- Member of Parliament
- Member of Parliament
- Liberal
- Nepean
- Ontario
- Voting Attendance: 64%
- Expenses Last Quarter: $104,578.46
- Government Page
Madam Speaker, I am pleased to speak on Bill C-59, an act to implement certain provisions of the fall economic statement tabled in Parliament on November 21, 2023, and certain provisions of the budget tabled in Parliament on March 28, 2023. The bill would advance the government's economic plan to make life more affordable, build more homes faster and build an economy that works for everyone.
To build an economy that works for everyone, the bill delivers critical pieces of our fall economic statement. It would help make life more affordable. We are rolling out new measures to strengthen our economy, combat climate change and forge excellent career opportunities for Canadians, now and in the future.
The Liberals' plan is already yielding results and we continue to push forward. We are advancing Canada's clean economy with a clear timeline for deploying all investment tax credits by 2024. We are launching the Canada growth fund as the primary federal issuer of carbon contracts for difference. We are progressing the indigenous loan guarantee program.
Canada's economic prosperity increasingly depends on a focused strategy to boost growth, particularly in a globally competitive environment. The nation's future success relies on enhancing productivity, innovation and investments in pivotal sectors, such as technology, clean energy and advanced manufacturing. These fields are vital not only for generating high-quality jobs but also for maintaining Canada's competitive edge internationally.
Additionally, empowering small and medium-sized enterprises with supportive policies and tax benefits is crucial to foster entrepreneurship and economic expansion. Equally critical is attracting and retaining top talent. Policies that encourage skilled immigrants to settle in Canada, coupled with significant investments in the education and training of Canadians, are essential to develop a workforce capable of leading in a high-tech, competitive global market.
Canada stands out among G7 countries for maintaining the lowest deficit and net debt-to-GDP ratios, showcasing exceptional fiscal management. This indicates a more sustainable economic position compared to other G7 countries like the U.S., U.K., Germany, France, Italy and Japan, which generally face higher debts and deficits relative to their GDPs.
This fiscal prudence in Canada supports economic stability and investor confidence. Canada's strategic financial policies enable it to better manage economic fluctuations and invest in future growth.
Among G7 nations, Canada's credit rating is ranked near the top. Major credit rating agencies frequently cite Canada’s prudent fiscal policies, low debt-to-GDP ratio and robust institutional framework as key factors supporting its high rating. This strong credit status enhances Canada's ability to attract foreign investment and borrow at lower interest rates, significantly benefiting the economic environment relative to other G7 countries.
On advanced technologies like artificial intelligence, our approach in promoting reflects a robust and proactive strategy aimed at both fostering innovation and ensuring responsible development within the sector. Canada is globally recognized for its influential role in the artificial intelligence sector, distinguished by its significant contribution to AI research and development.
The nation's focus on AI underscores its dedication to technological progress and strategic economic integration. Leading the way in AI innovation are Canadian universities and research centres, which are vital in producing cutting-edge research and attracting international talent. AI's relevance to the Canadian economy is substantial, serving as a key economic engine.
This is supported by major governmental investments, including the $2-billion artificial intelligence compute access fund and the Canadian sovereign compute strategy, aimed at equipping Canada with the infrastructure and resources needed to sustain its competitive advantage in this critical field.
Artificial intelligence technologies in Canada find applications across diverse sectors, such as health care, environmental protection, agriculture, manufacturing and finance, promising to elevate productivity, competitiveness and job quality. For the companies in these sectors to adapt these AI technologies in their operations, we have provided $200 million. By proactively enhancing its AI ecosystem, Canada not only bolsters its global stature but also secures its economic future, positioning AI as a fundamental pillar of its national strategy for long-term growth and innovation.
Canada is strategically established as a significant contributor to the global supply chain for the critical minerals necessary for manufacturing advanced batteries in electric vehicles and energy storage systems. The country's abundant resources of lithium, cobalt, nickel and graphite make it a key player in the clean energy transition.
