Mr. Speaker, I appreciate the opportunity to respond to the Speech from the Throne.
Canadians understand that we live in challenging times. The world was pushed to the economic brink by circumstances beyond Canada's control, primarily the poor decisions made by our neighbours to the south and elsewhere around the world. Canada has not remained immune to these challenges. That is why last year, our Conservative government introduced Canada's economic action plan, a plan that is working, indeed, very well.
Let me explain. Last month Canada opened its doors to the world. We welcomed many different nations from around the globe to participate in Canada's Winter Olympic and Paralympic Games. The games provided Canada, and particularly British Columbia, with an unprecedented opportunity to shine on the world's stage. Some questioned whether we could pull off the world's largest sporting event. We did, and Canadians responded. Oh, how they responded. Our successes were breathtaking in scope. For 17 days in February records tumbled as Canada's Olympic athletes amazed us with their skill and courage and showed the world the strength of Canadian athletes. Our country set an outright record for the most gold medals won in a winter Olympic games, a whopping 14, and Canada won by far the most ever gold medals by a host winter games nation. Our athletes set a record for the most medals won by Canadians in a winter games. Indeed, my wife Annette and I were privileged to witness Canada's Scott Moir and Tessa Virtue become the first North American skaters to win gold in the ice dance competition.
Our Paralympic athletes continued these feats, setting record after record, including the five gold medals won by the amazing Lauren Woolstencroft. How could we forget those Canadian athletes like Joannie Rochette and our courageous Paralympians who overcame profound loss and personal challenges to fight their way onto the podium? The commitment, dedication and success of our athletes should inspire all Canadians and assure us of our future and rightful place in the world. When we set our minds to something, we can compete with the very best.
As with the Olympics, the throne speech showcases our Conservative government's determination to ensure that our national economy delivers a gold medal performance. Even as other countries continue to grapple with the consequences of the worldwide recession, some even tottering on the edge of financial bankruptcy, our country has led all major developed nations in turning the corner. Canada was the last country to enter the recession and the first to emerge from it. Canada's banks remained strong and, indeed, are the safest in the world.
We are also leading other nations because the Prime Minister resisted demands to use past surpluses to create new and expensive social programs. Instead, between 2006 and 2009, our Conservative government paid down nearly $40 billion against our national debt. This provided us with the flexibility to inject a significant economic stimulus into our economy to cushion Canada against the recession. This stimulus has seen the creation of 16,000 infrastructure projects across our great country, the largest investment of its kind in Canadian history.
My community of Abbotsford was a big beneficiary of that investment. After almost a decade and a half of complete and utter neglect by previous Liberal governments, Abbotsford finally received its fair share of federal infrastructure investment. Close to $35 million is being invested into the McCallum and Clearbrook Road interchanges, the Abbotsford Airport expansion, the Huntingdon border crossing improvements, the Mill Lake Park, the Mission Bridge and the Matsqui and Discovery Trail system. For the first time in many years, our federal government is paying attention to the good folks who call Abbotsford home.
There is much more. Canada's strong economic fundamentals lead the rest of the world, with Canada having the lowest debt-to-GDP ratio and the highest household net worth per capita. Indeed, Canada is leading all of the G7 countries in economic growth.
There is, however, one significant challenge. We have an Achilles heel; that is, our productivity, which lags behind that of most the other G7 countries.
After years of having the advantage of a low dollar, we now have to compete on a level playing field, created by our strengthening dollar, which is presently on par with the American dollar. That is why our Conservative government developed the strategy called “Advantage Canada”.
This plan focuses on the main drivers of productivity: human capital, physical capital and sound regulatory and fiscal frameworks. Just as important, we have given Canada a tax advantage. Our Conservative government is lowering Canada's business tax rate from 22% to 15% by 2010. This gives us a huge competitive advantage by creating the lowest overall business tax rate of the G7 countries.
While the Liberals and NDP continue to call for tax increases and unaffordable social programs, we are leading the way, creating the most attractive business and economic climate in the developed world. In so doing, our Conservative government has implemented a five year plan, which is reducing the tax burden on Canadians by a whopping $220 billion.
Canada's economic action plan is working. Since last summer, the Canadian economy has added almost 160,000 new jobs. For the first time in close to three decades, Canada's unemployment rate is significantly lower than that of the U.S. I repeat, our plan is working. Consumer confidence has rebounded and during the last quarter, Canada's economy grew by an astounding annualized rate of 5%, far beyond what economists had even predicted.
The throne speech provides Canada with a way forward, something that the opposition has been unable to offer. Our government's plan does not increase taxes and does not cut support for seniors, health care and education. Our plan is practical, credible and achievable.
In the lead up to the throne speech, I consulted widely with my constituents. I met with service clubs, the chamber of commerce, the Indo Canadian Business Association. I even held a town hall meeting where Abbotsford residents could provide us with clear direction for the future. Their message was loud and clear: focus on creating jobs; control government spending; return to balanced budgets; and do not increase taxes on Canadians like the Liberals would. In short, they have asked government to live within its means.
The 2010 budget responds to those concerns. It focuses on jobs and growth as well as on returning Canada to balance.
Let me talk a bit about jobs and growth. Over the next few years, our budget makes a commitment to invest over $600 million into research and innovation in order to retain and attract Canada's best and brightest minds and help our businesses commercialize their research. We are also protecting Canadian jobs with over $100 million over two years to extend work-sharing agreements by another 26 weeks. This means more workers will keep their jobs, allowing employers to keep their experienced employees, while their businesses recover from the downturn.
We are also giving young Canadians the support they need to transition from school to the workforce. Our government is investing an additional $30 million into the internship and job experience component of our youth employment strategy.
There is another very significant announcement in our throne speech. Canada will be the first of the G20 nations to become a tariff-free zone for industrial manufacturing products. This commitment will save Canadian businesses $300 million in annual duties. These savings mean more investment and more jobs in a Canadian economy.
We have committed to slow the growth in defence spending. However, we will not balance the budget on the backs of our brave men and women in uniform, as previous Liberal governments did.
This throne speech provides our country with a road map to a bright and prosperous future. I can assure members that despite the significant challenges facing Canada, our future is exceedingly bright. Like our Olympic and Paralympic athletes, Canada is going for gold and taking its rightful place on the international podium. It is our time to shine.