Mr. Speaker, let me first reassure the hon. member that in an uncertain world, Canada's economic action plan is working. It is creating jobs, keeping the economy growing, and returning Canada to balanced budgets. Since the beginning of the recovery from the global recession, Canada has achieved the best job creation record of any G7 country and one of the best economic performances in the G7.
Both the independent International Monetary Fund, or IMF, and the Organisation for Economic Co-operation and Development, the OECD, reaffirmed this. Both are projecting that Canada's economic growth will be among the strongest in the G7 in the years ahead. Canada's economic action plan 2014 builds on this success by continuing our government's support for families and communities across our great country. Our government is keeping taxes low, putting consumers first, protecting Canadians' health and safety, and making communities more resilient in the face of natural disasters.
Let me begin by outlining the actions we are taking to put Canadian consumers first. Since 2006, this government has take significant action to support and protect Canadian consumers by reducing taxes and tariffs, ensuring marketplace fairness, and promoting competition in a number of industries, including financial services, telecommunications, and air services. We have also taken important steps to improve product and food safety. Economic action plan 2014 expands on the government's consumer-focused measures to improve the bottom line for Canadian families and ensure that they are getting value for their hard-earned tax dollars.
One key focus for our government has been improving competition in the telecommunications market. Economic action plan 2014 proposes new measures to do this. Our government will cap wholesale domestic wireless roaming rates and provide telecommunications regulators with the power to impose administrative monetary penalties on companies that violate rules, such as the wireless code.
Furthermore, our government will also take steps to improve access to broadband Internet service for Canadians in rural and northern communities. We will invest $305 million over five years to extend and enhance broadband Internet service for Canadians in these remote communities. Enhancing and extending broadband access will help to create jobs, growth, and prosperity for rural and northern Canadians by increasing their ability to participate in the digital economy. In addition, small and medium-sized businesses will benefit by having increased access to information and markets.
Our government is also taking action to help lower costs for consumers in the financial sector. Economic action plan 2014 advances our government's commitment to protect consumers of financial products and services. We will ensure that banks offer low-cost basic banking services that meet consumers' banking needs; that they expand no-cost basic banking services for youth, students, and vulnerable groups, including seniors; and that they continue to provide free monthly printed statements for credit cards. Our government will also be working with stakeholders to help lower the costs that merchants pay to accept credit cards while encouraging merchants to lower prices for consumers.
In addition, our government will work with Canadians on developing a comprehensive financial service consumer code that will better protect consumers of financial products and services and ensure that they have the tools they need to make responsible financial decisions for themselves and their families.
I will finish with this message: Canada's economic action plan is working for Canadians. It is putting their interests first, it is helping support their families and communities, and it is creating jobs, opportunities, and long-term prosperity for all Canadians.