Mr. Speaker, I am very pleased to have this opportunity to add my remarks in support of the Speech from the Throne.
Its theme, its vision and strong leadership sums up this government's commitment to continually aspire to further growth and a higher quality of life. We intend to build upon a proud legacy of peace and prosperity.
Canada is starting from a position of strength. Our economic fundamentals are the strongest they have been in a generation. We are experiencing the second largest period of economic expansion in Canadian history. Business investment is expanding for the fifth consecutive year. Core inflation has remained within our set range of 1% to 3%. Our unemployment rate is the lowest in 33 years, with more Canadians working today than ever before.
Canada is one of the few countries in the world with a sound public pension plan. Canada is also an emerging energy superpower. We have the second largest established petroleum reserves on the planet.
Federal, provincial and territorial governments are all in surplus, and we are on the best fiscal footing of any country in the G-7. In fact, we are the only member of the G-7 with both an ongoing budget surplus and a falling debt burden.
Canada's economy is ranked second among the group of seven nations. Canada is on solid financial footing, but we are mindful of the various challenges and opportunities that confront us.
Today I will highlight some of the key economic initiatives this government is pursuing, particularly those that affect business and Canada's competitiveness on the world stage, in particular, our long term economic plan, “Advantage Canada”, a plan designed to ensure that Canada has a modern infrastructure, an innovative and entrepreneurial business environment and a tax system that rewards hard work, all based on the foundation of sound fiscal management.
For example, our government is committed to reduce the federal paper burden on business by 20% by November of 2008. We are modernizing our competition and investment policies to ensure they work better and attract even more foreign investment to create jobs and opportunities for Canadians and let us compete against the best in the world.
Let me now turn to the issue of tax relief. The government believes that Canadian individuals, businesses and families still pay too much tax. Our tax system must reward hard work, encourage investment in job creation and help Canadian businesses compete on the world stage. We are providing tax relief in every way a government collects taxes: consumption taxes, business taxes, excise taxes and, yes, personal taxes, more than $41 billion in tax relief over three years.
We know tax competitiveness is critical to our economic success. That is why we are establishing a tax advantage for the benefit of Canadian entrepreneurs. Our government will bring forward a long term plan of broad base tax relief for individuals, businesses and families, including following through on our commitment to a further cut to the GST.
The throne speech also highlights our commitment to support a wide range of economic activity across the country. For example, our government will stand up for Canada's traditional industries, fishery, forestry, manufacturing and tourism. Our government is taking firm action to support workers as these industries adjust to global conditions, and we will continue to do so.
Fluctuations in the value of the Canadian dollar over the past few years, and other challenges, have made it difficult for traditional industries to cope. We have responded to these needs in a host of ways.
For example, the Government of Canada has provided $400 million over two years to strengthen the long term competitiveness of the forestry sector, to combat the pine beetle infestation and support worker adjustment to ensure that those who depend on forestry can look to a future with confidence.
We have also allowed manufacturing and processing businesses to write off their capital investments in machinery and equipment using a special temporary, two year, 50% straight-line, write-down rate.
I will also say a few words about renewing Canada's infrastructure. Through our building Canada initiative, we are making the largest single federal investment in public infrastructure. When combined with funding under previous initiatives, our government is committing about $37 billion over seven years for roads, bridges, water systems, public transit and international gateways, infrastructure that Canadians want and that our country needs.
Modern infrastructure supports economic growth and productivity, improves Canada's competitiveness and facilitates the movement of people and goods.
The building Canada plan addresses the issue of the comprehensive program to support our long term growth. We will invest in infrastructure that supports a stronger economy, a cleaner environment and more prosperous, safer communities.
Let me now move on to another key driver of Canada's economic engine. Our mining and resource sectors present extraordinary opportunities across Canada and our government will help seize these opportunities by providing a single window for major program approvals. Our government is investing $150 million in a new major projects management office to increase the capacity for the approval of mining and energy projects within those federal departments. This office will ensure that regulatory reviews are carried out with greater efficiency and transparency.
This streamlined approach will reduce red tape and improve the overall competitiveness of Canada's resource industries. The government's commitment to provide effective economic leadership will also address the federal government's responsibility for strengthening Canada's economic union.
Despite the globalization of markets, Canada still has a long way to go to establish free trade among our provinces. It is simply unacceptable that there are fewer internal barriers to trade and mobility in the economic union than there are in Canada. This hurts our competitive position but more important, it is just not the way a country should work. Our government will consider how to use the federal trade and commerce power to make our economic union work better for Canadians.
Canada's prosperity and quality of life depend on our success as a trading country. We have exported goods and services, accounting for more than 36% of the GDP in 2006. More than $1.9 billion in trade crosses the Canada-U.S. border each day. To ensure efficient transport of goods—