Madam Speaker, I thank the member opposite for the very entertaining diatribe she went on. The member opposite claims that she is not being partisan, but every part of her comments today seemed like a partisan attack. I know she specializes in conspiracy theories on her nightly news show, but I will endeavour to answer her question. Before I do, I will just clarify something on the defence spending. Obviously the member has not taken the time to read the document yet, but budget 2024 includes considerable increases to defence spending.
I appreciate the opportunity to speak about the work our government is doing to address affordability issues in Canada, while continuing to manage our country's finances responsibly. First of all, I would like to remind my hon. colleague that Canada has the lowest deficit and net debt-to-GDP ratios in the G7, which is recognized in our AAA credit rating. Canadians know how important it is to manage a budget responsibly in the face of rising costs, and that is exactly what we are doing. As noted by the Deputy Prime Minister and Minister of Finance when she tabled the budget earlier this week, we are maintaining our fiscal anchor. Our federal debt-to-GDP ratio will continue to decline over the medium term.
In budget 2024, our government is moving forward with measures that foster the kind of economic growth that will enable every generation of Canadians to reach their full potential. For example, budget 2024 includes many ambitious measures to address the housing crisis. We want to ensure that people, especially young people, are better able to pay their rent or mortgage. To do this, we are investing in building more rental apartments and more affordable housing from coast to coast to coast. We are topping up the housing accelerator fund and making it easier for Canadian homeowners to add a basement suite or a laneway house so middle-class Canadians can be part of the housing solution too.
For first-time home buyers, we will be extending the maximum amortization period of a mortgage to 30 years on new builds, including condos. We are also making changes to ensure that renters who pay on time can have the rent payment count toward their credit history when it comes time to get a mortgage. This means lower monthly payments and greater opportunity for young people to buy their first home.
We are also moving forward with measures to make life in Canada cost less. Inflation is now way down, and in fact, it now has been back within the Bank of Canada's target range for three months in a row. We said we would continue to invest in Canadians, reasonably manage our finances and control inflation, and that is exactly what we are doing.
We understand that many Canadians, especially younger people, need support. That is why we are making transformational enhancements to Canada's social safety net. That social safety net is being increased through $10-a-day child care, the Canadian dental care plan, a national drug insurance plan and, now, a national school food program, which I am very proud to see in the federal budget.
These are just a few of the measures we are putting forward to help Canadians.