Mr. Speaker, I would like to start off by saying that I was a basketball player growing up in high school, but I guess I am a hockey player tonight, and this is my hat trick. Here we go.
The global economy is more than a year into a profound rupture, with economic security, industrial policy and geopolitical competition increasingly shaping economic, financial and supply chain decisions. On top of that, heightened geopolitical tensions, including the recent events in the Middle East that disrupted global energy markets and shipping routes, have further underscored the fragility of global supply chains and are now contributing to elevated uncertainty.
However, there is some good news for the Canadian economy. Business sentiment in Canada has improved, and firms are diversifying suppliers and markets. Canada leads the G7 in inward foreign direct investment per capita, and businesses plan to increase their capital spending in 2026. Reflecting on this adaptability, the International Monetary Fund expects Canada to post the second-fastest growth in the G7 over 2026 and 2027.
However, we know that the high cost of living is an issue for far too many Canadian families. This is why the government is taking action to put more money in people's pockets. It is the right thing to do, and we want more Canadians to be able to support their families, build financial stability and contribute to our country's long-term national prosperity.
Last summer, we introduced a middle-class tax cut that will save two-income families up to $840 in 2026 and is expected to deliver over $27 billion in tax savings to Canadians over five years. We have also limited the goods and services tax for first-time homebuyers on new homes at or under $1 million, and reduced the GST for first-time homebuyers on new homes between $1 million and $1.5 million. This will save first-time homebuyers up to $50,000, allowing more young Canadians to enter the housing market and spurring the construction of new homes across the country. We launched Build Canada Homes, which will leverage public lands, attract private capital and support modern manufacturers to help build the affordable homes that Canadians need at scale.
We also tabled budget 2025, “Canada Strong”, which, as my hon. colleagues know, contains several targeted measures aimed at reducing costs for households, improving consumer protections and addressing housing affordability. For example, budget 2025 proposes to make the national school food program permanent. This program helps up to 400,000 children each year to receive meals every day and is saving participating families with two children an average of $800 per year on groceries.
The budget also proposes to start automatically delivering federal benefits to low-income Canadians. The Canada Revenue Agency will ensure that they receive the federal benefits to which they are entitled, including those they may not even be aware of. That includes the Canada groceries and essentials benefit and the Canada child benefit. These amounts will go up in the coming years, because the benefits are indexed to inflation to ensure that they keep pace with the cost of living.
Budget 2025 also renewed the Canada Strong pass for next summer so that younger families can discover Canada at lower costs. I know many in my community will benefit from that as well.