Mr. Speaker, I will be sharing my time today with the member of Parliament for Lambton—Kent—Middlesex, who I might add does an excellent job representing his constituents here in Ottawa. He also serves with me on the Standing Committee on Public Accounts, where he makes a big contribution.
I welcome the opportunity to stand in this place to speak to the role of the non-partisan Parliamentary Budget Officer in promoting accountability in government. Our government is committed to increasing accountability. Accountability is the foundation of Canada's system of responsible government. It is key to assuring Parliament and Canadians that public resources are used efficiently and effectively.
That is why we introduced the Federal Accountability Act as our first piece of legislation, the most sweeping anti-corruption legislation following 13 years of Liberal scandals and mismanagement. The act provides Canadians with the assurance that the powers entrusted in the government are being exercised in the public interest. That act included a very important innovation: the creation of the Parliamentary Budget Officer.
Parliamentarians and parliamentary committees need access to independent analysis and advice on economic and fiscal issues in order to better hold government to account on its decisions. The Office of the Parliamentary Budget Officer was created to improve economic and fiscal information to parliamentarians and inform discussions of economic and fiscal matters in Parliament. It was this government's Federal Accountability Act that gave the Parliamentary Budget Officer clear mandates.
First, the Parliamentary Budget Officer is to provide independent analysis to the Senate and the House of Commons concerning the state of the nation's finances, the estimates of the government and trends in the national economy. Second, the Parliamentary Budget Officer is to undertake research into the nation's finances and the economy at the request of the following committees: the Standing Committee on Finance, the Standing Committee on Public Accounts and the Senate Standing Committee on National Finance. Third, the Parliamentary Budget Officer is to undertake research into the estimates of government at the request of a committee that is mandated to consider them. Finally, the Parliamentary Budget Officer is mandated to estimate the financial cost of any proposal that relates to a matter over which Parliament has jurisdiction.
A member, a committee of the Senate or the House of Commons, or a committee of both Houses may ask the Parliamentary Budget Officer to provide these estimates. The position of the non-partisan Parliamentary Budget Officer was designed in the context of Canada's parliamentary system. In our system it is the responsibility of the government to prepare its budget and policy agenda, and the responsibility of Parliament to hold the government to account for its actions and resulting outcomes. The Office of Parliamentary Budget Officer was established to support parliamentarians in carrying out this responsibility after the previous Liberal government's disregard for transparency.
As currently constituted, the Parliamentary Budget Officer is part of the Library of Parliament. Both the parliamentary budget office and the Library of Parliament as a whole are fully independent from the government in their operation and funding. It is Parliament, not the government, that sets the Parliamentary Budget Officer's funding level. As such, the officer is accountable to Parliament. Accountable government is important to Canadians. That is why our Conservative government created this office and will ensure that a credible, non-partisan replacement is found for Parliament to consider.
However, our commitment to accountability does not stop there. An accountable government also makes sure that Canadians' hard-earned tax dollars are not wasted. It makes sure tax dollars are invested responsibly in effective programs that meet the needs of Canadians. In fact, the sound stewardship of Canadians' tax dollars, ensuring value for money, is one of our Conservative government's top priorities. That is why, for example, our government took historic action to reform the pensions of members of Parliament and public servants. We are the first government to tackle the difficult task of aligning both public sector and MP pension contributions with what Canadian citizens expect in the private sector.
Thanks to our action, contribution rates for public service employees and MPs will be moving to a 50-50 cost-sharing model by the year 2017. Once fully implemented, MPs' contributions would nearly quadruple, from $11,000 to over $38,000 a year. Moreover, the age at which MPs can retire with an unreduced pension would also rise, from 55 to 65, by January 1, 2016. Newly hired public servants would begin collecting their pensions at age 65 instead of 60. As a result, over the next five years these measures would save taxpayers over $2.6 billion.
This is the right thing to do and the fair thing to do. I am proud to be part of a government that took the bull by the horns and made this landmark decision.
Let there be no doubt. This government is committed to improving accountability and the stewardship of Canadian tax dollars. We have proven that, not with words, but with actions. Our record is clear. The measures we have taken help provide Canadians with the open and honest government they deserve, one that acts transparently and ensures values for money and demonstrates accountability.
Our government believes that the mandated role of the Parliamentary Budget Officer is capable of achieving these goals without alteration.