Carlos Leitão
Marc-Aurèle-Fortin, Quebec · Liberal · Canada
“Mr. Speaker, this government's record is that it has created a very resilient economy. Despite headwinds from the south, our economy continues to grow. In fact, last week I encouraged my opposition colleagues to check out the C.D. Howe Institute's Business Cycle Council. I would again encourage them to do so. They should read its report.”
“Mr. Speaker, we are going to keep going. Canadians know that, under Prime Minister Stephen Harper, 5,000 small businesses closed their doors. Canadians know that the Canadian economy is under pressure from the United States. No, that is not an excuse. I heard my colleagues say that the international context is an excuse.”
“Mr. Speaker, Canadians know that in May, we created 88,000 jobs. Canadians know that in May, there were 154,000 full-time jobs. Canadians know that 27,000 of these jobs were in the construction sector. Canadians know that the trade surplus grew in April and May.”
“Mr. Speaker, I will be sharing my time. It is my turn to speak to Bill C-30 , which seeks to implement the economic update. I want to address several issues, but, first, I want to talk about why we are doing things a bit differently here today.”
“It concerns the April 28 economic update, which contains a number of very useful and very important measures for our economy. I suspect I may run out of time, but before I talk about those measures, I want to address a few problems that have been mentioned today in the conversations and in the debates that we have had here so far.”
“(1900) We are making this commitment because the world is a different place now. Today, our situation is very delicate. Our biggest trade and economic partner is also our neighbour: the United States. It is a partner that has very plainly and clearly told us that it does not need what Canada has to offer.”
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“It is a question of supply and demand. There is also a lot of talk about the price of meat. In North America, in the United States and Canada, structurally speaking, herds are smaller now than they were a few years ago. We have moved from a period of meat surplus to a period where herds are much smaller. This creates an imbalance between supply and demand. This puts upward pressure on the price of meat, sugar, cocoa and so on. All of these products, which are imported, are affected by climate change, and the supply of these products is decreasing. It is not simply a matter of an industrial carbon tax. That is not it. In fact, every study completed shows that an industrial carbon tax has very little impact on consumer prices.”
“For a long time, in North America, in developed countries, in Europe, and in Japan, we saw a long decline in food prices for all sorts of reasons, such as technological discoveries and new means of production. There was a structural decline in food prices shortly before the COVID-19 pandemic, but certainly after the pandemic, we saw this long-term trend change. We are now seeing upward pressure on food prices around the world, regardless of the Canadian government's fiscal and budgetary policies, which have no impact on the pandemic, the war in Ukraine, or crops affected by climate change. (1825) Our friends often cite the price of coffee as an example. Coffee is imported, but more importantly, harvests have been poor, especially in Brazil, but also, to a lesser extent, in Africa. There is less coffee on the world market.”
“However, it is also important to note that, if the federal government started to massively reduce its programs to assist families, whether it be the Canada child benefit, old age security, the guaranteed income supplement or the national school food program, like our Conservative colleagues are implicitly suggesting, that would make life even more difficult for low-income Canadians. It would take away a big part of their safety net. Furthermore, these are primarily international issues. Canada is not the only country where food prices are high. This is happening in the United States, in Europe, and more or less everywhere. I would say that we are now facing a structural change.”
“An income tax cut has a real and significant impact for the middle class. It is not minuscule. I mention that because, recently, we have talked a lot in the House about the cost of living and especially about the pressure on food prices, and with good reason. Food prices are very high, even though inflation, the annual increase in prices, is much more under control than it was a few years ago. Prices really started skyrocketing as of 2022 and have now reached problematic levels, which is affecting a lot of families in Canada.”
“(1820) The budget therefore also includes measures to improve local infrastructure and transport infrastructure, which is certainly welcome. When it comes to Bill C-4 and the tax cut, let me be clear. When we talk about reducing income taxes, the people who will benefit from a tax cut are those who pay taxes. Someone on a very low income who pays very little tax is obviously not going to benefit from a significant tax cut, since they do not pay much tax to begin with. There are other social measures provided by the federal and provincial governments to meet the needs of people with very low incomes, such as old age security, the guaranteed income supplement and, for younger people, the Canada child benefit. There is a whole series of social programs that support people with lower incomes.”