In response to the growing importance of these minerals for the global economy and environmental sustainability, we are actively expanding our mining and refining capabilities. This enhancement not only meets domestic demands for EV production but also serves international markets, especially those transitioning to greener technologies. We support this sector with favourable policies, substantial investment and collaborations with private companies and international partners. These initiatives aim to create a secure, sustainable and competitive supply chain that utilizes Canada’s natural resources responsibly.
Additionally, we prioritize partnerships with indigenous communities in mineral resource development, promoting inclusive growth and sustainable practices, thereby reinforcing Canada's reputation as a reliable and ethical source of critical minerals internationally. We are also promoting “one project, one environmental impact assessment” to speed up the implementation of projects.
Our strategic focus on economic growth ensures the sustainability of social programs and the continuation of high living standards amid an uncertain global landscape. After a contraction of 0.1% in the third quarter of 2023, Canada's GDP rebounded with 0.2% growth in the fourth quarter. In February, Canada's inflation rate was 2.8%, down from 2.9% in January. It rose slightly to 2.9% in March, roughly in line with the Bank of Canada's forecast.
Statistics Canada reported today that the economy added approximately 90,000 jobs, far exceeding the anticipated 20,000 positions. This marked the most robust month for job creation since January 2023. Nevertheless, the unemployment rate remained constant at 6.1%. These figures indicate that employers are ready and capable of hiring additional staff, despite the economic challenges posed by increased interest rates.
Bank of Canada governor Tiff Macklem has mentioned a possible rate reduction as soon as June. I have been saying for the last 12 months that we will see interest rate reversals starting mid-2024. Recent months have seen quicker-than-expected easing of price pressures, boosting the Bank of Canada’s confidence that inflation is returning to target levels.
The current high interest rates, which aim to curb borrowing and cool inflation by making debt more expensive, may not need to be maintained much longer. We are achieving a soft landing of the economy, though many had predicted we would fall into recession
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Madam Speaker, I rise to speak to Bill C-59, an act to implement certain provisions of the fall economic statement and certain provisions of the 2023 budget.
The last two years have not only tested our resilience but have also set the stage for an economic transformation, one that is responsible and forward-thinking. One million more Canadians are employed now compared to when the pandemic started. This remarkable recovery is not just a number. It represents families sustaining themselves and a nation moving forward.
Our unemployment rate at 5.8% is quite low by historical standards. After peaking at 8.2% in June 2022, the inflation rate is trending downward and was at 3.4% in December 2023. Wages have consistently outpaced inflation for many months, which is a trend that speaks volumes about our economic health.
On January 24, the Bank of Canada announced it would hold the key interest rate at 5%.
Governor Tiff Macklem said:
With overall demand in the economy no longer running ahead of supply, Governing Council's discussion of monetary policy is shifting from whether our policy rate is restrictive enough to restore price stability, to how long it needs to stay at the current level.
With softer growth this year, inflation rates in most advanced economies are expected to come down slowly, reaching central bank targets in 2025. As I have been saying for a long time, we can see the possibility of interest rate reversal starting mid-2024.
At the macro level, we are on the cusp of a new era, an era defined by rapid global changes particularly in how we address climate change. Today we stand at the brink of a global economic transformation driven by the shift to a clean economy. This is not just a change; it is an unprecedented investment opportunity. The transition to renewable energy, sustainable practices and green technologies is reshaping markets worldwide and unlocking new avenues for economic growth and innovation.
By 2030, the global market for clean technologies is projected to exceed trillions of dollars, offering vast potential for countries and investors that are proactive in this space. This shift promises not only environmental benefits but also substantial economic gains, with millions of new jobs expected. Embracing this change means positioning ourselves at the forefront of a green economic revolution, attracting international investment and establishing global leadership in a rapidly evolving market. This is an opportunity we cannot afford to miss.
As we pivot toward renewable energy sources, electric vehicles and energy-efficient technologies, we are tapping into a market that is rapidly expanding globally. On renewable energy, as we look toward the next decade, the global economic potential of renewable energy is immense and transformative.
