In describing the statistic, we're looking at both the numerator and the denominator. This is net debt on a total government basis. This includes national accounts data across provinces and the federal government. It also includes the assets of the QPP and the CPP in order for it to be comparable on an international basis, because not every federal state is designed like Canada. There are different levels of sovereign and sub-sovereign responsibilities. So we accumulate all the debts of the provinces and the federal government together to be consistent. As for the denominator, it is just GDP, which reflects the size of our economy.
How did the government get there? We did it through responsible fiscal management. We've maintained an eye on our debt dynamics, so that our debt burden does not overwhelm the size of our economy. It has been going down recently. From a federal government perspective, we've gone from peaks of close to 70% debt-to-GDP ratios in the mid-1990s to something in the order of 30% today. So when you put that into a total government perspective, you can see how we contribute to the all-of-Canada picture. That is an accurate representation of where we're at.