Mr. Speaker, I know it concerns them that our government's record is so warmly received by Canadians and that their record is such a poor one of big government and low growth and deficits as far as the eye can see.
It is not only on tax relief for Canadian families that we disagree with the opposition, but on the fact that we have also lowered taxes on businesses across this country to create jobs and economic growth, and that Canada now leads the G7 with the lowest overall tax rate on new business investment. According to KPMG, total business tax costs in Canada are the lowest in the G7 and are 46% lower than those in the United States.
The opposition would reverse this course, with the NDP in particular saying that it would increase business taxes. Only a party with no experience in government or running a business would think that taking money out of the hands of businesses would somehow create jobs.
I can assure the House and all Canadians that we will keep lowering taxes on businesses and will continue to reduce red tape. We have lowered taxes while growing, to all-time record highs, federal financial support for health and social services that define and sustain us.
This success is no accident. It has come about because our government has created the conditions for success and kept them when times were tough. This may have escaped the attention of the opposition parties, but it has not escaped the attention of independent experts all around the world. Moody's Investor Service, Fitch Ratings, Standard & Poor's, and DBRS have all reaffirmed their top ratings for Canada, and it is expected that Canada will maintain its AAA rating in the year ahead. This paints a picture of a superb environment for business, from manufacturing, for trade and investment. This means a strong environment for creating good, high quality, full-time jobs for Canadians.
While we cannot expect our actions to insulate us fully against future risks and crises, we can be confident that the foundations our government has laid over the past seven years have set us on the right course. Going forward we will continue to work hard on the next federal budget, fully cognizant that we, like other countries, still have headwinds to confront.
As our government and our Prime Minister have consistently said, the global economy remains fragile. We are not immune to economic forces outside of our borders and we are not immune to the decisions of countries around the world.
It is true that Canada is a significant oil exporter and that the unexpected collapse of crude oil prices since last June is an area that we must be particularly vigilant about. We know that the impact of lower oil prices is complex and has a variety of potential effects on the economy. Given the volatility of prices, there is no consensus about the future of oil prices in the shorter term. That is why we are taking the prudent approach and monitoring the situation.
I would certainly discourage the sort of thinking at the core of today's motion for debate that erroneously assumes that current circumstances will not continue to change and evolve. Today's motion by the opposition would have us act prematurely and panic at the first signs of adversity. Canadians can rest assured that our government will not try to build a hasty defence against global headwinds on shifting sands. We will continue to do as we have always done, that is, to act prudently and effectively and decisively. We will do so as always on the basis of sound analysis and policies with a proven record of creating jobs and growth in the face of the global challenge. I look forward to our next budget's delivering on this commitment, as we have always done.
I would encourage all hon. members of the House to support our government's efforts and to reject today's motion and all the other ill-considered actions.