Mr. Speaker, it is a privilege and a pleasure to rise in the House to speak to budget 2018.
Over the past two years, our government has invested in Canadians and in the things that matter most to them.
In 2015, the economy was sluggish and despite the previous Liberal government leaving the Conservatives with a $13 billion surplus, they had nothing to show for it. They did not invest in the economy and left us with a deficit. Our government decided that investing in people was the best way to boost the economy.
We are now seeing our investments paying off. Our economy has added 500,000 jobs, our unemployment rate is the lowest it has been in 40 years, and the Canadian economy is the fastest growing of all G7 nations. We are following through with our promise to reduce the small business tax rate from 11% to 9%, which will save small business owners an average of $7,500.
In 2015, Canadians made a choice to discard the failed austerity measures and to vote for a government that provided hope. They were in favour of rejuvenating the economy.
How are our investments helping?
Through budgets 2017 and 2018, our government has made targeted and strategic investments for economic development. I will focus on four of these and talk about the impact on my riding.
The first is our investment in housing. My riding of Don Valley East sits on the perimeter of downtown Toronto. The high demand for housing has driven up rental rates and has made it more difficult for Canadians to live and work in the same area. The government's investment in housing is a critical step to encourage a stable supply of affordable rental housing for middle-income households. Budget 2018 is investing $3.75 billion over the next three years in the rental construction financing initiative. This initiative is expected to generate the construction of more than 14,000 new rental units across Canada.
Further, our government's national housing strategy is investing over $40 billion over the next 10 years to create over 100,000 new units and repair 300,000 housing units across Canada. This means that 530,000 households will benefit from this investment and it will reduce the pressures on many municipalities. As well, 435,000 households will benefit from the maintenance and expansion of community housing in Canada. My riding has a large number of these houses, 68 such projects that will benefit.
Through this investment in affordable housing, we hope to alleviate poverty, as one of the root causes of poverty is the lack of affordable housing. As well, with this investment, we will help seniors, single moms, and people with disabilities to have access to good and affordable housing.
The second area is investments in infrastructure. Budget 2017 committed over $180 billion in infrastructure investments. Over $100 million of this are being invested in infrastructure projects in and around Don Valley East. One example is the Eglinton Crosstown LRT that crosses many ridings, including mine. This investment will help connect people, reduce traffic and travel times, and in turn increase productivity and economic opportunities. It will also give families more time to spend with each other in a cleaner, greener environment.
The third area is equality and growth. Budget 2018 is a family-friendly budget that makes significant progress towards equality of opportunity and growth. It does this by taking leadership to address the gender wage gap, supporting equal parenting, and introducing a new entrepreneurship strategy for women.
The women's entrepreneurship strategy is a comprehensive approach to addressing critical growth stages and other challenges that women entrepreneurs face. Our investment will help them grow their businesses and remove barriers to success. A study by the Royal Bank of Canada, RBC Economics, estimates that the size of the Canadian government would increase by 4% if there was equal representation of men and women in the workforce. In addition, a McKinsey study shows that, by boosting women's participation in technology and in the workforce, it would add an additional $150 billion to our economy. These figures are substantial, and it would mean more middle-class jobs and more Canadians who would have the ability to pay their bills and save for retirement.
Canadian women are among the best educated in the world, yet they earn less than men, are less likely to participate in the labour market than men, and are more likely to work part time. A study that I did as chair of the Standing Committee on the Status of Women stands true today. Women earn 30% less than what men earn for doing the same job.
When women have the support and opportunities to fully contribute to Canada's economy, the entire economy does better. One example of our government's policy measure is the Canada child benefit, or CCB, which was introduced in budget 2016. This is making a positive difference for millions of Canadians.
In my riding, there are many women who have to stay at home due to the high cost of child care. The CCB has now made it possible for them to go to work. Over 3.3 million families are receiving more than $23 billion in annual CCB payments. Last fall, the government proposed to strengthen the CCB by providing an additional $5.6 billion, starting in July 2018, in support of Canadian families. The CCB is making a large difference in Don Valley East where nearly 10,000 families receive an average annual payment of $7,500, elevating thousands of children out of poverty. When poverty is alleviated, people are able to contribute more to the economy.
The fourth and last area I would like to talk about is youth. The investment in youth is an important one. As I go around, meeting youth from my constituency youth council, I hear that strong, good jobs for the future are important, especially when they are graduating and have student debt. Our investment in youth initiatives are paying off. Last year the government invested $725,000 in the Canada summer jobs program in my riding, creating jobs for 262 young people and providing them with 60,000 hours of valuable work.
Last week I had an opportunity to visit STEM Kids Rock in my riding where our government's investment in science, technology, engineering, and mathematics is giving impetus to young women to lead. I was amazed at the creativity and innovative technology these young people demonstrated.
In conclusion, as members can see, the government's investment in equality, housing, and infrastructure are providing the boost needed to keep growing the economy and supporting all Canadians, who form the bedrock of our country.