Transport Committee on May 2nd, 2024

[Stephen Jones]

I do agree with it. I think loosening up access to investment is good for competition, because investment from Canadians tends to have a more risk-averse tone to it. Opening up to a broader investment universe is good. The controls around foreign ownership are dealt with differently in different countries. For New Zealand, for example, it's wide open, but the government owns a special share, which gives it certain powers to protect the interests of the country.

There are different ways in which it can be approached, but I would certainly favour lifting the foreign ownership level from 25% to 49% as a first step.

[Xavier Barsalou-Duval, Bloc, Pierre-Boucher—Les Patriotes—Verchères, QC]

There's another question that I'd like to address with you.

Many witnesses discussed the excessively high ticket prices and additional taxes and fees. I believe you agree with that, at least from what I understand, but can you give us an example of a service that costs more than it does elsewhere in the world?

Are there currently any places where you see inefficiencies?

[Stephen Jones]

I think the AIFs are the perfect example for this. It's one of the very few products I've ever come across where you have to pay today for a potential future benefit. You wouldn't see that in any consumer good. You wouldn't go and buy a car now and pay extra to General Motors for what development they might do for the future. AIFs are a really good example. There's no control on it. There is no incentive on airports to reduce costs.

Mr. Parm Sidhu's airport is a great example of an airport that's focused on reducing costs. Kitchener-Waterloo is another great example as well. Generally, however, there is no incentive in this system for people to reduce costs. We know, through our everyday pricing and what we see in the market, that every dollar makes a difference. Every dollar of cost means someone else isn't travelling. Some Canadian can't afford to travel and stays at home on the couch. The costs in this system are a barrier to the access to affordable travel.

[The Chair, Liberal, Peter Schiefke]

Thank you, Mr. Barsalou‑Duval.

Thank you, Mr. Jones; thank you, Mr. Morrison, and thank you, Mr. Sidhu, for being with us today and for lending us your testimony.

With that, the meeting is adjourned.