Thank you, Mr. Chair. It's a pleasure for me to address this committee.
Yesterday in the House of Commons I introduced the fall economic statement for 2016. It builds on the initial steps taken in Budget 2016 to create long-term economic growth by strengthening and growing the middle class. After all, when we take steps to grow the middle class, it benefits everyone. Consumer demand becomes stronger and businesses can invest with confidence, creating more jobs.
With more and better-paying jobs comes more opportunity. There's more left over each month for Canadians to save for the kids' education, plan for a dignified retirement, and feel more secure about their futures. Best of all, it makes the whole economy stronger, more resilient, and far more able to transform into the economy of the future.
I'm happy to report that we've made some pretty incredible progress so far.
Over the last year alone, we have implemented a tax cut for the middle class, which we have helped to finance by raising taxes on the wealthiest 1%.
We have brought in a simplified, tax-free and more generous Canada Child Benefit. Nine out of ten Canadian families now receive more benefits for their children than they did a year ago, which helps raise hundreds of thousands of Canadian children out of poverty.
We have kept our promise to help Canadians enjoy a secure retirement by strengthening the Canada Pension Plan. We have started to make historic investments in public transportation, green infrastructure and social infrastructure. These investments are helping to create well-paid jobs today while strengthening Canada's future economy.
In addition, we have made it easier for our young people to access university or college by increasing Canadian scholarships and by helping new graduates to transition into the job market. This gives them more breathing room before they have to start repaying their Canadian student loans.
Now it's time to take the next steps in our plan to strengthen the middle class and grow the economy. Since the last budget, private sector forecasters have on average revised down their outlook for real gross domestic product growth in Canada. For 2016 as a whole, private sector economists now expect real GDP growth of 1.2%, lower than the 1.4% forecast in Budget 2016. This is set against a backdrop of slow growth around the world due to factors such as slower-than-expected growth in the United States and the uncertainty surrounding the U.K.'s Brexit vote.
Now more than ever, we need investments that bring sustained and shared growth. Though we intend to use our fiscal capacity to meet that objective, we will do so responsibly so that we can maintain our low-debt advantage.
Our fall economic statement reflects our understanding that we must make the right investments today to deliver a brighter and more prosperous future for Canadians. That's just what confident and ambitious countries do.
Yesterday I announced that we're building on our first phase of infrastructure funding by proposing an additional $81 billion, bringing total federal investments in Canada's communities to more than $180 billion over 11 years. This is unprecedented in Canada's history.
We'll also establish a new Canada infrastructure bank to provide innovative financing for these future projects. The Canada infrastructure bank will be responsible for investing at least $35 billion in large infrastructure projects, projects that might otherwise not get done. The projects funded from this bank will create thousands of jobs and attract as much as $4 to $5 in private capital for every tax dollar invested.
To prosper in the future, we also need to hone Canada's competitive edge. For a hundred years, Canada's been a trading nation, but the world we know has become more competitive, so we have to work a little harder to make sure we remain a global player that can meet the demands of tomorrow.
Therefore, it's time for us to make clear to the world that Canada is here to play. In fact, we're here to lead. We're going to allocate $218 million over five years for a new invest-in-Canada hub and hire more trade commissioners abroad to make Canada top of mind for foreign investors. This hub will be up and running by the end of 2017. It will operate globally and in co-operation with federal, provincial, and municipal partners, and while we're out there promoting Canada, we'll also take steps to make sure our legislative framework accommodates investment, making it clear to both Canadians and to potential investors just how we can work together to create jobs and opportunities for everyone.
Finally, we'll keep investing in people, helping firms grow so they can create more good Canadian jobs. Our global talent strategy will do just that. We'll help innovative Canadian firms to scale up and grow by attracting global knowledge workers with specialized in-demand skills.
We'll remove barriers so that top global talent can fill temporary positions here in Canada, helping them grow and giving our workers access to international expertise. I know members of this committee will appreciate that our fall economic statement also contains measures to provide greater accountability for government spending, to put an end to secrecy at the Board of Internal Economy, and to ensure the independence of Statistics Canada and the parliamentary budget officer.
I also want to reiterate what I said in the House yesterday and thank members of the committee for the work you're doing on pre-budget consultations and for your service to Canadians. I look forward to continuing our work with all of you towards a strong middle class and a better tomorrow.
In conclusion, I would say that one year ago, Canadians asked for real change.
Over the next year, I will continue to promote our economic vision and perfect our plan to help Canadians in a way that represents their perspectives and hopes for the future. I am looking forward to reporting our results to all Canadians when we table Budget 2017 and present the next steps of our plan to help the middle class move forward.
Thank you.