First of all, thank you for your service—not just for now, over the next 166 days, but for your previous public service. It's great to see incredibly talented people like you stepping up, so thank you.
I really enjoyed your presentation. It brought me back to previous careers I had before I decided to join this place. I was the head of sustainable finance at a global financial institution, and at one point I was the principal secretary to former Toronto mayor John Tory.
As you know, the City of Toronto has an operating budget and a capital budget. I can tell you, as someone who's financed infrastructure, that there's a fundamental difference between spending money on operating expenses and investing in productive assets. The separation between operating and capital is critical. Frankly, the federal government should have been doing this sooner.
I just want to drill down a bit here. Is it safe to assume that when you are investing in infrastructure, the long-term productivity benefits to the economy and the revenue it generates more broadly aren't necessarily inflationary? Does that increase in productivity actually help to alleviate some of those problems?