It's a range of issues, but plainly we think that all government apparatus at all levels of government should be focused on this question of productivity growth and competitiveness, because that's what's going to raise low wages, create jobs and generate government revenues to fund other priorities. This is not a short-term trend; this is a long-term one. The investment in the manufacturing sector has been sluggish for all of about two decades. In fact, it's so sluggish that we're unable to compensate for the depreciation of existing plants and machinery. Put another way, we're not actually replacing existing capital as it wears out and grows obsolete because we're below that neutral rate itself.
There needs to be a real long-term think about how we can incentivize investments through all means possible, so it is tax, it is regulatory and it is programmatic reform. There is no one key to turn on this one. It's looking at the whole suite of various ways that governments help or, in some cases, hinder business investment. As I said earlier, we want to make investment in Canada undeniable, not just attractive, but something that somebody needs to do or must do. That's how we need to frame all these decisions.
