Mr. Speaker, it is an honour to rise today to speak to the government's first federal budget. Just last Friday, I had the opportunity to speak at a budget breakfast hosted by the Brampton Board of Trade. I got to hear first-hand from employers, innovators, and leaders in Brampton about the budget provisions that would help them most.
The residents of Brampton consistently tell me they are appreciative and supportive of the investments our government is going to make that would help middle-class Canadians succeed. These are investments that would not just help them and their families today but lay the groundwork for the success of future generations of hard-working Canadians.
My constituents elected me to serve as part of a government that would help the middle class and those who are working hard to join it. To be able to represent these priorities on behalf of the people of Brampton East is a true privilege.
I am lucky to be a member of the Standing Committee on Finance, which has kept me quite busy thus far. Recently, prior to the presentation of budget 2016, the Standing Committee on Finance undertook pre-budget consultations that were different from most, due to the timing of the fall election. With a very short timeline, over four long days, we heard from more than 92 witnesses, which included individuals, businesses, NGOs, first nation advocates, and other valued groups. We also received 172 submissions online from individuals and groups. The responses we received varied in topic, but the committee concluded its work with a report that offered 56 recommendations, many of which were included in this year's budget.
Last fall, we offered Canadians an ambitious new plan for a strong middle class and promised we would do all we could to help every Canadian succeed from coast to coast to coast. Budget 2016 is an important part of fulfilling that promise. It offers immediate help to those who need it most and lays the groundwork for sustained, inclusive, economic growth that would benefit Canada's middle class and those working hard to join it. In particular, the budget is about Canadian families. We met with them, we heard their stories, and we share their concerns. The budget is about the things that matter to them most. The net result is that, even though there has been some economic growth in the past three decades, too often the benefits have been felt only by the wealthiest Canadians, while the middle class and those working hard to join it continue to struggle.
Here at home and across the world, dramatic shifts are taking place that represent both challenges to and opportunities for Canada's economy. Managing Canada's ongoing demographic shift means that we must do more to invest in young Canadians, in post-secondary education, in training, and in innovation.
This is a time to invest. We have the lowest debt-to-GDP ratio of all G7 nations, which gives us room to make strategic investments now that will grow the economy well into the future. Interest rates remain at historic lows, making now the ideal time to invest in our highly educated workforce, and low business tax costs mean that Canada is well positioned to compete globally.
I would like to touch upon the investments in budget 2016 that would benefit the riding of Brampton East. Canada has the potential to be a global leader when it comes to innovation. I have seen first-hand the tremendous talent and work ethic of Brampton's business and innovation community. Budget 2016 would support Canada's innovators and entrepreneurs and give them the help they need to access expertise, identify new markets, and scale up for future growth.
To accelerate economic growth, budget 2016 would make available up to $800 million over four years, starting in 2017-2018, to support innovation networks and clusters as part of the government's upcoming innovation agenda. To increase the number of innovative small and medium-sized enterprises receiving technical advice and product financing through the industrial research assistance program, budget 2016 proposes to provide the program with a further $50 million in 2016-2017. The program supports innovative and growth-oriented small and medium-sized companies through adversarial services, research and development, product funding, and networking.
It is also vital for Canada to compete on the global stage in order to create economic growth, which is why, to help high-impact firms grow, budget 2016 proposes to launch a new initiative focused on helping high-impact firms to scale up and further their global competitiveness. The initiative aims to target 1,000 firms in the first few years and expand to more firms thereafter.
To support an innovative automotive sector, budget 2016 announces the extension of the automotive innovation fund, which is currently scheduled to sunset in 2017-18. We will extend it through 2020-21.
I have had the opportunity to attend some of the best post-secondary institutions in this country. The power and importance of education is limitless. It can give kids from Brampton an opportunity to make their way to Parliament Hill. Thus, I am a strong believer in the power of education and training for our young people to be the leaders of not just tomorrow but also today. We must invest in this generation of young people in order to support our aging population and create economic growth to last generations.
Budget 2016 proposes a package of reforms to the Canada student loans program that will make post-secondary education more affordable for more students from low- and middle-income families and ensure that student debt loads remain manageable. These measures will also simplify the application process for financial assistance, making the Canada student loans program more transparent and more predictable.
Budget 2016 also includes an increase in the loan payment thresholds, to ensure that no students will have to repay a Canada student loan until they earn at least $25,000 per year. This measure will provide $131 million over four years starting in 2016-17.
Employment opportunities will be available for young Canadians through the investment of an additional $165 million for the youth employment strategy starting in 2016-17. We are also creating an expert panel on youth employment to guide future investments in labour market programming.
Brampton is one of the most growing and dynamic cities in this country. It is growing quickly, and infrastructure investments are vital during this mandate because people are counting on them to expand their businesses. The economic potential of cities like Brampton is limited by inadequate infrastructure systems.
I thank the House for its time. I will continue this evening.