“We will have to pay close attention to this, because the creation of new jobs is currently being affected by the fact that most companies are waiting to see what the rules of the game will be a little later with regard to trade with our neighbours in the United States. It is really the housing market that sets Laval apart from the rest of the province. I think that, even across Canada, it is relatively unique, because there is a lot of activity. There is a lot of construction going on. Prices are still reasonably affordable. There is an effort to increase the city's density. One of the problems resulting from all this is the significant challenge related to transportation and public transit as the population grows. Access to subways and public transit is becoming an issue.”
“During the election campaign, citizens told us that it was absolutely essential for us to be able to stand on our own two feet and find a way to maintain our access to the U.S. market. There is one thing that is often overlooked and should be considered, which is that 85% of Canadian manufacturing exports to the United States still enter the United States without paying taxes or customs duties if they comply with CUSMA. Because the manufacturing sector in Laval is highly diversified, exports remain very strong, but this uncertainty plays a very important role in any new investment project. We are seeing a major slowdown.”
“Still, with these measures and those of the city, which is very supportive of real estate development, I think we will be able to provide affordable housing in our region. Laval's economy is very diverse, but obviously manufacturing is very important to our region. It creates a lot of jobs, which are generally well paid. Fortunately for us in Laval, the manufacturing sector is very diverse. No single industry is more prominent than another; it is very diverse. There are truly cutting-edge industries, especially in the life sciences, for example. Consider Moderna's vaccine plant, which is located in Laval. There are all kinds of other SMEs in aerospace and other fields. Everything related to the uncertainty surrounding trade with our American neighbours is of great concern to us in Laval.”
“The second component, the elimination of GST on the purchase of new homes, can represent a significant savings of $20,000 to $25,000 on the purchase of a new home. There are new homes being built in Laval. There has been steady construction in Laval. I am not talking about Quebec as a whole, but Laval, where construction is progressing at a very good pace. (1815) Young families will certainly benefit from this GST reduction. This effort will help many young families achieve their dream of owning a house or an apartment. It will also increase urban density and therefore encourage construction. The housing problem is really a supply problem. The cost of housing is so high mainly because supply has not kept pace with population growth, even though supply in Laval has increased much more quickly than elsewhere in Canada.”
“It is a vast area where there is still a lot of land and agriculture in a somewhat urban setting. It presents quite a challenge. There is still plenty of land that could be used for housing. This is being done intelligently and in a way that is aligned with our desire to preserve green spaces. The population of Laval is younger than the average. During the election campaign in April, we heard a lot about housing issues. Indeed, it is a very serious problem. The city's ability to support some degree of densification in Laval is helping to keep housing prices at a relatively affordable level, but there is pressure on prices and on access to home ownership. That is why Bill C-4 is very well received back home in Laval.”
“The bill follows up on three of the government's initial announcements: cutting taxes for nearly 22 million middle-class Canadians, eliminating the GST for first-time homebuyers on new homes worth up to $1 million, and eliminating consumer carbon pricing legislation. Those are the three main components of Bill C-4 . What does that mean in my riding, Marc-Aurèle-Fortin, in Laval? I would like to say a few words about my riding and the Laval region. As many people know, this city north of Montreal has one of the fastest-growing populations in Quebec. I believe there are now 460,000 people living in Laval. In the part of Laval that I represent, Marc-Aurèle-Fortin, there are a lot of young families, but there are also older people who live in the more traditional part of that riding, in the former village of Sainte-Rose.”
“Mr. Speaker, it is now my turn to speak to Bill C-4 . I want to mention that my colleagues across the way spoke of minuscule savings. While it may seem minuscule to them, in my riding, in Laval, every dollar counts. I will not presume to know what constitutes minuscule savings for someone in serious need. I am going to talk a little about Bill C-4, but I also want to talk about my riding of Marc-Aurèle-Fortin, in Laval. I want to talk about what the bill means to my riding. I will talk a bit about Laval. If I have enough time, I would like to come back to the matter of rising food prices. To begin, I will start with Bill C-4 . The bill responds to our government's priority of building an economy that works for everyone and taking concrete steps to make life more affordable for Canadians.”
“Mr. Speaker, our Conservative friends keep saying that the budget spends too much, and whatnot, and that if they were driving the bus, they would have probably taken about $50 billion to $60 billion out of the budget. What impact does the hon. member think an austerity budget like that would have on youth?”
“Madam Speaker, unfortunately, I do not think I have enough time, as this is a very important issue. However, no and no, in the sense that this is not an austerity budget, but what the Conservatives are proposing would be a toxic austerity budget, and a deficit of this magnitude at this time does not lead to inflation.”
