Mr. Speaker, I will pick up where my colleague left off. I will also be speaking about gender equality, one of the themes that makes budget 2018 a historic budget.
By focusing on equality and growth, the budget will ensure that Canada's economy grows and that it benefits all the men and women of Canada's middle class.
Canada's economy is doing well. In fact, it is booming. Now that it is on a solid footing, we need to ensure that it truly reflects who we are as a country. Everyone must have the opportunity to work, to contribute to our collective wealth, and to reap the benefits of that wealth. The economy must work for everyone. Every individual must have access to a good job.
As I mentioned, in the next few minutes I will talk about fairness and equality between Canadian men and women. I am convinced that all members of the House believe in this principle, which is deeply ingrained in the Canadian identity and is not negotiable. Nevertheless, we must look at the reality and accept the facts. Unfortunately, it is clear that there is still much work to be done.
Canadian women are among the most educated in the world, yet they are less likely than Canadian men to be in the labour force.
We also note that Canadian women earn 31% less on average than men annually. They are also under-represented in leadership positions, and fewer women than men own small and medium-sized businesses.
We believe that this situation must change and evolve, not just because it is morally right, but also because studies have proven that it makes economic sense.
The McKinsey Global Institute reports that accelerating progress toward gender equality, such as increasing women's participation in the technology sector and in the workforce in general, could boost Canada's GDP by $150 billion by 2026.
My colleague also mentioned the RBC study finding that if women and men participated in the economy equally, our GDP would grow by 4%, which is huge. As the Minister of Finance said in his speech two weeks ago, we fight for every decimal point of growth.
As I said, increasing women's participation in the economy is not just morally right, it is the best way to support economic growth.
The 2018 budget takes practical steps toward closing those gaps, supporting women and girls, and increasing their labour force participation. This will stimulate economic growth and benefit everyone. Having more women in leadership positions strengthens the economy, creates jobs, improves our communities, and fosters innovation.
First and foremost, we need to make sure that salaries respect the principle of equality. We need to reduce the gender wage gap in Canada. I am proud that, with budget 2018, our government is proposing to enact legislation on the principle of equal pay for equal work. This legislation will ensure that women and men working in federally regulated industries receive, on average, equal pay for work of equal value. It was about time, and the fact that our government is going ahead with this legislation is excellent news.
We are also going to provide Canadians with more information on the compensation practices of federally regulated employers. This will ensure that employers with equitable compensation practices get the recognition they deserve, while ensuring that the others are called out and held accountable for any wage gaps.
As the Prime Minister indicated earlier this year in Davos, pay equity is only the first step. Equal pay does not necessarily mean equal opportunities or sacrifices, which leads me to talk about parental leave. When we look at family life, we see that women often take maternity leave after a child is born, which is a good thing. However, we also see that they often shoulder a larger share of family responsibilities. That is why budget 2018 proposes the creation of a new parental leave that will grant an additional five weeks of benefits to parents who agree to share their parental leave. This measure is directly modelled on what is being done in Quebec, where 80% of new fathers claim their parental leave, compared to only 12% in the rest of Canada.
Going by Sweden's example and according to what we have been told by Quebec's Conseil du statut de la femme, this approach will not only promote a better distribution of family responsibilities from the start, but it will also make it possible for women to return to the labour market more quickly or on their own terms.
This is a key measure of budget 2018 for which we have high hopes. It is inspired by measures that Quebec has taken and that we think will also be successful in the rest of Canada.
In closing, with this budget, our government is showing leadership on equity issues, but we cannot do it alone. We must work in partnership with the provinces and territories, and the private and community sectors. This budget is a first step in the right direction. It contains measures that will help boost women's participation in the workforce and give women entrepreneurs greater access to capital. Ultimately, this will promote greater economic growth in Canada. The equal participation of men and women in the workforce will help put our economy on an even more solid footing.