SoVote

Mar/21/22 4:09:54 p.m.
Watch

Madam Speaker, it gives me great pleasure to rise today and speak to the opposition motion before the House. We are acutely aware that many Canadians are being squeezed by higher prices for groceries and gasoline. Our government knows that elevated inflation, a global phenomenon, is driven by the unprecedented challenge of restarting the world's economy and the instability of global markets as a result of Russia's attack on Ukraine. These factors are leading Canadians to worry, and rightly so, about the cost of living. The pandemic also continues to be a threat to global supply chains and inflation, with a surge in cases in China and another wave beginning in Europe. As global economies have unwound COVID-19-related restrictions and re-opened their economies, the price of goods has gone up around the world. This is a result of several factors. One is that during the pandemic, millions upon millions of people redirected the money they usually spent on in-person services towards durable physical goods. This has put an extraordinary strain on global supply chains, leading to shortages and bottlenecks. This has been a significant driver of inflation around the world. Furthermore, the droughts in key food-producing regions, including our prairies, have caused grocery bills to go up, and energy prices have increased at rates not seen in decades. Indeed, the Bank of Canada and private sector economists anticipate that inflation may stay higher for longer than initially expected, but they expect it to ease back towards the 2% target over the next two years as pandemic-related forces start to fade and as market conditions begin to rebalance and equalize and hopefully return somewhat to normal. As we have always said, restarting the economy is a complex process, and the Canadian and global economies are still feeling the impact of the COVID-19 pandemic. Now, along with higher prices for a broad range of commodities, the Russian invasion threatens renewed supply disruptions, all of which are expected to add upward pressure on prices. Our government has been swift and decisive in its actions, along with Europe, the United States and the United Kingdom, to put in place the toughest sanctions ever imposed on a major economy. We remain steadfast in our support for Ukraine and we will do whatever is needed to continue to put pressure on Russia and choke President Putin's ability to fund his illegal and unprovoked war of aggression on Ukraine. However, in order to really be effective, in order to really have an impact, we are going to have to be prepared for some adverse consequences for our own economy, which could also temporarily affect Canadians' cost of living. That said, Canadians should rest assured that when it comes to government benefits and concerns over inflation, the government indexes the Canada child benefit to inflation, as well as old age security, the guaranteed income supplement, the goods and services tax credit, and other benefits for the most vulnerable people. Our government has also cut taxes for the middle class while raising them on the top 1%, and we are working to address the housing affordability issues that we see across our country as well. In fact, we have put in place Canada's first-ever national housing strategy, a $72-billion investment over 10 years that has created hundreds of thousands of affordable housing units, and we have now added a large package of new measures in addition to the national housing strategy, which should help to control the affordable housing problem. We are also working with provinces and territories to implement a Canada-wide $10-a-day community-based early learning and child care system that would make life more affordable for families, create new jobs, get parents back into the workforce and grow the middle class while giving every child a real and fair chance at success. Ontario is the only province that has not signed on to these agreements, and we are looking forward to getting that done. It would save families in my riding of Whitby up to $600 per month in just the first year through a 50% reduction in fees. That is a pretty significant amount of savings for the average family. We could think about that in terms of per-child savings, so if a family has two or three children, there would be even more savings. I also want to mention renewing Canada's monetary policy framework. Additionally, a strong monetary policy framework is the best weapon in our arsenal to keep prices stable and keep inflationary pressures in check. Our government and the Bank of Canada believe that monetary policy can best serve Canadians by continuing to focus on price stability. That is why, last December, our government and the Bank of Canada announced the renewal of the 2% inflation target for another five-year period. This renewed framework will keep the bank focused on delivering low, stable and predictable inflation in Canada. Since Canada adopted an inflation targeting framework 30 years ago, inflation has averaged close to 2%, which has contributed to our country's strong labour market performance, to our economic growth and to our prosperity. Maintaining a stable environment for the prices that Canadians pay is a paramount objective for Canada's monetary policy. That has been the case for 30 years and it will remain the case for the next five. Doing so supports a strong and inclusive labour market that provides every Canadian with opportunities for a good, high-quality way of life. That is why the review and renewal of Canada's monetary policy framework every five years is such an important moment for our country. This renewal of Canada's monetary policy framework is fundamental to Canada's economic success. It is about continuity and about continuing to do what we know works. As members can see, our government is already working hard to address the cost of living and to make life more affordable for Canadians. Thankfully, by delivering significant fiscal policy support to Canadians during the pandemic and avoiding harmful austerity policies, we have seen a rapid and resilient recovery so far. The vast majority of the government's recovery plan is targeted towards growth-enhancing and job-creating initiatives, such as investments to support child care and the adoption of new technologies that will help boost supply and increase space for the economy to grow without the risk of higher inflation. Our government has moved from very broad-based financial supports to more targeted measures that will provide help where it is needed and when it is needed. I am pleased to say that our plan is working. Canada has exceeded its goal of creating a million jobs, well ahead of expectations. It has the strongest job recovery rate in the G7. In fact, as of February, despite the temporary effects of the omicron variant on Canada's labour market, 112% of the jobs lost since the peak of the pandemic have been recouped in Canada. That is significantly outpacing the U.S., which is at just about 90% of jobs recovered. Canada's GDP has now returned to prepandemic levels. It was reported in the fourth quarter of 2021 that the annualized growth rate of GDP in Canada was 6.7%, which is a pretty incredible economic recovery. We are well on track, and we focus now on shifting to sustaining and enhancing Canada's growth potential. That is going to be important as we move forward. However, we know that more can be done, especially as we emerge from COVID-19. Despite impressive economic performance in certain parts of the economy, as I stated, our government is mindful of the global phenomenon of elevated inflation and its impact on the cost of living, and mindful that housing continues to be top of mind for many Canadians. As we look to the years ahead, the government's focus will continue to be on jobs and growth and making life more affordable, priorities that will form the foundation of the upcoming budget. The cost of living crisis and making life more affordable have been priorities for our government, and I have given many examples in my speech today. There is much more work to be done, of course, and this is an ongoing concern for Canadians. To wrap up, there are many factors due to the current geopolitical context. Our country and Canadians have gone through many crises over the last two years, and our government is doing its very best to remain responsive to the needs of Canadians and address the affordability challenges that every Canadian experiences. By no means have we solved it all, but at the same time we have made a lot of progress, and we will continue to work hard to alleviate the stresses and strains that many Canadians face with the cost of living challenges.