“Madam Speaker, there are many measures in the budget, several of which are particularly good for Quebec. I am talking about our ongoing unwavering support for culture, for Radio-Canada, for example. We are also supporting the social programs that make Canada what it is. We are not like other countries. We believe that we have a duty to help one another and to stand together. Programs like the Canada child benefit, the national school food program and old age security are well worth continuing. They must be maintained, and that is what we are doing.”
“Madam Speaker, our interpretation differs from that of the Parliamentary Budget Officer. We disagree with him, but I would also like to point out that we are not hiding anything in the budget. The deficit is there. The $68 billion is there. There is nothing hidden, but we believe that measures such as tax credits that support and accelerate investment should be considered an investment measure.”
“Madam Speaker, I am not quite sure I fully understand the question from my colleague because I never said “clever austerity”. I just said that this is not the time to impose toxic austerity. This is not the time to cut government spending blindly and hope that the invisible hand will somehow address the structural issues we are facing, which are very serious. The invisible hand does not always work and will not work in the midst of a serious shock, which we are now living with.”
“We are now at a point in time, in 2025, when those of us who believe that the state has an important role to play are doing it, and those of us who believe that the state should just step aside, well, they will see how that goes in countries where that is taking place. It would be making a bad situation 10 times worse if the state were to withdraw from the economy at this point. We need to promote investment. We need to make sure that our economy is efficient and productive and that the private sector finds reasons to invest and projects to invest in. We will support that.”
“Our level of public debt is around 43% of GDP, and it would remain in that range for the next five years, which is a level of debt that is sustainable. Members do not need to take my word for it. Members can look at the financial markets and at what is going on in the bond market. Where are the long-term bond yields? They are lower now in absolute terms than they were in 2006, when there was another government in place at that time. Therefore, our debt is sustainable. We can and we do afford it. We are able to finance that debt. Interest payments over GDP are a lot less now than what they were in the 1990s. It seems to me that our Conservative friends appear to still be living in the 1990s. We are no longer in the 1990s. The world has changed.”
“A number of studies have mentioned the need for fiscal restraint, but the blind austerity proposed by our Conservative colleagues would have made the situation much worse. Is sustainability really a problem as far as Canada's fiscal policies are concerned? [ English ] Is the Canadian public debt sustainable or not sustainable? Would a deficit of $78 billion in the budget be manageable or not manageable? Would this deficit generate, as our friends maintain, massive inflation, or would it support the economy, allow us to expand the supply side of the economy and, in fact, contribute to having fewer inflationary pressures? We think it is the latter. A deficit of $78 billion is a deficit of 2.5% of GDP. That is perfectly manageable. That is a lot less than many of our partners have, whether it is the United States or even countries in Europe.”
“(1145) In fact, we think that the biggest risk would be to take no risks at all and table a budget more in keeping with the norm. For at least the past three months, our Conservative colleagues have repeatedly floated the idea of a truly conservative budget approach. That is not our approach. What they are proposing is an austerity approach. Right now, with all the upheaval coming from outside the country, this kind of approach would certainly lead us into a very serious recession. What we gather from our Conservative friends' statements is that their fiscal approach would most likely reduce investment by $50 billion to $60 billion. As others have already mentioned, that kind of austerity would be downright toxic, because it would weaken the economy even more at a time when it is already weak.”
“It is worth noting that what we are essentially doing is reorienting the Government of Canada's economic policy to clearly encourage investment. This is an investment budget that will increase our production capacity and help Canada transition to an economy that is less dependent on the U.S. economy. We are planning to invest about $280 billion in infrastructure and other areas, which should catalyze close to $1 trillion in total investments. That is one-third of Canada's GDP. Obviously, there are risks involved, and it is clear that this is not a given. Indeed, there is no 100% guarantee that these investments will happen. However, with the measures we are putting in place, we are confident that these investments will materialize.”
“This is causing many problems for all trading partners, but it is also causing problems for us, since our economies are closely intertwined. This situation is causing prices to increase across the board, fuelling inflation and creating additional problems. As has been mentioned several times, the United States accounts for 75% to 80% of our exports. It is therefore clear that we are the country most affected by these major changes. We understand very well that this situation calls for the government to meet the moment with a strong, ambitious, massive response. That is what we have delivered in budget 2025. Ultimately, we are doing what we said we would do. We are simply implementing what we promised.”
