Madam Speaker, it is a great pleasure to rise in the House today to congratulate the Minister of Finance for the fine job he has done in balancing the needs of Canadians during this time of global economic recovery with the long-term financial security of Canada.
The second phase of our government's economic action plan sets out a real and achievable plan to solidify Canada's economic recovery. By investing in key stimulus projects, which deliver the necessary infrastructure to our communities, our budget is enabling economic growth and creating jobs for today and tomorrow.
Canada is on track to recover faster than the rest of the world and in better financial condition, with its manageable debt levels and a workforce that is better prepared. Our Conservative government is leading the way in the global economic recovery and our government's insight and understanding of what makes our economy work will be recognized in the future as we move ahead of all other countries.
Canadians have a record of which they can be proud. We have the lowest debt to GDP ratio in the G8. Canada's decline in the real GDP was virtually the smallest of all G8 countries. Our Canadian labour markets have fared much better than that of the U.S., where job losses are proportionally three times larger than Canada's. Canada's banks and other financial institutions were better capitalized and less leveraged than their international peers and we are widely acknowledged as having the soundest banking system in the world. Canada's housing market has not seen the excesses that have caused instability and housing bubbles in other jurisdictions.
Our government has navigated Canadians through the worst global recession since the depression. Now, looking to the future, Canadians are depending on our government to put forward a plan to address the challenges that communities are now facing as our economy begins to recover. That is exactly what the second phase of our economic action plan sets out to do.
Phase two will help solidify Canada's economic recovery by implementing $19 billion in new stimulus funding to create jobs now. It includes personal income tax relief of $3.2 billion, retraining and worker support of over $4 billion, infrastructure funding of $7.7 billion, research and development funding of over $1.9 billion and targeted support to industries and communities of $2.2 billion. Canadians will respond. We will lead the world in our recovery because our government has targeted resources to jobs now and for the future.
The budget creates and protects jobs. It sustains Canada's economic advantage and lays a strong foundation for the future by supporting workers. We are investing $100 million to extend the maximum length for work-sharing agreements. We are helping younger workers by offering over $100 million in support to young workers through internship and skills development to help them find jobs.
We are investing in research and development. We are delivering over $600 million to help develop and attract high-quality jobs, to strengthen our capacity for world leading research and development and to improve the commercialization of research.
We are working with the manufacturing sector, making Canada a tariff-free zone for manufacturing inputs to boost new investment in job creation. We are supporting businesses by establishing a red tape reduction panel to reduce the paperwork for businesses.
The budget did not leave any part of the country out. Our Conservative government's ongoing commitment to strengthen all regions of the country is apparent in our economic action plan.
While the Liberals starved the provinces and municipalities of the much needed support during their time in office, our Conservative government has increased transfers to provinces. In New Brunswick alone, we are seeing $1.6 billion through equalization, an increase of $233 million since 2005-06, $580 million through the Canada health transfer, an increase of $23 million from last year alone, and $246 million in social transfers, an increase of $34 million over 2005-06.
On behalf of all New Brunswickers, we are pleased. We will continue to receive increased federal support through budget 2010. Total transfers will hit $2.7 billion, an increase of $591 million under the old Liberal government. This long-term support will help ensure that New Brunswick has the resources to provide essential public services, such as health care, post-secondary education and many other social services.
New Brunswick has been well served by this budget and will receive many other benefits from it. Local communities and businesses in New Brunswick will benefit from the $28 million provided to support the operations of ferry services in Atlantic Canada, including the route between Saint John, New Brunswick and Digby, Nova Scotia.
Communities and businesses in New Brunswick will benefit from the $19 million per year in ongoing funding for the Atlantic Canada Opportunities Agency to support regional growth and innovation through the Atlantic innovation fund and the innovative communities fund, allowing people to earn more income before paying federal income taxes and before being subjected to higher income tax rates. We are working on enhancing the working income tax benefit, which reduces the welfare wall, by making work pay better for many low income Canadians and higher child care benefits for parents and lower taxes for low and middle-income seniors.
There are $32 million per year for federal research granting councils to support advanced research and improve commercialization, $8 million per year to support the indirect costs of federally sponsored research at post-secondary institutions, $15 million a year to double the budget of the college and community innovation program, which fosters research collaborations between businesses and college researchers and the creation of the new Canada post-doctoral fellowship program to help attract the best researchers to Canada.
Forestry companies in New Brunswick could be eligible for the next generation renewable power initiative, which will invest $100 million over the next four years to support the development, commercialization and implementation of advanced clean energy technologies for the forestry sector.
New Brunswick will also receive $12 million as its share of the community development trust and the police officers recruitment fund and $11 million for labour market training as part of the commitment of $500 million a year in new funding to provinces and territories, beginning in 2008-09.
Our government has held true to its commitment of stimulating economic growth and creating and protecting jobs and this is continued in the second phase of our economic action plan.
The budget also sets out to meet another commitment, reducing the deficit. Our government is planning for the future by initiating the three point plan to reduce the deficit once the economy recovers.
The government will undertake a comprehensive review of government administrative functions and overhead costs by winding down extraordinary stimulus spending in Canada's economic action plan on time and as scheduled, restraining government spending through targeted measures and launching a comprehensive review of government spending on administration and overhead.
Canada cannot afford a tax and spend approach to managing government. I am proud to be a member of a governing party that keeps its commitment to fund key projects required by all regions of our country, while planning for the future with job creation and sound financial controls. This budget shows Canadians that we can be the best, that we can manage without mortgaging the future.
The extensive consultations of the Prime Minister and the Minister of Finance across Canada have proven to be beneficial, with a focused advantageous budget that will help our provinces, municipalities, businesses and, more important, our people. I am very pleased that the Prime Minister chose to come to my riding to gain insight into what Canadians were thinking in preparing the budget and we see a lot of that message reflected in this document.
I am thankful for this opportunity to speak on a budget that will see our country so well positioned for the future.