Mr. Speaker, it is an honour to stand in the House this evening on the final day of this parliamentary session. I am extremely happy to take part in today's debate to speak to our country's economic situation and the measures we are taking to make life more affordable from coast to coast to coast.
Before I do that, I have two things to say.
Today is National Indigenous Peoples Day, so I would like to recognize that. I would also like to recognize all first nations, Métis and Inuit people across the country who are celebrating their heritage, culture and language. We must do more to ensure those are upheld in this country. As it is the longest day of the year, being the summer solstice, it is an appropriate day to celebrate that. I was at the flag-raising this morning and heard lovely speeches from a lot of elders, the Prime Minister and the Governor General, who is the first-ever indigenous Governor General in this country, which is certainly something to celebrate on a day like today.
Also, like members before me, I would like to take a moment to recognize family and staff, such as my partner Emily, who when I am away a lot is in charge of the dog, and oftentimes when I am there too. I miss Cairo and I miss home, so I am looking forward to going back to the riding for a couple of months and spending time with my family, my dog and my girlfriend, as well as my mom, my brother and my dad, of course.
I miss my staff too and I am looking forward to getting back there. I thank them for holding down the fort in Milton over the last couple of months. There has been a lot of Ottawa time, and I am really grateful for all of the great work my constituency team does, as well as the people here in Ottawa. We really would not be able to do any of the work we do as members of Parliament without our extraordinary teams.
With respect to the substantive debate this evening on the Conservatives' opposition day motion, our government understands that many Canadians are struggling right now. These are tough financial times, with rising interest rates and global inflation, as well as quite a lot of uncertainty in the economic markets. We recognize that it is tough to make ends meet these days, and in these times of high inflation, our government has been there to support Canadians.
We have been witnessing a gradual decline in inflation in Canada, which is worth acknowledging is happening because we want to ensure that it continues to occur. The OECD predicts that it will return to its target level by the end of 2024, which is good news. Inflation in Canada reached a high of 8.1% in June of 2022, and has now fallen to the mid-fours, which is good news.
The inflation rate is still too high, but it is lower than what we are seeing in many comparable economies. For example, the inflation rate is 6.1% in the eurozone and 8.7% in the United Kingdom. In fact, as we continue navigating through these difficult times, our country is faring much better than most other G7 countries. Canada is facing the same global economic headwinds from a position of fundamental economic strength, thanks in large part to our government's targeted investments to support Canadians and our economy.
Since 2015, our government has been making investments to make life more affordable. The most recent federal budget tabled by our colleague, the Deputy Prime Minister and Minister of Finance, is an excellent example of that.
In budget 2023, our government introduced new targeted inflation relief supports for Canadians who are still struggling to make ends meet. When I knock on doors in Milton, I talk to my neighbours often and I recognize that these are tough financial times, but things like investments in child care, an enhanced Canada child benefit and supports for seniors, families and dental care are making a huge impact in ridings like mine and ridings right across this country. The support has been carefully designed to avoid exacerbating inflation and is aiming to support those who need it the most when they need it the most.
Very soon, Canadians who need it the most will be receiving their grocery rebate, which is a fantastic initiative that will not encourage any more inflation, recognizing that the toughest bills are those found at the grocery store and for rents and mortgages, and we have been there on those examples. Through the new one-time grocery rebate, budget 2023 delivers targeted inflation relief for over 11 million lower- and modest-income Canadians and families, with up $467 for eligible couples with two children, an extra $234 for single Canadians without children and an extra $225 for seniors, on average. Eligible Canadians will receive their grocery rebate payment in just a little less than two weeks, on July 5.
We are also working hard to crack down on junk fees, which could include things like higher telecom roaming charges and fees for events and concerts. Pretty much every time someone swipes their credit card, there are added costs associated with that, and we want to crack down and make sure those little things do not add up. We are also helping small businesses with their credit card charges. It is a good time to look at some of those little things that really do add up, because it is an easy way to save a bit of money.
I would like to talk about our supports for seniors and how they are felt in Milton.
When I talk to seniors at Allendale or at any of the seniors homes or I talk to seniors who live at home, which is something we are supporting by making sure that seniors can live at home more comfortably and safely for longer, they recognize that the OAS increases and the GIS increases are having an impact, but so is the New Horizons program for seniors.