“On top of that, this shock follows two previous events that severely disrupted the Canadian economy, specifically the global financial crisis in 2007-08 and the COVID-19 pandemic in 2020, so this is the third successive shock to hit the Canadian economy. What has been happening for the past year or so is very serious and very grave. The shift in global trade resulting from policy changes in the United States is weakening multilateral institutions, the rule of law, and trust between economic partners. The imposition of arbitrary, unfair and illegal tariffs has a twofold impact: first, supply chains are being reconfigured, and second, many companies are learning that in order to sell to the United States, they must manufacture in the United States.”
“Madam Speaker, it is my turn to speak to Bill C-15 and, of course, the budget. The budget tabled on November 4 is about building a stronger and more prosperous Canada. It essentially boils down to three themes: building, protecting and empowering Canada. I will discuss these three broad themes in greater detail in a moment, but before I do, I would like to put the budget into context. The context is that the world has changed. The world has changed in the last year or so, ever since a new administration came to power down south and implemented a trade policy that is unusual, to say the least. We are not in a situation of cyclical change where things are likely to go back to normal within a few quarters. No, we are facing a major economic shock.”
“Madam Speaker, I thank my colleague from Windsor West for his speech. Windsor is being hit especially hard by the economic uncertainty we are currently facing. However, I would like to remind my colleague that the United States is the one causing that uncertainty. I am sure he is aware of that. The trade war started by our neighbours is affecting the Canadian economy, particularly in the Windsor area. We are talking about the budget. Like several of his colleagues, the member mentioned that the deficit in the budget for this year is a record deficit, the largest deficit outside of a crisis. Does my colleague not agree that we are currently in the midst of a crisis?”
“Mr. Speaker, I am rather surprised that the member would phrase his question that way. Yes, we are in the midst of a trade war. Some hon. members: Oh, oh! Carlos Leitão: Are you surprised by that? Mr. Speaker, it is important that we keep our cool and not just sign any old contract with the United States. With regard to Paccar, we are in contact with the company. We will find solutions by also working with the Government of Quebec.”
“Mr. Speaker, every time the Prime Minister leaves the country it is to drum up contracts with other allies and to find new markets and new clients for our products. Canada has what the world wants and we will have partners to work with. The Conservatives pretend to not understand that, but they do understand. I am very sad to see the petty games they are playing. They understand full well, but they do not want to understand.”
“Mr. Speaker, when the Prime Minister makes a decision, it is in the interest of all Canadians. That is why we have made several trips abroad, which the Conservatives are not big fans of, to secure investments. That is why there will be a very important announcement this afternoon. I advise my colleagues to pay attention, because there will be announcements regarding lumber and steel, to support our industry and our economy. That is what we are doing every day.”
“Mr. Speaker, I thank my colleague for his speech. I obviously agree that violence, especially gun violence, is a very serious problem in our society. I would like to hear my colleague's thoughts on the importance of effective gun control.”
“Mr. Speaker, I have a very brief comment. Concerning support for businesses affected by the tariff war, we had already announced several important measures, before the budget, for the aluminum and softwood lumber sectors. Together with the Business Development Bank of Canada and CED, or the Economic Development Agency of Canada for the Regions of Quebec, we will continue to support the sectors. How can my Bloc Québécois colleagues reconcile the fact that they are going to vote against the budget—which is clear—with the thought that they are going to end up voting with the Conservatives, who want to get rid of the industrial carbon tax and are extremely pro-oil? How do they reconcile those two things?”
“Mr. Speaker, I rise today to talk about ôChampfleury, an important organization in my community, in Laval. For over 35 years, ôChampfleury has been a fixture in the community, providing essential programs and services that bring citizens together and strengthen the fabric of our society. Whether it is through activities for young people, support for families, cultural events or community involvement, ôChampfleury makes a real difference in the lives of the residents of Laval. The organization is guided by its mission: family, joy, respect and ambition. These values reflect its commitment to supporting and enriching the lives of all members. I want to take this opportunity to thank everyone who is involved with ôChampfleury for their outstanding commitment to improving the quality of life of so many families.”
“Mr. Speaker, it is a very relevant question. We are going to protect public services. We are going to make sure Canadians continue to have access to the services they need. In fact, in that context, I would mention one of the measures that was just announced, and that is the automatic federal benefits for low-income individuals, where the CRA will prefill tax reports so disadvantaged Canadians, who usually do not file tax reports, would have access to the programs they are entitled to.”
