Madam Speaker, my colleague rightly pointed out that there are 33 parts of the equalization formula, which, yes, is a very highly complex formula.
In the preamble to his question, he answered it himself, which is the point about non-renewable resource revenues. I think the situation the government finds itself in right now is indicative of the fact that this is a concern for provinces. A long-standing concern for provinces and the territories has been the issue of non-renewable resources within the equalization formula.
My suggestion in the first reading and second reading of the bill was that this issue be dealt with upfront. My concern is that equalization is an extremely important program and the spirit and intent of the program are being jeopardized by the government not dealing with the issue upfront. Instead it is committing itself to one-off agreements with provinces, as the one that was struck today.
While it is obviously very profitable for Newfoundland and Labrador, and I and my party are very glad to see that deal struck, it is not within the fiscal framework of the equalization program today. What it has done is affect the equalization program for all other provinces and territories. This seriously needs to be looked at immediately.