Mr. Speaker, it is a pleasure to rise on Bill C-48, particularly given the fact that the government has had eight balanced budgets or better. Canada is the only G-7 state paying off its national debt. We have been able to do that because of good fiscal management. That is what has characterized the government and its ability to invest in the social priorities of Canadians.
Clearly the budget Bill C-48 is important in terms of ensuring that the social foundations which are key to Canada's identity are enhanced. They are enhanced in Bill C-48. This is a natural extension of the initiatives the government has pursued over the last few years. It is clear that the priorities of Canadians are to ensure that we have affordable housing, post-secondary education, a good environment and foreign aid. That is what the budget in particular and the bill deal with.
We are investing in a way that ensures we do not in any way affect the financial gains that we have made as a nation over the years. We will never go back into a deficit. That has been a commitment of the government. At the same time, it is because we have managed well that we are able to make these important investments for Canadian families, cities and communities. That is extremely important in terms of the fiscal foundation.
The government is committed to spending $4.6 billion on these investments which will be financed through fiscal reserves that are in excess of $2 billion in 2005-06 and in 2006-07. A guarantee of $4 billion over these two years will be committed to pay down the national debt. This is extremely important. We are the envy of the western world. We are the envy of those whose major concern is how to deal with balancing the books. In our case, we have the ability not only to pay down the debt but also to make these important investments.
One of the areas is affordable housing. The bill proposes $1.6 billion for affordable housing. It is very important to note that this is not tied to matching funds from the provinces. It also includes aboriginal housing. This builds on government investments totalling $2 billion in the homeless and affordable housing over recent years.
In 1999 the government launched the three year national homelessness initiative. A key element of this was the supporting communities partnership initiative which provided $305 million for local community groups to offer support services and facilities for the homeless.
Budget 2003 provided a three year extension of that initiative at $135 million. Furthermore, budget 2001 announced $680 million over five years for the affordable housing initiative to help stimulate the creation of more affordable units. Bilateral cost sharing agreements were subsequently signed with all 13 jurisdictions in Canada. A top-up of $320 million over five years was announced in budget 2003, bringing the total federal investment in affordable housing to $1 billion over six years.
The government continued to do more in budget 2003. It announced a three year renewal of the government's housing renovation programs at a cost of $128 million a year.
In addition, the government currently spends $1.9 billion per year in support of existing social housing units. Who could be against that? It is an investment for Canadians. Clearly when members look at themselves in the mirror, they will realize that this is important for Canadians as a foundation. Social housing has played an important role in Canada. I cannot believe anyone would contemplate voting against it.
The bill also provides $1.5 billion to increase accessibility to post-secondary education. We have heard a lot in the House about the needs of students. Although the Government of Canada does not deal with the issue of tuition, it can, and in the bill does, assist students who come out of university having acquired significant debts, particularly low income families. As well there is training money to supplement labour market agreements.
Since balancing the budget, the government has provided significant new funding in support of post-secondary education through increased transfer support to provinces and territories and increased direct support to students and universities. We are ensuring that future generations will be able to come out of university in much better financial shape. I cannot believe that anyone in the House would not support assistance for students.
The government continues to transfer support for post-secondary education through the Canada social transfer, a block transfer to provinces and territories. Each province and territory is responsible for allocating federal support according to its respective priorities within that jurisdiction regarding post-secondary education and other social programs.
Overall, the Canada social transfer will provide $15.5 billion in 2005-06 and more than $8 billion in legislated cash levels and $7 billion in tax points. In addition, the Government of Canada provides about $5 billion annually in direct support for post-secondary education, and among other things, helps families save for their children's education.
When we look at that, we really wonder how anyone could not support that kind of assistance for students anywhere in this country. I would be really surprised to see any member stand up and have the audacity to say that he or she cannot support students. Why would members not support students? Why would they not be investing in our future?
When it comes to the environment, the government has been a leader. The Minister of the Environment, along with the Minister of Natural Resources and the Minister of Industry, unveiled the most aggressive climate change plan in the G-7.