“Mr. Speaker, security is security. Whether it is security for FIFA or for anything else, it is national security. Again, I stated very clearly in my speech that the deficit was $78 billion. We are not hiding that fact. Everything is there. All the details are there.”
“Mr. Speaker, with the budget, we will be investing significantly in the economy, with a particular focus on young people. We are well aware that young people are facing a challenging situation. If we want to help them, we need to give them opportunities. We need to ensure that the labour market functions better so that these opportunities become a real possibility. That is how we are going to move forward. One of the ways we are doing that is through the Canada summer jobs program. It is an extremely important program that supports young people who are still in school.”
“Mr. Speaker, members may have noticed that, in my speech, I talked about the total deficit of $78 billion. I did not hide anything. The budget document itself does not hide anything either. Everything is clearly stated in it. We state that we are going to invest heavily in housing, in productivity and in supporting Canadians. That is what we are going to do.”
“We need to boost productivity in order to increase Canadians' incomes. Canadians must have the tools they need to do their jobs more efficiently, which will help them earn higher wages. Our budget focuses on that, by triggering what we believe will be a wave of $1 trillion in investments, which will lead to a significant increase in productivity. We are going to invest in infrastructure, we are going to invest in housing and, of course, we are going to invest in business productivity. A number of measures will be introduced, but today I will give just one example: a superdeduction to really promote investment. Since I am running out of time, I will wrap up by saying that we did the right thing and we did it at the right time.”
“Mr. Speaker, I will continue my speech and remain calm. What we also have in Canada is a productivity problem. This country has a productivity problem, and it started a long time ago. It is the outcome of insufficient private investment in machinery and equipment, and this is precisely what are going to tackle with this budget. The budget contains very concrete, real measures to trigger a wave of productivity-boosting investments. In fact, the only way to make life more affordable for Canadians is not to lower prices, but to increase Canadians' incomes. Do our friends opposite understand that falling prices are known as deflation? Are our friends aware that deflation usually triggers a severe economic depression? That is no way to improve affordability. Increasing the incomes of Canadians is the way.”
“On October 31, Moody's reaffirmed Canada's AAA credit rating and said that Canada was still financially strong, one of the strongest countries in the world. (1050) [ English ] We are not the basket cases. Come on, guys, wake up. An hon. member: There are 700,000 children at food banks. Carlos Leitão: Mr. Speaker, we have one of the best credit ratings in the world. [ Translation ] We have the fiscal space to take action, and we are going to act within our means. I would appreciate the opportunity to continue my speech. I did not interrupt my colleagues. [ English ] An hon. member : You should be ashamed. Carlos Leitão: You should be ashamed. This is a democracy. We have to listen to each other. Some hon. members: Oh, oh!”
“We have the fiscal space to act, and we are acting forcefully and vigorously because massive intervention is required in the current circumstances. (1045) The public debt is 42% of the GDP. Yes, we are talking about billions and billions of dollars and all of that, but in proportion to the size of the economy, the debt is 42% of the GDP. Once again, this level of debt is much lower than average. It is even below the G7 average. What is more, since our friends are so fond of making comparisons and sharing what other agencies and stakeholders are doing, I would refer them to the most recent Moody's report, which was issued on October 31, just before budget day. Perhaps they are familiar with Moody's, the rating agency.”
“Members are saying that it is an enormous deficit, the worst since the Stone Age or who knows when. These are gross exaggerations. We are talking about $78 billion. When we talk about deficits, debts or many other economic and financial indicators, we always need to put them into perspective. We cannot talk about a $78‑billion deficit in the abstract. We always need to put it into perspective. In this case, we need to look at it in terms of the size of the economy. It is not 2010 or 2000 anymore. It is 2025. If we look at this supposedly enormous $78‑billion deficit in proportion to the size of the Canadian economy, we see that it amounts to just 2.5% of the GDP. Basically, it is one of the lowest deficits in the G7.”
“What we are seeing here is not a normal economic cycle in which we can expect a downturn to be followed by a recovery. This is a major structural shock. As our Prime Minister has said several times, things will never be the same again. We must meet this moment. We must meet it vigorously, and we must meet it now—not three years from now, not five years from now; now. Now is the time to respond to this radical change. Now is the time to overcome that external weakness. That is why we are doing exactly what we said we would do. We will make massive investments in our economy to support and facilitate this transformation. The time is now. That is what we are going to do, not just because it is the right thing to do, but because we have the means to do it. There has been a lot of talk in the House about the $78‑billion deficit.”