According to the International Renewable Energy Agency, renewable energy could account for around 60% of the world's power by 2030, which is up from about 25% in recent years. This shift represents an investment opportunity of up to $10 trillion by 2050.
For Canada, the prospects are equally promising. The Canadian Renewable Energy Association predicts significant growth, with renewable energy potentially contributing up to 40% of Canada's electricity by 2030. This transition, which aligns with Canada's commitment to a net-zero economy by 2050, could stimulate billions in investment and create thousands of jobs, which would position Canada as a leader in the renewable energy sector.
This transition is expected to create millions of jobs worldwide, offering diverse opportunities in sectors like manufacturing, technology and services. Moreover, investing in a clean economy positions Canada as a leader in green technology, attracting global investment and fostering economic resilience.
As we embark on this journey, we are not just safeguarding our involvement but also fuelling a dynamic, future-oriented economy. Our economic plan is not just a response to this global shift but a proactive strategy to ensure that Canadian workers and businesses are not just participants but leaders in the clean economy.
Our plan is not just a blueprint; it is already yielding tangible results. In just over three years, we have initiated more than 90 clean-growth projects worth over $40 billion, including private investments. These projects span across Canada, bringing economic growth to every region and offering quality jobs to the middle class.
The world has taken notice of Canada's potential. The OECD ranking, which places Canada third globally for foreign direct investment in the first half of 2023, is a clear indicator of our competitive advantage. We have what it takes to thrive in the 21st century's clean economies from our rich natural resources, like critical minerals, to our competency in research and innovation, to our skilled and diverse workforce.
Our stable political and economic institutions further cement our position as a prime destination for global business. Canada's clean economy jobs plan is more than a policy. It is a commitment to leveraging our unique advantages. It is about attracting investment and creating jobs across the country, ensuring that every Canadian benefits from this economic shift.
I want to highlight a cornerstone of Canada's future: our critical minerals strategy. The demand for critical minerals, essential for low-carbon technologies, is set to skyrocket. Canada, a global leader in mining, is rich in these minerals. Our mining sector, with a presence in nearly 100 countries and a market capitalization of over $500 billion, is not just an economic powerhouse; it is a testament to our sustainable and responsible approach to resource management. Our critical minerals strategy is more than just an economic plan. It is a vision for sustainable growth and innovation.
Canada is uniquely positioned with abundant resources in critical minerals like lithium, cobalt and nickel; elements essential for the clean energy transition. Our approach is twofold: sustainable extraction and global leadership in supply chains for technologies like electric vehicles and renewable energy. We are not just extracting minerals; we are building partnerships, ensuring environmental stewardship and creating high-quality jobs. This strategy is an integral part of Canada's commitment to a greener future and economic resilience.
We are leveraging our natural wealth responsibly, ensuring that Canada plays a pivotal role in the global low-carbon economy. One of our most ambitious goals is building Canada's electric vehicle battery supply chain. The next decade heralds a transformative era for electric vehicles, marking a significant shift in both global and Canadian economies. According to BloombergNEF, the electric vehicle market is projected to grow to 54 million vehicles globally by 2040, up from three million in 2020. This surge represents a potential market value of $2 trillion.
In Canada, with government commitments to ban sales of new gasoline-powered cars by 2035, the electric vehicle market is expected to expand exponentially. As per Statistics Canada, the shift could generate over $3 billion in electric vehicle sales by 2026, stimulating job creation and technological innovation.
This electrifying transition not only signals a green future but also an economic catalyst for sustainable growth. As the world moves toward electric vehicles, Canada is uniquely positioned to be a leader in this industry. Our skilled workforce and comprehensive supply chain, from mineral extraction to battery manufacturing, set us apart.
To support this growth, the federal government has secured significant investments in the electric vehicle and battery supply chain. These investments, totalling over $34 billion since 2020, are not just about economic growth, they are about securing the future for Canada's auto supply chain workers and their families.
Major projects like Volkswagen and Stellantis-LG Energy Solution in Ontario, and Northvolt in Quebec, represent a new era for Canada's electric vehicle industry.
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