Mr. Speaker, I am pleased to take part in the debate today. As I commence my remarks, may I add a special word of congratulations to one of our newest colleagues, the hon. member for Brome-Missisquoi. We are particularly delighted to have him here in the House of Commons to speak so clearly for the people of his riding and for les gens du Québec.
The Liberal government has introduced a budget that reflects what Canadians want. We are aware of the current economic realities and we have made choices. They were tough choices. However, the choices not only get government right, they get the economy right.
We stated our promises in the red book and we have acted on them. The economy is growing. New full time jobs are being created and we continue to move forward without compromising our integrity or our history. We simply will not tear apart the social fabric that keeps us together. That being said, it does not mean that the social fabric does not have to fit a bit tighter and a bit smaller than it used to.
Canadians have said they want less government, fewer personal taxes and more fiscal responsibility. This is a check-list. It is a list that we not only read but implemented in our budget.
The budget takes fundamental action across government programs and operations. It implements a comprehensive examination of departmental spending. Our focus will be on what is essential. What government does best it will continue to do. What government does not do best it will see that there is a way in which the private sector can take over. We will continue to utilize our resources in the most effective and efficient manner.
We are not living in the surplus 1960s. For some of us who had our political beliefs and, to some degree, our characters formed in those surplus 1960s, it has been a difficult adjustment, but it is one we have made. We must operate our programs with accountability and with conscience. We simply cannot afford to have overlap and redundancy within government programs.
However, spending cuts will be made with compassion. They will be made protecting the most vulnerable. Fairness will be the hallmark and it will ensure that all regions of Canada, all Canadians, everyone who lives in this, the greatest country on earth, will share the burden.
Canadians said they were over-burdened by taxes and could not afford another increase. The Liberal government listened. There has been no increase in personal income tax. We can understand the financial burden that Canadians are facing because each one of us in this House faces it as well, and we refuse to increase their load.
The budget incorporates some tough choices, but it does not forgo compassion, nor does it lack vision. The Canadian vision will continue to glow with strength, opportunity and prosperity.
Over the past year and a half we have seen the creation of 433,000 full time jobs. We have seen a decrease in the unemployment rate of 1.7 per cent. We have observed the strongest growth rate in six years, at 4.5 per cent.
This is only the beginning. It can be seen that the Liberal government has listened to Canadians. We have implemented a budget which reflects the economic realities of our time and also offers hope for a prosperous future. I will mention just some of the things this budget has done.
It has cut business subsidies by 60 per cent. It promised a smaller public service with 45,000 fewer positions. That is something of great concern in my own riding of Halifax which is the third largest public service town in Canada.
There have been major reforms of programs such as agriculture and transport. Programs have been merged, consolidated and commercialized. There is increased cost recovery. Again, this is an area about which I am very concerned, that is, in the department of immigration with the new right of landing fee of $975 per adult immigrant.
There is the new Canada social transfer to the provinces in 1996-97. Unemployment insurance reform will be in place by July 1, 1996. There is a course charted for public pension system reform to make it fairer and more sustainable in the long term.
Tax fairness as I mentioned before will be improved. There will be tighter rules for tax deferrals, foreign and family trusts and R and D incentives. New measures to ensure the collection of taxes owed is a measure the hon. Minister of National Revenue has already spoken about quite eloquently.
RRSP contribution limits will be reduced. Retiring allowance rollovers are phased out. Overcontribution allowances are cut. There will be higher taxes for corporations and large banks. There will be dramatic cuts in departmental budgets. Some will be halved in a three year period.
There are $7 in expenditure reductions for every $1 in new tax revenues. There will be a three year savings of $29 billion, $25.3 billion of these from these expenditure cuts.
It is quite clear the government has followed its promises both in the red book and in the speech from the throne. It is quite clear the Minister of Finance listened, as did his cabinet colleagues. They listened to Canadians and they acted upon the consultations.
It is quite clear the Prime Minister and the Government of Canada stand together in supporting a smaller and more efficient government but also a government that will remain fair, true to its roots and true to its history.
I am delighted that I can stand and say without reservation that I think the majority of Canadians support Bill C-73, an act to provide borrowing authority for the fiscal year beginning April 1, 1995. They know their government is working for Canadians and will continue to do so.
These times are not easy. They are not easy for civil servants. They are not easy for workers across this country. They are not easy even perhaps for members of Parliament. But Canada is a country with a huge and tremendous and glowing future provided that we have good stewardship. It is my belief that this government, this Prime Minister, this Minister of Finance and this cabinet provide this kind of stewardship.