“They have reshaped supply chains, raising production costs and significantly slowing down economic growth in Canada and other parts of the world. In 2025, economic growth has slowed considerably around the globe, including in the United States. Canada is being being dealt a double blow. We are being hit by increased costs due to tariffs, and we are also starting to feel the impact of a slowdown in U.S. demand. Canadian exporters are really starting to suffer. However, the takeaway from yesterday's conversation with the Governor of the Bank of Canada in committee is that, domestically, the Canadian economy is still performing relatively well. We are seeing weakness in external sectors and international trade, that is, exports. As we all know, 80% of Canadian exports go to the United States.”
“Mr. Speaker, I must inform you that I will be sharing my time with the member for Mississauga—Lakeshore . Tuesday's budget is aimed at building a strong and prosperous Canada. Basically, it comes down to three pillars: build, protect and empower. Before I talk about the budget itself, I think it is very important to talk about the context this budget fits into. The reality is that the world changed a year ago in November 2024, when a new U.S. president was elected. That election triggered a reconfiguration of global trade. All the old rules governing trade between countries completely vanished overnight. This is making multilateral institutions weaker. Arbitrary, unfair, illegal tariffs are having a huge impact on the Canadian economy.”
“Mr. Speaker, I highlight the fact that this was started by the United States. The position the industry finds itself in is a direct result of the trade war triggered by the United States. We have said time and time again that we are ready and willing to negotiate an agreement with the United States, and we are still waiting for the United States to come to the table so we can negotiate. We will not sign just anything. We want a deal that is profitable for all Canadians and ensures much-needed long-term planning. When the Americans are ready, we are ready to talk to them.”
“We will also make sure we do not forget which companies are helping us and continuing to believe in Canada and which are not. We will not forget.”
“We also implemented a performance-based remission framework to protect the auto industry. This framework allows automakers that maintain their production and investments in Canada to import a set quantity of CUSMA-compliant vehicles assembled in the United States countertariff-free. We are also investing in Canadian businesses to help them adapt to these challenges and lay the groundwork for future growth. Our government has announced the creation of a new strategic response fund, which will provide $5 billion to key sectors, prioritizing those that are highly exposed to and affected by tariffs, including the auto sector. The fund will seek to maintain industrial capacity by offsetting new market access costs, supporting retooling, and facilitating plans by Canada-based firms to expand or secure new markets.”
“Mr. Speaker, I am pleased to respond to my colleague's comments on the Canadian automotive industry. This industry plays an essential role in the Canadian economy and generated roughly $16 billion in economic activity in 2024. It directly employs more than 125,000 Canadians and supports hundreds of thousands of supplementary jobs across the country, especially in southern Ontario. The auto industry is one of the largest manufacturing sectors in Canada, and the United States' unfair and arbitrary tariffs on Canadian vehicles are driving up costs and threatening good jobs. Our government recognizes the challenges these tariffs pose to the industry and has adopted supportive measures and a proportionate response. We responded by imposing reciprocal tariffs of 25% on vehicles from the United States.”
“Mr. Speaker, budget 2025, which will be tabled tomorrow, will address these issues. We are going to invest massively in our economy to make sure that we are able to overcome the shocks we are currently suffering. We are going to do that by triggering a wave of private investment, the likes of which the country has never seen. We are going to create the appropriate conditions to lead the private sector to invest heavily. We are also going to make sure that the housing crisis is addressed. We have already announced that we are lowering taxes on the middle class to do that. Our upcoming budget is ambitious because these times require an ambitious budget.”
“There was a global rise in inflation and food prices, and countries around the world reacted to them. Canada's reaction brought about positive results. Inflation is now within the 1% to 3% range. The Bank of Canada, which the members opposite do not appear to like, has been one of the most successful central banks in the G7 in bringing inflation back under control. For the cost of living, however, the price level is still high. That is a problem and it is something we are going to address in our budget, which will be tabled tomorrow. In that budget, we will see a substantial increase in investment in our economy to make sure that it is able to overcome the cost of living crisis, as well as the shock coming from the trade war that was started by the United States. We did not start it. Our budget will address those issues.”