One of the most important things that we can do as a government is combat loneliness and isolation that a lot of seniors experience, particularly when they are single. One of the reasons we chose to increase the OAS for older seniors is that they are disproportionately single, and they are more often disabled and far less able to work when they are over 75 as well. Making sure that financial support goes to people who really need it has been a priority for our government, and it has had a really great impact. Those supports are also indexed to inflation, and that indexing is important in times of high inflation, given that we have been experiencing high inflation over the last little while.
Speaking of interest and inflation and the relationship between the two, I was at a graduation ceremony in my riding recently. I was talking to some high school students who were going on to college, university and apprenticeship programs next year. They were thrilled to hear that Canada's student loans and Canada's apprenticeship loans would not include any interest on the federal portion any longer.
This is a cost burden that students will never need to experience. They are not going to see a minus symbol or a red colour on their invoice. They will just never know that cost burden. That is an investment I was very proud of. I am glad to know that students in the future, whether they are pursing an apprenticeship, a university degree or a college diploma, will not have to pay federal interest on their student loans.
This evening we have been hearing a lot from Conservatives. Oftentimes, Conservatives will talk as if they are stewards of the economy and Canada's experts on things such as balanced books. I think it is important to examine their record and look back at the Harper years. Those are the years when I started getting involved and more interested in politics personally because I recognized that it had started affecting our lives, and it was a tough time. I was travelling a lot internationally, and Canada did not have the greatest reputation internationally, specifically when it came to climate change and action on it.
We also were not encouraging any international investment. We were considered a low-competitiveness nation at the time. There was really stagnant economic growth, and we had really high unemployment. To compare it to today's numbers of 4.8% unemployment, back in the Harper years there was 7.3% unemployment. We are talking almost double the number of people who were not working in this country.
We had low competitiveness, low exports, low international investment, higher rates of poverty and lower rates of economic growth. I would question what the Conservatives got for all that. They might say they balanced the books; they in fact did not. They ran deficits year after year, deficits as high as almost $60 billion. Over the course of the six years that they ran deficits, they ran a deficit of, on average, $24.1 billion. For the Conservatives to suggest that the books would be balanced if we could just flick a switch and have them in power is actually absurd, because their record disproves that idea entirely.
The other topic that the Conservatives have been focusing on a lot, and I think it is a good thing, is talking about inflation, but they have not been talking about the root causes of inflation. Their only speaking point with respect to inflation is to say that government spending is causing inflation. I would challenge that assertion.
Is the government's spending on dental care programs causing inflation? No. Is the government's spending on COVID, buying vaccines and making sure that businesses could stay open, causing inflation? No, it is not. Is making sure that students do not have to pay interest on their student loans causing inflation? No, it is not.
Some of the things that are causing inflation that the Conservative side does not want to talk about, for some reason, are climate change, the pandemic, supply and demand, and Russia's illegal war on Ukraine and its invasion of that country.
How about the fact that inflation continues to be global, and that Canada's inflation numbers are actually lower than those of all our peer nations? Despite all that, we also have the strongest economic position in the G7. We are expected to grow at a higher rate than all of our counterparts in the G7. We have the lowest unemployment in the G7. Our economy is working, and that is because Canadians are working. More than 900,000 more Canadians are working today than before the pandemic.
Our economy is growing despite the economic headwinds globally. Our Canadian economy is working because Canadians work hard. They push through hard times. I think about it like paddling into a headwind. I had the opportunity to get on the water this afternoon, while over at Petrie Island Canoe Club to talk about some of our investments in community-level sport. I was lucky. I got on the water with some young paddlers in the riding of Orléans. It was windy. I was thinking that paddling into a headwind is tough, but we have to keep paddling; otherwise, we get pushed backward. That is something relevant.
If people do not push forward when they are working in a headwind, they will actually get pushed backward. That is what the Conservatives want us to do; they want us to stop investing in ourselves. Confident countries invest in themselves. We invest in our future. We believe that a stronger Canada is possible if we are willing to make sure we lay the economic groundwork and the foundation for that better future, and that is something the Conservatives have never understood. They have never been courageous enough to invest in our own country, our own sectors, our industries, and our future.
However, Liberals will not apologize for making sure we are laying the economic groundwork for a better future for all our children. I thank the hon. members for the encouragement; it is nice. I feel very well encouraged. As members can see, we have delivered a lot of new support in budget 2023 to help make life more affordable throughout our country. However, the reality is that we started introducing such measures as soon as we formed the government. We go back a couple of years, and I will give a few examples. We have provided one-time inflation relief payments to about 11 million low- and modest-income Canadians—