Mr. Speaker, I will note upfront that I will be splitting my time.
It is always an honour, of course, to rise in the House and speak on behalf of the great people of Flamborough—Glanbrook—Brant North.
At second reading of this bill, I spoke about affordability, housing, groceries and mortgages, but this afternoon I want to speak about something deeper, the foundation beneath it all: our economy. If a country cannot build, cannot attract investment, cannot grow productivity, then everything else becomes harder. That is exactly where Canada finds itself today.
Budget 2025 would add $321 billion to the national debt over the next five years. It would spend $55.6 billion on debt interest next year alone, which is more than we spend on health transfers to the provinces and more than the GST revenue collected. For all of this spending, Canada's GDP growth is projected at just 1.1%, the second-lowest in the G7. That is according to the OECD. Canada is on track to have the worst economic growth of all 38 advanced economies through 2060. It is dead last.
Canada's business investment per worker remains significantly below those of its peer OECD economies, and the gap is widening. Canadian firms invest less in machinery, technology and innovation per employee than their counterparts in other advanced economies. At the same time, new capital per worker in Canada is only about 66¢ for every dollar seen by workers in other OECD economies, a stark symptom of weaker long-term competitiveness. This is not just a blip. It is a structural decline, and budgets like this do nothing to reverse it.
Eight months ago, Parliament passed Bill C-5. As a member of the transport and infrastructure committee, I stood in the House three times and spoke in support of it. It was sold to Canadians as nation building, a turning point, a faster approvals regime and a new era of major projects, but eight months later what has actually been built? What major project has broken ground because of Bill C-5? What strategic corridor has been accelerated? What transformational piece of infrastructure is visibly under way? Canadians are still waiting.
Meanwhile, in Europe, when governments decided energy security was a national priority, Germany built a major LNG terminal in roughly seven months, Italy built the Genoa bridge in just over a year, Finland completed construction of its Inco facility in about four months, and the Netherlands brought its Eemshaven LNG terminal online in about six months. When these countries decided something mattered, they built it. Here in Canada, we pass bills, we hold press conferences, we have photo ops, and we announce frameworks, but we have not built anything. Eight months after passing Bill C-5, Canadians are still waiting.
In 2023, members of the transport and infrastructure committee conducted a national study on large port infrastructure expansion projects. We toured ports from coast to coast, and we heard clearly that we need faster approvals, greater financial flexibility and the removal of structural bottlenecks. That was three years ago. Today, we are hearing the same complaints. Nothing has changed. The Canada port authorities model is supposed to provide operational independence, yet federal constraints limit agility and competitiveness. They limit the ability to respond to global trade shifts, and we cannot move goods efficiently through our ports if we cannot compete.
The budget talks about investing in infrastructure, including ports and economic corridors, but the actual legislation before us contains no specific reforms to enable Canada's port authorities to operate with true agility or competitiveness. It does not remove constraints, modernize governance or give them new tools to respond faster to shifts in global trade. Even as the government talks about nation building, the bill does nothing to unlock the capacity of our ports.
Let me also talk about steel. Steel is not abstract. Steel is Hamilton. Steel is jobs. Steel is national capacity. In 2024, I filed an Order Paper question asking how much of the federally funded infrastructure in Canada uses Canadian steel. The response came back, and I was astonished to learn that the government did not even track that data. The government could not tell us how much of our own infrastructure spending was using Canadian steel production. That is billions of dollars with no central tracking. If we do not measure it, we cannot manage it.
Unsatisfied with this answer, I took it to committee. I asked the president of Alto how much Canadian steel was going to be used if the project were to proceed. Would it be tracked? Would it be reported? The answer was that it could result in 600,000 tonnes of steel, but we do not produce the right type of steel in Canada. That should not be foreign steel.
I asked the transportation minister if he would make the same commitment, to track not just steel but any Canadian content in all projects under his department. To his credit, he said that he would commit to reporting the volumes, the value and the origin of Canadian materials used in future projects and report that back publicly to Parliament. However, here is the problem. Why did it take pressure through Order Paper questions and committee hearings to get there? Why are we not tracking Canadian content as a standard practice? If we are going to spend hundreds of billions of dollars on infrastructure, Canadian workers should be part of that story.
Let me offer a contrast. The Hamilton International Airport, which is located in my constituency, is a success story. It is now Canada's largest overnight express cargo airport. In 2024, it handled over 750,000 kilograms of cargo. As a result of private sector commitment to that airport, it was able to secure a long-term investment. It continues to grow. It supports jobs, it strengthens supply chains, and it connects southern Ontario to global markets.
In fact, to give an example, DHL Express operates cargo across the world. Hamilton airport is its fourth-largest-volume facility in the entire world. The largest is in Hong Kong, then Leipzig, Germany, then Cincinnati, Ohio, and then Hamilton, Ontario. That is the result when there is a positive private sector investment that actually creates jobs and success. Completed in 2021, that particular facility met its five-year volumes in one year.
That is what trade-enabling infrastructure looks like. It is succeeding in spite of the endless red tape. Imagine a national infrastructure system that worked with the same real urgency. Imagine if approvals were predictable, if capital felt welcomed, if projects moved from announcement to construction to completion. That is how we reverse this productivity decline in our economy, how we attract investment and how we grow our economy.
Canada should be the easiest place in the world to build responsibly. We have skilled workers. We have resources. We have stable institutions. What we lack is urgency. The budget continues the pattern: high spending, high debt, low growth and no structural reform.
Nearly a year after the government was elected, Canadians still do not see the breakthrough that was promised. As long as investment lags, approvals stall and productivity falls, living standards will continue to erode. Canadians are not asking for miracles. They are asking for a government that understands that prosperity comes from building, producing and competing, not just borrowing and hoping.
Conservatives believe in clearing the bureaucracy that blocks projects, ensuring Canadian workers benefit from Canadian infrastructure, strengthening our ports and trade corridors, restoring fiscal discipline so capital flows back to Canada and rebuilding confidence that this country can once again get things done. On every one of those measures, the budget comes up short.
Ten years ago, Canada was described as having the richest middle class in the world. In fact, commentators noted that in 2014 the Canadian dream had replaced the American dream, after 10 years of Conservative government and strong fiscal management. That was not an accident. That was a result of discipline, investment and policies that rewarded work and encouraged growth. Today, the middle class is feeling squeezed. Stagnation should not be a destiny. With the right leadership, fiscal discipline and a government that understands that prosperity comes from building, Canada can again have the richest middle class in the world. With a new government, it will.