Mr. Speaker, in response to my colleague's question, I have the opportunity to point out that our job as a government is not to create jobs. I remember during the election campaign that when any politician stood up and said that he or she was going to create so many thousands of jobs, he or she was ridiculed by everybody because it is not our job to create employment. However, it is our duty as a government to create the appropriate climate to stimulate job creation measures, et cetera.
If members look at what we have done over the past two or three years through the initiatives of our Minister of Finance and the support he has received from the Prime Minister and colleagues, we have put in place a firm foundation for companies through measures such as reduced interest rates for example.
Last year alone I remember interest rates dropped by almost 3 per cent. Inflation is quasi non-existent. If we analyse those companies that are making profits today, it is those companies in the new technologies and exporting that have been successful over the past three or four years. Therefore, when we can encourage and create the climate that is appropriate for job creation measures then I am confident that jobs will be created.
We have been criticized by members of the Reform Party who say that we have not done anything. However, I would like to raise a point for the information of members. The measures we put in place in 1994, because of the compounding effect from year to year to year, by fiscal year 1998-99 will have a net effect of close to $45 billion in savings. Compounded with the measures we have put in place in the second budget, there will be another $43 billion in savings.
This is phase three of a fantastic, sound footing which I am convinced will put us into the 21st century hopefully with the elimination of the deficit. The strong footing will encourage investment in the country. If we could get the political stability, I am convinced investments would come and job creation would follow.