Mr. Speaker, the hon. gentleman is right. This is a major innovation in equalization. It will, at the request of the premiers, bring greater clarity, certainty and predictability into the calculation of equalization amounts from year to year. It will contribute to significant growth in the value of equalization. Indeed, between now and five years from now, it will grow by a full 42% over that period of time, and there will be a substantial transfer of provincial risk to the Government of Canada to assist the provinces.
In the House of Commons on October 28th, 2004. See this statement in context.