I can't overstate the importance of having robust business investment. It's partially what is driving the questions from this committee about productivity. Canada will not see its productivity levels grow unless we provide workers with the kinds of tools that they need to be productive and unless we invest in new, innovative ways of doing things. I would argue that it's an absolute national disgrace that we have such a low level of business investment. This is a long-term problem that we have in this country. It was partially masked by the recent oil boom from 2009 to 2014, but it's become more pronounced as commodity prices have fallen. We didn't become an investment powerhouse internationally, so to speak, but, again, the improved performance in our energy sector did mask an underlying problem.
Going forward, I think the solution needs to be squarely on policies that encourage investment in new structures, in machinery and equipment, and in innovation. It's so important for us as we enter a period of a declining labour force participation. We're currently in a period of relatively slow growth or low growth. Improving our productive capacity is going to be key moving forward. My concern, with regard to the federal government's approach, is that we are enacting counterproductive policies that do not help at the margin to spark business investment in a meaningful way. I cited some recent surveys about the sentiments among businesses, both large and small, plummeting in recent years, about our relative standing declining, and about the signals that are being sent to entrepreneurs and investors about whether Canada is a positive place to invest and to undertake new investments in machinery and equipment.