Mr. Speaker, as I said earlier, the rate of inflation in the month of August was 1.9%. However, I agree with the member opposite. Statistics do not tell the whole story.
Our government is focused on building a stronger economy and delivering for Canadians. We are continuing to move forward with a plan to bring down costs so Canadians can keep more of their paycheques to spend where it matters most. We know that the cost of living is top of mind for Canadians.
That is why, earlier this year, we delivered landmark legislation designed to help make life more affordable for Canadians. We introduced a middle-class tax cut that will provide relief for nearly 22 million Canadians and will cost the public treasury $27 billion over five years. It is not insignificant. We also removed the GST for first-time homebuyers on new homes valued at up to $1 million, saving them up to $50,000, and lowered the GST for first-time homebuyers on new homes, valued between $1 million and $1.5 million.
These measures build upon other legislative achievements that we have passed, despite Conservative opposition, such as child care agreements, which will, by 2026, bring down the cost of child care in this country to $10 a day, on average. This is one of the most important issues for young families, and it is helping more women enter and remain in the labour force. Pharmacare agreements will lower the costs of prescription drugs for Canadians, and the Canadian dental care plan, which has also helped over 1.7 million Canadians.
With these measures, we are delivering lower taxes, bringing down costs and putting more money back in the pockets of Canadians. Conservatives had a chance to support these measures to make life more affordable for Canadians. As always, they decided not to do that.
That is one of the reasons Canadians trusted us to release the next federal budget, which, as my colleague has announced, will be released on November 4. Budget 2025 will seize upon the generational opportunity to transform our economy through ambitious investments and rigorous discipline, ensuring every dollar goes further to build the strongest economy in the G7. It will invest in housing and infrastructure, catalyze private investment and strengthen partnerships with trusted allies. This will be a budget to truly meet the moment and build the strongest economy in the G7.
Truly, Canada is the north, strong and free. This is how we will create high-paying careers, grow our industries, protect our jobs, tap into new markets and build more resilient supply chains. The government will provide additional details on November 4, budget day.