Hon. Yonah Martin (Deputy Leader of the Opposition): Actually, another former Bank of Canada governor, Stephen Poloz, last month pointed to the fact that Canada was second to last for productivity performance among the OECD — the Organisation for Economic Co-operation and Development — countries. He said that government red tape and overregulation are impairing Canada’s economic productivity and have created too much uncertainty for businesses.

He said:

I do think that there is a stronger incentive to clean up some of the regulatory issues, the red tapey type of issues that are slowing us down.

Senator Gold, do you agree that we must reduce the government’s red tape? What is the Trudeau government’s plan to reduce red tape and regulatory burden?

Senator Martin: Last summer it was the C.D. Howe Institute that issued a report which found that Canada was lagging behind other OECD countries for attracting investment. Researchers wrote:

Business investment is so weak that capital per member of the labour force is falling, and the implications for incomes and competitiveness are ominous.

William B.P. Robson writes:

Investment per available worker lower in Canada than abroad tells us that businesses see less opportunity in Canada, and prefigures weaker growth in Canadian earnings and living standards than in other OECD countries.

Senator Gold, do you agree with all the experts who say that Canada, under Justin Trudeau, is no longer attractive to foreign investors? And what is your government’s plan to correct this?

Senator Plett: I’m surprised how you take solace in the fact that it is not all your fault. Maybe it isn’t all your fault, but certainly a good percentage of it is your fault, and when I say “you,” I mean the Liberal-NDP government. The whole economic plan of the Trudeau-Freeland team was to fuel Canada’s growth with cheap debt. The budget, Senator Gold, again, was to balance itself.

Government leader, the party is now over. The Bank of Canada raised interest rates today for the seventh time this year. Sadly, it will be future generations — your grandchildren, my grandchildren and our great-grandchildren — who will suffer the consequences of your government’s failed economic policies — your government.

Senator Gold, when is the federal budget going to balance itself?