Mr. Speaker, it is now my turn to speak, and I want to say that I am a bit surprised to learn that our Bloc Québécois colleagues will vote in favour of the motion, but so be it.
The global economy has changed and Canada must change too. We need to build more housing and infrastructure and support industries that are essential to our economic growth. This spring, Canadians called for a serious and ambitious plan, and we are working hard to prepare and implement that plan.
First, as our colleague, the Minister of Finance, has already announced, our new government will table a budget on November 4. Second, as was also indicated this week, the budget will be based on a new capital investment budgeting framework. This framework will distinguish between current operating expenditures and capital investments, which will help the government prioritize investments that will deliver long-term benefits for Canada. Operating expenditures will be balanced by 2028-29.
I would also like to point out that this new way of presenting a budget only adds information. Nothing is being taken away. The final numbers are still there. No one is trying to hide anything. We are adding information so that Canadians can have a better understanding of public finances and the government's role. Ultimately, after all the discussions we have here, which can sometimes be a bit heated, we are getting back to the basics.
What matters most is understanding the government's role. What role should the government play in the current economic environment? The Conservatives have an opinion, a perspective, on that role. They believe it should be minimal. The government should do nothing. It should cut taxes as much as possible and let the economy decide what happens. We have a very different view of the government's role. It is a different concept because the environment today is very different from what it has been for the last 15, 20 or 30 years.
Let us look at what has happened, especially over the past 10 years. Our colleagues keep going on about inflation, deficits, and this, that and the other. However, there are a few things to keep in mind. There was a pandemic. In 2020, the global economy came to a standstill. It was not pleasant, and the governments of all the OECD countries and the world were at a bit of a loss as to how to get out of this situation.
We did end up getting out of the situation. However, the global economic recovery was hampered by supply chain disruptions, which caused inflation. The inflation stems from that period, from the disruptions to global production. We had a heavily integrated global economy that disintegrated somewhat with the pandemic. When demand rebounded after the pandemic, prices rose because there was not enough supply. Everyone wanted to buy the same thing at the same time.
Just as we were beginning to recover, what happened? The war in Ukraine started and energy prices soared. It was not the Liberal government's policies that caused energy prices to rise around the world. Give me a break. Ukraine was also a major grain producer. Global grain prices also rose. Then, just as we were starting to recover a little, what happened? A new American president took office and told everyone on the planet that his favourite word is “tariffs”.
The new U.S. administration's goal was to opt out of the global trading system. The Canadian economy, which is highly integrated with that of the U.S., has suffered and continues to suffer a great deal as a result of these issues. Since the partners we have been counting on for decades are no longer reliable, we need to change directions.
The government has a role to play in that. Right now, the Government of Canada is taking responsibility. We want to help the Canadian economy transform itself, diversify and seek out new markets. That is the direction that November's budget will take.
Let us now come back to the Conservative motion, because I find it very interesting, even though I will vote against it. It states:
(ii) Liberal deficits fueled inflation....
As I just said, the Liberals did not fuel inflation. Inflation is global and stems from the effects of the pandemic and from rising transportation costs due to increased crude oil prices after the invasion of Ukraine. Inflation also stems from the American tariffs. In case our friends have not noticed, the price of aluminum in North America has increased dramatically for all consumers of aluminum because of the American tariffs. This is not a Canadian phenomenon, but a global one.
The motion states:
(iii)...food inflation doubled the Bank of Canada's target....
Come on. The Bank of Canada does not have a food inflation target. The Bank of Canada's mandate is to keep inflation within a predictable range and under control at 2%. Global inflation is calculated on the basis of a basket of consumer goods. There is no specific target for food inflation, which, as my colleague already mentioned, is also starting to get back under control.
Lastly, in their motion, the Conservatives say:
...deficits drive investment...down....
No, deficits do not drive investment down. Private investment is currently low because of uncertainty caused by our neighbour's tariff policies. We will provide guidance and help the private sector invest. The private sector will invest, and the government will be there to make our economy strong and resilient.
The November 4 budget will provide a lot of clarity on this issue.