Mr. Speaker, I am pleased to speak to Bill C-48, a bill that deals with several very important issues.
As hon. members know, the bill contains a commitment to pay down at least $2 billion of debt on an annual basis. With the additional money we will investment in affordable housing, in transit, in foreign aid and in post-secondary education.
The bill has had a lot of debate and discussion and there have been different perspectives on it. However I think all of these areas, it is fair to say, are coherent, complementary and follow the same theme to what was presented in Bill C-43 and preceding budgets, which are investments built on sound fiscal strategy. We can go back to budget 2003 and to budget 2002.
The bill also reflects the priorities of Canadians. When we look at the examples that are in this bill in terms of the types of investments that are made, we look at the investment in affordable housing. Over the past number of budgets the government has put significant sums of money into affordable housing. We think of the significance of the $1.6 billion that will be invested in affordable housing and the fact that in this particular case it is not attached to matching funds and that it also includes aboriginal housing.
We can look at some of the previous funding that has been made with respect to affordable housing. We had a program in place where we had matching funds from the provinces and other entities. Therefore the investment that we are making in Bill C-48 to affordable housing is on top of the previous investments that the government has made in affordable housing. It is very important to ensure that Canadians have an opportunity to have a household and prosper in this great country. It also builds upon the $2 billion that has already been put toward homelessness and affordable housing over the last number of years.
The investments made do a couple of things. They certainly look to address a specific number of challenges and problems that may be faced by people in our society. We think of the additional funds that the bill proposes to put toward an increase in accessibility to post-secondary education, the $1.5 billion, which again builds upon a whole other set of initiatives that have been put in place.
We can think back to previous budgets, budgets that have been called education budgets where there were all types of different incentives and investments for Canadians to receive additional training and to gain further access into post-secondary education and to assist with the cost of that further education. We know that with training and education we can further improve our economy and people have an opportunity to further prosper in this country.
We can think of the $900 million that is being proposed to be invested in public transit and energy retrofit. Again, when we look back to previous budgets, Bill C-48 builds upon Bill C-43 with a number of different initiatives.
Finally, we can look at how the bill contemplates the additional investment of $500 million in international assistance, again a priority of the government and certainly a continued priority and a future priority of the government.
These investments, along with those made in Bill C-43, were made possible not only because of the performance of the economy but also because of the financial management provided by the Minister of Finance in ensuring that we do have the ability to pay down debt and we do run balanced budgets, which is the cornerstone of budget-making, in that the government takes the approach that we need to pay our way.
Like Canadians in their own households who earn money and try to live within their means, governments need to live within their means. It was in the decades previous to 1993 when governments were living beyond their means and saddling citizens of this country with debt, debt interest and debt payments.
The cornerstones of the budgets that the government has put forward going back to 1993 are certainly balanced budgets and looking at continuing to make debt repayment, not because debt repayment is the goal but because debt repayment frees up additional money and reduces the burden on future generations. It frees up additional money to make smart investments to ensure our country can continue to prosper in the future, to ensure Canadians have an opportunity to participate in this economy and to ensure the country can lead the G-7.
As the Minister of Finance said earlier today in question period, while we lead the G-7 in terms of our balanced budgets and our budget making, we need to now focus on leading the G-7 in terms of the productivity of our country. The Minister of Finance has taken some steps and articulated that in his speeches.
I know in the future, in working and speaking with Canadians and working in the House, there will be an opportunity to exchange ideas and focus on initiatives and programs that deal with the productivity question. At the end of the day, it is about ensuring Canadians the opportunity to participate in the economy, to prosper and to create wealth. With that opportunity, we think the country will be a better place.
Providing opportunity for all Canadians at all different socio-economic levels is important. That is why government makes investments in different areas to ensure there are opportunities for people. It is not only an ideology that might exist with certain parties in the House. It also is an approach that benefits Canadians. Canadians need an active government, a government that will support them and enable them to participate in areas of the economy, where they, their children and their children's children can benefit.
I would hope hon. members in the House reflect upon what the bill is looking to accomplish. I hope they know that the bill is in the interests of Canadians and that it will advance those interests.
When members get the opportunity to vote on the bill, I hope they support it. Then they can spend the summer in different parts of the country talking to Canadians about what has been accomplished in passing the bill. They can talk about the investments we have made.
In closing, an agreement has been reached under the provisions of Standing Order 78(2) with respect to the third reading stage of Bill C-48, an act to authorize the Minister of Finance to make certain payments. I move:
That in relation to Bill C-48, an act to authorize the Minister of Finance to make certain payments, not more than one further hour shall be allotted to the consideration of the third reading stage of the said bill and, at the expiry of the time provided for in this order for the consideration of the third reading stage of the said bill, any proceedings before the House shall be interrupted, if required for the purpose of this order, and in turn every question necessary for the disposal of the said stage shall be put and disposed of forthwith and successively without further debate or amendment.