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Context: House Hansard - 42 - Mar/21/22

Mr. Ryan Turnbull

Mar/21/22 4:20:30 p.m.
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Madam Speaker, I appreciate the member's push in this direction. It is an important discussion to have. Strengthening the transparency needed for corporate beneficial ownership is a topic that our government is very concerned with and, in fact, has done a pretty substantive public consultation and engagement on. I note a document posted on the Government of Canada's website from April 6, 2021, provides quite a lot of information about some very detailed and in-depth consultation work that was done. I will read the conclusion, which states: ...stakeholders across the spectrum supported the idea of a central registry (or registries) of beneficial ownership information as an effective tool in making sure that law enforcement, tax and other authorities obtain the information they need to identify the natural persons who own and control Canadian corporations. While there were more mixed views on the value and merits of public access, [this]...remains a priority of the Government of Canada.

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Context: House Hansard - 42 - Mar/21/22

Mr. Ryan Turnbull

Mar/21/22 4:22:52 p.m.
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Madam Speaker, I appreciate the member's concern and interest in seeing child care agreements signed across the country and the substantive reduction in fees that families, which are ultimately the consumers and beneficiaries of these services, would experience as a result of the very substantive federal government investments across Canada. In terms of regulating and capping fees, this is an issue that our government would take seriously. The formula, as I understand it, as it applies to the provinces and territories, seems quite fair from my perspective. Ontario has $10.3 billion on the table that it can take advantage of to offer children and families across Ontario access to affordable child care. That is an opportunity not to be missed.

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Context: House Hansard - 42 - Mar/21/22

Mr. Ryan Turnbull

Mar/21/22 4:24:30 p.m.
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Madam Speaker, I appreciate the member's lesson in mathematics. Our government has not forgotten how to count. As I said in my speech, old age security and the guaranteed income supplement are indexed to inflation. The Bank of Canada has set 2% as a target, and over the course of the next five years, it will be putting a monetary policy in place, including the recent increase in the base interest rate, that will help to control inflation.

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