Debates of May 29th, 2023

Department of Finance—Main Estimates, 2023-24

[Marty Morantz, Conservative, Charleswood—St. James—Assiniboia—Headingley, MB]

Madam Chair, the answer was $2,780,000,000.

How much was the Bank of Canada surplus for the receiver general in 2022?

[Chrystia Freeland, Liberal, University—Rosedale, ON]

Madam Chair, again, this is what David Dodge said: “The Harper government unnecessarily contributed to a slower, rather more muted recovery in Canada through to 2015”—

[The Deputy Chair, NDP, Carol Hughes]

The hon. member for Charleswood—St. James—Assiniboia—Headingley.

[Marty Morantz, Conservative, Charleswood—St. James—Assiniboia—Headingley, MB]

Madam Chair, the answer is zero.

How much did the Bank of Canada lose in 2022?

[Chrystia Freeland, Liberal, University—Rosedale, ON]

Madam Chair, “...to a slower, rather more muted recovery in Canada through to 2015 than a more appropriate”—

[The Deputy Chair, NDP, Carol Hughes]

The hon. member for Charleswood—St. James—Assiniboia—Headingley.

[Marty Morantz, Conservative, Charleswood—St. James—Assiniboia—Headingley, MB]

Madam Chair, the bank lost $705 million.

When was the last time the Bank of Canada had a loss before 2022?

[Chrystia Freeland, Liberal, University—Rosedale, ON]

Madam Chair, the Bank of Canada, together with the government, supported Canadians during COVID. We did what we had to do, and it worked.

[Marty Morantz, Conservative, Charleswood—St. James—Assiniboia—Headingley, MB]

Madam Chair, the answer is that the bank never had a loss before 2022.

On a prospective basis, how much does the Bank of Canada project these bank losses will be over the next few years?

[Chrystia Freeland, Liberal, University—Rosedale, ON]

Madam Chair, the member opposite is seeking to undermine Canadian faith in the bank and in our central institutions. That is irresponsible. It hurts Canada and it hurts Canadians.

[Marty Morantz, Conservative, Charleswood—St. James—Assiniboia—Headingley, MB]

Madam Chair, the bank has announced that it expects up to $6 billion in losses over the next few years.

Why are taxpayers bailing out the Bank of Canada?

[Chrystia Freeland, Liberal, University—Rosedale, ON]

Madam Chair, we learned the lesson that these Conservatives have still not learned, which was that Harper economics failed us in 2008. We were not going to repeat those mistakes—

[The Deputy Chair, NDP, Carol Hughes]

The hon. member for Charleswood—St. James—Assiniboia—Headingley.

[Marty Morantz, Conservative, Charleswood—St. James—Assiniboia—Headingley, MB]

Madam Chair, how much is the bank's policy interest rate?

[Chrystia Freeland, Liberal, University—Rosedale, ON]

Madam Chair, what is astonishing to me is that these Conservatives refuse to learn the lesson of previous failures, and they have the gall to try—

[The Deputy Chair, NDP, Carol Hughes]

The hon. member.

[Marty Morantz, Conservative, Charleswood—St. James—Assiniboia—Headingley, MB]

Madam Chair, how much was Canada's inflation rate in April?

[Chrystia Freeland, Liberal, University—Rosedale, ON]

Madam Chair, Canada's inflation rate is going down: 8.1% in June—

[The Deputy Chair, NDP, Carol Hughes]

The hon. member.

[Marty Morantz, Conservative, Charleswood—St. James—Assiniboia—Headingley, MB]

Madam Chair, it was 4.4%. How much was it in March?

[Chrystia Freeland, Liberal, University—Rosedale, ON]

Madam Chair, as I said, inflation is coming down. It is lower in Canada than in the U.S. and in the U.K., and it is lower than the G7 average and the euro average.

[Marty Morantz, Conservative, Charleswood—St. James—Assiniboia—Headingley, MB]

Madam Chair, it was lower. It was 4.3% in March.

What is the bank's main job?

[Chrystia Freeland, Liberal, University—Rosedale, ON]

Madam Chair, yet again, we are hearing from the Conservatives the old recipes, which hobbled Canada after 2008. We are not going to repeat those mistakes—

[The Deputy Chair, NDP, Carol Hughes]

The hon. member.

[Marty Morantz, Conservative, Charleswood—St. James—Assiniboia—Headingley, MB]

Madam Chair, its main job is to keep inflation at 2%.

How much does the minister's budget project inflation will be this year?