Thank you, Chair.
My first questions are for the Canadian Chamber of Commerce.
Mr. Gill, I'll start with you. In response to Mr. Fast at the outset of the question and answer period of this meeting, you indicated that in your opinion there was no fiscal anchor in the budget. I'd like to read one piece from the introductory section of the budget. It states the following:
The government is committed to unwinding COVID-related deficits and reducing the federal debt as a share of the economy over the medium-term. This fiscal anchor will continue to protect Canada’s low debt advantage so that borrowing costs remain low, and future generations are not burdened with COVID-19-related debt.
Earlier this week, the former Governor of the Bank of Canada, Mr. Poloz, stated this before our committee:
A credible fiscal plan in which the level of government debt relative to national income stops rising and debt service costs are manageable meets the minimum—or, we should say, perhaps technical—standard of sustainability. I draw your attention to the table on page 328 of the budget, which shows that these criteria are met.
He's talking about that same fiscal anchor and declining debt-to-GDP ratio over time. Is it the view of the chamber that a declining debt-to-GDP ratio is not a fiscal anchor?