World War II to see how Canadians used competition to ensure a fair price. We used government apparatus to ensure consumer fairness.
My answer to my hon. colleague is that although I agree with the premise that, of course, these things are going up, the solution to remove the carbon tax, which is about four cents on one hundred dollars' worth of groceries, will not do the dramatic reduction of the cost of goods that we need. What we need is true competition in the megacorporations. We need to break them up and limit the profit motive at some reasonable degree. It cannot be infinite.
I do appreciate the question, and the solution, of course. If four cents is something that is valuable to the member, then sure, but I am more interested in ensuring that our system of economy produces a system that is fair, to guarantee consumer power, rather than ram it over.
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