Mr. Speaker, I thank the member for Marc-Aurèle-Fortin for sharing his time.
I am proud to rise today in support of budget 2025. The budget would address the global challenges Canada is facing and seize the opportunity to reshape our economy and our nation’s future.
I want to thank the many residents of Mississauga—Lakeshore who have spoken to me directly at town halls and constituency meetings to share their input on what they wanted to see in budget 2025. This budget reflects their priorities. It also speaks to the priorities and values of our new government: making the necessary investments to build, protect and empower Canada.
Canada stands at a moment of profound transformation. Global economic systems, trade routes and alliances are shifting faster than at any point in recent memory. This instability is creating challenges for workers, families and businesses, but it also offers opportunities for Canada to chart its own course.
Global trade disruptions, tariffs and slower growth are being felt across Canada. Families are struggling with higher costs, young people are finding it harder to start careers, and small businesses are delaying plans because of unpredictability. However, the economy remains steady, with growth projected at just above 1% in 2025. This stability reflects Canadians' resilience and determination.
The government rejects the path of austerity and retreat. Instead of slashing programs and waiting for recovery through trickle-down economics, Canada will invest decisively in itself, strengthening national capacity, independence and opportunity.
Budget 2025 has been designed as a generational response to historic challenges. Canada enters this period from a position of fiscal strength, with the lowest net debt-to-GDP ratio in the G7 and one of the smallest deficits in comparison. Debt is a function and it is relative to wealth. This stability proves there is room for bold, strategic investments. Over the next five years, public and private initiatives are expected to generate more than $1 trillion in total investment.
The past year has shown that relying heavily on a single market or supplier leaves the country vulnerable. This budget commits to helping strategic sectors, including steel, aluminum, the automotive industry, forestry and agriculture, adapt and expand. A $5-billion strategic response fund would help support companies in retooling, designing new products and accessing new markets. A $1-billion liquidity package would support small and medium-sized businesses through uncertainty, and new retraining programs will prepare 50,000 workers for emerging industries.
To build our strength at home, we need to focus on who we buy from and who buys from us. Canada’s trade diversification strategy aims to double overseas exports within a decade, unlocking $300 billion in new opportunities, while a new buy Canadian policy would ensure that federal procurement prioritizes domestic suppliers.
From steel in Hamilton and Sault Ste. Marie to aluminum in Saguenay and autos from factories throughout Ontario and across the country, we are creating good jobs in our communities and supporting Canadian industry in the face of illegal and unjust tariffs, building resilient domestic supply chains that Canadians can rely on. The buy Canadian policy is how we make sure that every public dollar we spend contributes to a stronger, more secure and more prosperous Canada for everyone. These initiatives will strengthen domestic capacity, ensuring that future economic shocks can be met with made-in-Canada solutions.
Strong nations build strong foundations. Budget 2025 introduces the largest wave of infrastructure investment in decades. Projects would modernize highways, ports, airstrips and energy grids to connect regions and strengthen supply chains. A dedicated Arctic infrastructure fund and a build communities strong program would expand opportunity to northern and rural areas, creating high-paying jobs and new corridors for trade and travel.
For many Canadians, home ownership feels increasingly out of reach. Under the leadership of Ana Bailão, a good friend, Build Canada Homes would tackle this crisis, together with the government, by doubling the pace of construction over the next decade, leveraging Canadian-made materials, domestic skilled trades and strategic partnerships across the country.
To make daily life more affordable, the government has reduced personal income taxes for 22 million Canadians. The budget would make the national school food program permanent and ensure the automatic delivery of federal benefits to 5.5 million low-income households. Together, these measures would target the immediate cost of living pressures while larger investments take shape.
A confident, sovereign nation must be able to protect itself. Budget 2025 would commit $30 billion over five years, the largest defence investment in decades, to modernize Canada’s military, reinforce Arctic security and support NATO and NORAD commitments. These funds would expand the shipbuilding, aerospace and cybersecurity industries while creating domestic jobs in technology and advanced manufacturing. This budget would invest in both protection and prosperity, building Canadian capabilities that defend our national sovereignty and drive international growth.
Raising productivity is central to long-term prosperity. The budget responds with targeted measures to mobilize talent, ideas and investment. New incentives would encourage research and commercialization in clean technology, quantum computing and artificial intelligence. Expanded tax credits would reward business innovation and worker training, especially in high-demand sectors such as construction, advanced manufacturing and renewable energy. The government would work with unions and employers to help Canadians upgrade skills and transition into new, better-paying careers.
Major investment must be matched with fiscal discipline. The government would introduce a capital budgeting framework to clearly separate everyday operating expenses from long-term growth investments. This transparency would ensure that public dollars are used strategically to strengthen productivity and prosperity. We are committed to balancing the operating budget by the 2028-29 fiscal year, with a steadily declining deficit-to-GDP ratio. As someone who has tabled a balanced budget, I can say it is harder than it looks, but trust us when we say the Prime Minister is the only leader in this House who has the experience and ability to get us there.
This is not short-term. This goes beyond election cycles. Years ahead, many others will be doing the ribbon cutting for the initiatives taken by this government today.
Over five years, we would achieve $60 billion in savings. We would protect vital social programs, like $10-a-day child care, dental care and pharmacare and redirect resources away from duplication and inefficiency. This would mean smarter government, fewer overlaps, modernized service delivery and leaner operations. The result would be a smarter, leaner government that invests ambitiously, but spends responsibly. It is about investing and, at the same time, sustaining those important social programs that Canadians and our neighbours value.
Generational investment is not only about infrastructure; it is about people. The government would expand opportunities for Canadians to learn, work and succeed. Training and mobility programs would help young people and workers move into trades, clean energy and advanced manufacturing. Support for unions and apprenticeships would ensure that Canadians build the future with their own hands.
Economic transformation will depend on a workforce that is adaptable, skilled and secure. Budget 2025 would strengthen this foundation by aligning immigration policy, education and labour market strategies to fill shortages and open pathways for every generation. When Canadians have access to meaningful work, affordable housing and reliable public services, confidence grows. Prosperity is strongest when it is shared, and inclusivity remains at the heart of this government’s approach.
Budget 2025 is rooted in confidence in Canada’s people, resources and values. It acknowledges uncertainty, but refuses to be defined by it. The plan would position Canada to lead in energy, critical minerals, technology and innovation, while safeguarding the environment and social programs that define national identity. Canada’s advantages are clear: abundant resources, world-class talent and stable democratic institutions.
Through targeted spending, disciplined fiscal management and deep collaboration with the provinces, indigenous communities and private partners, this government would transform resilience into growth. Every investment, from homes to highways and training to trade corridors, would serve one purpose: ensuring that Canadians shape their own destiny.
The choices made in 2025 will shape Canada’s next generation. The government’s path is one of investment and empowerment. We will continue to foster growth and support Canada and Canadians for a better future.