I apologize, Mr. Chair.
We had great submissions from all of our panellists today. I will focus my questions on you, Mr. Giroux, perhaps not unsurprisingly. I'm going to be spending most of my time talking about debt-to-GDP ratio, if that's helpful for you as well.
I will start out with a quote from the Minister of Finance from 2022.
She said:
We are absolutely determined that our debt-to-GDP ratio must continue to decline and our deficits must continue to be reduced.... This is our fiscal anchor. This is a line we will not cross. It will ensure that our finances remain sustainable.
Then, of course, we reviewed the budgets going forward, and we saw that in 2023, the debt-to-GDP ratio increased.
Your most recent report says, on page 16:
Based on the outlook presented in the [budget], the federal debt-to-GDP ratio is projected to increase, remaining above its 2022-23 level of 41.7 per cent for [the next two years].
Then you go on to say that by 2028-29, it is projected to perhaps decrease.
I have concerns that this number will actually go higher, as opposed to lower, and we'll discuss that further. However, could I get you to briefly comment on and confirm your report that in the next two years, the debt-to-GDP ratio will continue to increase?