So far this year, 210,000 new jobs have been created in Canada. The unemployment rate is close to its 30-year low. The government will continue to ensure that the manufacturing sector remains an asset to our economy.
I'd like to talk about the tourism industry. That industry is facing a new challenge, the U.S. government's Western Hemisphere Travel Initiative. I plan to meet soon with provincial and territorial tourism ministers to examine how we can work more closely and cooperatively with each other, and with the industry, to support competitiveness in our country's tourism industry. I'm also working with my Cabinet colleagues, in cooperation with the U.S. government, to help reach our shared goal of keeping the border open to legitimate trade and travel, but closed to terrorists, criminals and other threats to our national security.
We need to ensure that our legislation works well within current economic realities. We must pay attention to our continued success in the area of research and development. Budget 2006 included a commitment of $200 million over two years to support the federal granting councils: the Canada Foundation for Innovation, Canadian Institutes of Health Research and the Indirect Costs of Research Program. In the last budget 2006, we also announced a science and technology review. I have started that review in cooperation with Finance Minister Jim Flaherty.
Our ultimate objective is to enhance Canada's prosperity and competitiveness through science and technology. We must also reduce red tape that our businesses must deal with in order to meet government requirements. We must make life easier for Canadian business people, and I hope that your final report contains recommendations on reducing the regulatory burden.
As you know, one of the projects my office has worked on is telecommunications reform. The telecommunications sector in Canada and throughout the world is evolving on a daily basis. Given its critical importance to Canada's economy and future well-being, we need a regulatory framework that can adapt to these rapid changes in technology. The recent findings of the report by the panel that studied the telecommunications regulatory framework, a report that we received last March, confirms that our regulatory model is vastly outdated. The expert panel made 127 recommendations to update our regulatory system, and I am trying to address these.
As you know, on June 13, I put forward a proposed policy direction that instructs the CRTC to rely on market forces to the greatest extent possible and to regulate only where necessary. Our government had ordered the CRTC to reconsider its decision on Voice Over Internet Protocol, as we feel this decision was based on dated thinking and did not reflect the current environment. We are now looking at this decision again, as the CRTC reconfirmed its original decision.
Our goal is to bring the telecom industry into the twenty-first century. Canada needs telecommunications policies that reflect current technologies and anticipate future changes. Our election platform, the last federal budget and the Speech from the Throne, reflect one of the major priorities of our government, which is to further enhance our economy through policies that encourage free competition.
One of our strategies is to boost the economy. We've done that by making 29 tax cuts for businesses and individuals. Those cuts will amount to $20 billion over the next two years. We are also bringing federal spending increases under control through much tighter discipline and focus on expenditures. This focus on fiscal restraint is shared across all departments and agencies of the government, including my department, Industry.
Earlier this year, our government announced the results of our expenditure review exercise. We have identified considerable savings, and spending, according to our government, will always have to be determined in accordance with efficiency codes. Our government will make responsible spending the norm.
We will require that all new and existing programs go through a systematic and rigorous examination. This will ensure that we approve funds that are actually needed for Canadian priorities in an effective way and one that provides value for money. At Industry Canada, some of our programs were affected. I can talk about the textile industry, where we reduced CANtex funding by a total of $24.9 million a year over the next two years. Why? Because the rate of take-up by the industry in past years has been less than anticipated. The program was thus able to achieve its objectives with an overall envelope reduction of $24.9 million.
Turning to tourism, the government invests more than $300 million annually in tourism-related activities. This includes operating funding for the Canadian Tourism Commission, investments in national parks, historic sites and museums, and business development through regional development agencies. The Canadian Tourism Commission returned $5.7 million to the government's Consolidated Revenue Fund. These funds were originally allocated for the CTC move from Ottawa to Vancouver and were not used. The move came in under budget. And, despite efforts to promote the GST visitor rebate program since it was introduced in 1991, less than three percent of the 35 million annual visitors to Canada actually apply for the rebate. We therefore eliminated the program. The reduction of the GST rate to six percent will make Canada more affordable for Canadians and for visitors to Canada.
Finally, funding for Technology Partnerships Canada is being reduced by $42.2 million over two years. There will be no impact on existing projects or those in the pipeline. These measures are part of this government's commitment to Canadians to make sure its spending gives taxpayers the best value for their money.
In closing, we are aiming to create the right conditions for economic development in Canada. We need to continue to foster an environment where the market place functions as efficiently as possible. We need to encourage investment in Canada, in innovation, and in research and development. We need to reduce the paper burden Canadian businesses face. And we need to be constantly looking at initiatives that will foster a more productive economy.
I would like to close by thanking the committee once again for inviting me. I'm prepared to answer your questions and to listen to your comments. Thank you.