Mr. Speaker, I will be sharing my time with my colleague from Edmonton Strathcona.
I am pleased to rise in the House today to speak to the important issue of the cost of living. It is of course a major concern to many Canadians across the country. They are having a tough time budget-wise, and our government is well aware of this unfortunate reality. We know that fuel, groceries and housing cost more.
Clearly, times are hard for many households. Our government understands this reality. That is why we have already brought in countless measures to help Canadians make ends meet. For example, our government is bringing in measures to encourage competition in the private sector in hopes of lowering prices for certain services. It is important to understand that competition is essential to productivity and innovation. What is more, it makes the cost of living more affordable. The lack of competition in some sectors leads to unacceptably high prices, and we are doing something about that.
In budget 2025, our government announced concrete measures to increase competition in the telecommunications sector, with a view to lowering the cost of services for Canadians. This includes measures to reduce the regulatory burden associated with the development of telecommunications infrastructure. These measures will make it easier to renew or switch between home Internet, home phone and cellphone plans, providing consumers with greater choice.
We are also implementing measures to increase competition in Canada's financial sector. This includes helping smaller financial institutions invest, expand and compete. Naturally, this would benefit Canadian consumers. We are also moving forward with measures to make the economy stronger and more productive. We want to attract more investment to Canada so that our businesses can produce, innovate and grow right here at home. Of course, consumers will benefit from this.
One way of achieving this is by making Canada the most competitive country in the G7 for new business investment. It is important to understand that a favourable tax environment also acts as a catalyst for economic growth.
In the 2025 budget, we announced the productivity superdeduction, which provided immediate expensing to about 15% of investment in capital assets. In September, we announced the productivity mega deduction, which permanently extends immediate expensing to a broader range of assets and expenses. This will encourage Canadian businesses to invest more in their future growth and prosperity.
It is clear that Canada is a safe bet.
We recently welcomed investors from around the world to the first-ever Canada investment summit. That summit resulted in $500 billion in investment commitments for new funding and capital from pension funds, banks and other major institutional investors. The message is clear: Canada is an attractive destination for investment, and that is something all Canadians can be proud of.
I would like to emphasize that our government fully understands the importance of fiscal discipline in protecting Canadians from inflation.
The government is on track to balance the operating budget in 2027‑28, a year ahead of schedule.
We are continuing our efforts to rigorously implement the efficiency measures set out in budget 2025. This includes the comprehensive expenditure review, which, combined with other measures in budget 2025, will deliver $60 billion in savings and revenue over five years. The comprehensive expenditure review is also enabling us to reduce the size of the public service to a more sustainable level through early retirement incentives, workforce adjustments and natural attrition. With implementation well under way, the focus is now turning towards targeted, ongoing horizontal reviews, beginning with efforts to rein in spending on external management and other consulting services. These challenging but necessary actions will continue to support the government's objective of spending less to invest more in Canada and Canadians. In doing so, we will help maintain economic stability and protect Canadians' purchasing power.
In closing, I want to note that Canada's economy remains strong and resilient. For more than a year, the global economy has been going through a period of profound upheaval. Economic security, industrial policy and geopolitical competition have taken on new significance in guiding decisions around investment, trade and finance around the world. The conflict in the Middle East has disrupted key shipping routes, damaged critical energy infrastructure and driven up energy prices. Taken all together, these events underscore the fragility of global supply chains and add to an unfortunately already high level of uncertainty.
Canada is not immune to these challenges, nor is any other trading nation. As all Canadians fully understand, we have been dealing with global uncertainty and trade tensions for over a year now. Although these challenges persist, Canadians and Canadian businesses have continued to adapt with remarkable resilience. Canada's economic growth bounced back in the second quarter. Real gross domestic product grew by 3.3%. Business investment increased at an annualized rate of 8.9%, making it clear that Canadian businesses are investing, expanding and planning for future growth.
It is also interesting to note that the Organisation for Economic Co-operation and Development is predicting that Canada will have the second-fastest growing economy in the G7 in 2027. Our economy is doing comparatively well, despite our strained relationship with our largest trading partner and closest neighbour. Although our economy is doing well, we understand that many Canadians are struggling to make ends meet. As Canadians continue feel the effects of a global context marked by uncertainty, our government is taking action to help them. We are acting responsibly to protect families' purchasing power, support businesses and enhance our prosperity as a country. We will continue to act responsibly to support Canadians and build a stronger, more resilient economy.