Madam Speaker, I thank my colleague for this opportunity to defend our government's responsible economic plan, which has left Canada in an enviable fiscal position. Let me begin by stating some facts.
Canada's net debt-to-GDP ratio is well below that of our G7 peers, and we are one of only two G7 countries rated AAA by at least two of the three major global rating agencies. This has been achieved through our government's responsible economic plan. It has enabled proactive investments to support Canadians and Canada's long-term prosperity, which will have a direct and lasting impact for future generations.
In budget 2024, we provided an economic plan that makes generational investments by raising revenues through an increased capital gains inclusion rate. This will make life cost less for Canadians while making our tax system fairer for everyone.
Transformative investments in clean energy, in opportunities for workers, in innovation and to improve housing affordability will support a business environment that gives investors confidence that Canada's workforce is ready for more opportunities. This will enable our economy to attract more investment and will create more jobs.
Budget 2024 also supports fairness for every generation by sticking to the fiscal objectives laid out in the fall economic statement, setting deficits and the federal debt burden on a downward track. Moving forward, we are committed to keeping deficits below 1% of GDP beginning in 2026-27 and in future years.
Since the April budget, Canada's economic indicators have also remained positive. Canada was the first G7 country to lower its interest rates and to do so three times. This is good news for homeowners with mortgages up for renewal, as well as for first-time homebuyers. It is also good for businesses.
Canada's inflation rate dropped to 2% in August, marking eight consecutive months of decline and the lowest inflation rate since February 2021. In addition, Canadian workers are earning more on average than they were before the pandemic, even after accounting for inflation.
Overall, the Canadian economy, under our government's leadership, is strong and resilient. For Canadians, this means more jobs and better wages. Our government's fiscally responsible economic plan is delivering an economy that works for everyone.