Madam Speaker, it is always an honour to rise on behalf of my constituents in Halifax West.
Today, I do so to speak to the fall economic statement, the so-called mini-budget, which updates Canadians on the state of our economy and announces new measures to drive growth and make life more affordable.
I think it is important that my constituents and Canadians hear some of the key points, and I want to talk a bit more about some of the measures set out in the statement that I think are particularly welcome.
Let me start with the broader economic context.
After one of the most significant economic disruptions of our lifetime, we have come roaring back. We have experienced stronger economic growth in 2022 than the rest of the G7 countries. In October, our unemployment rate was 5.2%, close to the record lows we observed earlier this year.
There are 400,000 more Canadians working today than before the pandemic.
We are now forecasting a deficit of $36 billion this year, down 30% from what was projected in budget 2022. Among the provinces, Nova Scotia has has had the third-highest change in employment relative to prepandemic levels.
However, high global inflation and rising interest rates are making life more expensive. We only need to look at the prices at the grocery stores or when filling our cars with gas. Believe me, I have done both, so I know.
Our challenge now is to provide relief to Canadians without adding fuel to the inflationary fire. That is why our government is taking prudent, targeted action to grow the economy, support those who need it most and ensure that Canada has room to respond to a potential global economic slowdown. If the forecasts are to be believed, we need to protect our fiscal capacity.
That is the path we are taking.
In this year's fall economic statement, the following measures spoke to me.
We are launching the Canada growth fund to make key strategic investments in our economy that will attract substantial private sector investment and accelerate our net-zero transition and the adoption of clean technologies.
We are automatically issuing advance payments of the enhanced Canada workers benefit, which puts up to $1,200 back into the pockets of Canada's lowest-paid workers each year.
We are providing up to $1 billion through the disaster financial assistance arrangements to support the recovery from hurricane Fiona in my region.
We are making it easier to enter the housing market by creating the new tax-free first home savings account, doubling the first-time homebuyers' tax credit, introducing a new multi-generational home renovation tax credit and fully taxing the profits from flipping properties that are held less than 12 months, with some exceptions.
We are creating a competitive clean technology tax credit to empower our companies to compete internationally, create jobs and reduce their emissions.
We are putting $250 million toward the training and upskilling of Canadian workers to equip them for sustainable, good-paying jobs in the lower-carbon economy we are building.
These important measures are on top of the affordability plan we have already introduced, the GST credit payment we just delivered to some 33,000 recipients in Halifax West and the dental and rental benefits that are working their way through the Senate.
I want to zero in on a few issues I have heard about most in my riding.
The first is our move to permanently eliminate interest on Canada student loans and Canada apprenticeship loans, including on those that are currently being repaid. This is significant support for our students and will put money back into their pockets. Through the repayment assistance plan, borrowers can now pause their repayments until they make at least $40,000 a year.
It was so encouraging for me to hear the response from my community when this measure was unveiled. In fact, after the fall economic statement came out, I went back to my riding and attended the installation ceremony of Dr. Joël Dickinson as president and vice-chancellor of Mount Saint Vincent University. She was so excited by the change and what it will mean for students that she mentioned it in her speech. She also talked about her personal experience as a student.
Just the other day, my assistant pulled me aside to share a message he received from a friend whose partner was thrilled to hear about the measure. I will quote him: “He literally did a happy dance...and once I qualify for loans again it might make it less scary for me to consider going back to school.”
This is what it looks like to have the backs of Canadians as they pursue the education they need to succeed.
The fall economic statement delivers for our small businesses, which is another top priority of mine. It outlines our approach to lower credit card transaction fees for our small businesses without adversely affecting other businesses or consumers.
In conversations with community members after the statement came out, I heard about how our minister's “fix this or we'll fix it for you” message was resonating with small business owners. That was echoed loud and clear when I stopped by at the Atlantic Convenience Expo and the Convenience Industry Council of Canada's retail awards last week. Halifax West has so many incredible small businesses and iconic convenience stores. One example is Fairview's Super Mike's, and I know that this change will benefit it and many more.
What is also included is significant support for youth employment. I spent a lot of time this summer, as I am sure most members did, connecting with employers and employees benefiting from the Canada summer jobs program in Halifax West. The response was incredible. There were jobs for coaches, yard clerks, lifeguards and camp counsellors. Over 450 jobs were created by the program in my riding alone this year, boosting local businesses and non-profits and providing youth with valuable work experience. Suffice to say, I was thrilled to see the fall economic statement include over $800 million to support youth employment through job placements, wraparound support and, of course, the Canada summer jobs program.
I am seeing first-hand the benefit of a whole lot more in my community. The fee reductions for parents that our child care agreement is delivering is another great example. I was out door knocking last week in my riding, and a woman on Forestside Crescent stopped me. She has twins who are 17 months old, and she told me that the 25% cut in fees that we delivered has made a world of difference to her.
For families like hers, fees are scheduled to be reduced further, and I look forward to the commitment on child care for all families. That is vital, because we have a significant labour shortage across sectors and we have to address it. I have heard that loud and clear from builders, from the Canadian Construction Association and from many corners.
Canadians understand that immigration must be part of the solution.
We need more skilled immigrants, more construction workers and more health care providers, among many others. Fortunately, we have a new immigration levels plan that sets us on the path to do just that so we can welcome those who can help us get more homes built, reinforce our struggling health care workforce and drive our economic growth. We need to hit our bold target of 500,000 new permanent residents by 2025, and we need to ensure that those people can settle in regions where housing is available, can have their foreign credentials recognized and can work productively in their fields.
The labour shortage is also why we recently announced the lifting of the 20-hour-per-week cap on hours that our international students can work off campus while studying in Canada. This helps students ease the financial strain of paying for school, supports our businesses and leaves them with more valuable Canadian work experience.
That is why I was thrilled yesterday when I heard that 16 new occupations are eligible for PR through express entry. I know there is a lot more to be done on processing the backlogs, and I am very pleased to have heard the announcements on that as well.
I can also tell members how excited I am to have seen first-hand the benefit of the $500-million cities stream of our extended rapid housing initiative. Halifax was one of the cities announced for that. One good example there is the Adsum for Women and Children's sunflower project in Lakeside, which is also funded by that money, and the 28-bed crisis shelter for indigenous women that we are supporting in Hammonds Plains through the shelter enhancement program.
I believe we have hit the right balance between positioning ourselves for economic and demographic growth and providing targeted relief for the Canadians who need it.
