Yes, Mr. Speaker, we should applaud all the strong people we have in Canada.
We have a very strong industrial base that builds ships, cars and planes. We have critical minerals to power the economy of the 21st century. We are an energy superpower in renewables and in conventional and nuclear energy. We are the only G7 country with a free trade agreement with all other G7 nations, giving us preferential market access to 1.5 billion people around the world.
This is a Canada we can be proud of, a country that is strong, a country that is ambitious, a country that is confident. Above all, as the Prime Minister said, let us lead with the strength of our values and the value of our strengths. Canada is resilient. Canada is resourceful. Canadians are resourceful people. Together, we can chart a path forward through the fog of uncertainty, because Canada has what the world wants and increasingly needs.
We have the right plan. We are building big. We are moving fast, and the good news is that we are just getting started. I know that, in their hearts, my Conservative colleagues also feel the same. I can see that across the aisle. These are serious times, and Canadians expect us to be good stewards of our economy and manage our public finances with thoughtful fiscal discipline.
Over the past six months, we have supported Canadians with concrete measures to make everyday life more affordable while strengthening our economy. We have built the second-fastest growing economy in the G7 while reducing our projected deficit for 2025-26 by more than $11 billion.
This is the essence of being strong fiscal managers, to make sure that we make the right decisions to ensure benefits not only today but for future generations. Our economy is resilient, driven by GDP growth, rising incomes and obviously more jobs.
Let me be clear: This is good news for Canadians. It reflects a stronger, more productive economy. We have made this happen through pragmatic and targeted investments to make Canada the most competitive jurisdiction in the G7 for investment, including through the productivity superdeduction and through our trade diversification strategy. We have ensured that as revenues have grown by two-thirds, two-thirds of this increase over the past year has been directed toward affordability measures that make a real difference in the lives of Canadians. This is the true essence of being Canadian.
Guided by our commitment to spend less so we can invest more, and building on the comprehensive expenditure review, our government continues to reduce spending, improve efficiency and deliver better value for Canadians. As a result, projected deficits are lower over the fiscal horizon. We also remain firmly on track to balance day-to-day operating spending with revenues by 2028-29 and to keep the deficit-to-GDP ratio on a steady downward path.
This country is growing at an unprecedented speed. Just to put that in perspective, Canada has the second-fastest growing economy in the G7. We are growing almost twice as much as Germany, almost twice as much as Japan and almost three times more than Italy. This is because Canadians are resourceful. This is because we have the right plan. This is because, as Canadians, there is nothing that is beyond the limit for us.
Canadians understand that by spending less, we can invest more. Our fiscal position is strong and allows us to build a Canada that is strong and fair.
This is a Canada that is not just for some, most of the time, but for all, all the time. Our ambitious plan to build the strongest economy in the G7 is on track. We are delivering on our plan through the work led by the Major Projects Office to supercharge 15 projects that are projected to create over 60,000 jobs and drive $126 billion in new investment. We are delivering on our plan through a defence industrial strategy that will increase our defence exports by 50% and support 125,000 high-paying careers, with an anticipated $125-billion downstream economic benefit by 2035. We are delivering on our plan through an automotive strategy that will protect a cornerstone of our economy while growing an industry that supports 500,000 jobs. We are delivering on our plan because we believe in Canada.
This is a moment for Canadians to lead, for our nation to be ambitious. We are building fast. We are building Canadian. We are building sustainably. From the copper and gold mine expansions in British Columbia to the Darlington new nuclear project in Ontario, we are powering the next generation of prosperity. In the north, we are proud to support an Inuit-owned renewable energy project in Iqaluit, breaking the Arctic's reliance on diesel and returning energy sovereignty to our people.
I can see smiles across the aisle.
There is more good news. We are also expanding this model of economic reconciliation through the indigenous loan guarantee program, supporting first nation equity in major projects like the Chatham to Lakeshore transmission line. In Newfoundland and Labrador, the Bay du Nord project advanced significantly under our new government and positions Canada to be a supplier of choice at a time when energy security is top of mind.
These projects and others like them across the country are creating thousands of high-paying careers for Canadians and strengthening communities from coast to coast to coast.
Advancing economic prosperity also means building a more sustainable future. That includes concrete climate policies that support growth, lower costs, and strengthen Canada's competitiveness. We are well on our way to conserve 30% of Canada's lands and waters by 2030.
I am pleased to report to this House that the dream of Canada is alive and well. Young people, increasingly, see themselves in building Canada strong, and we will be there with them.
Our vision is clear: a Canada strong at home and a Canada strategic abroad. Canada is seen on the global stage as moving with pragmatism and purpose. Over the past year, we have shown that Canada is a top destination for foreign direct investment. We attracted nearly $100 billion in investments, the highest level in almost two decades, and secured around 20 new economic and defence partnerships across four continents.
We are just getting started. Every member of the House will be happy to learn that in September we will host the first-ever Canada investment summit in Toronto to unlock even more opportunities, building on our trade diversification strategy that we outlined in 2025.
Canada is seen as a trusted partner to deliver the energy and the food security the world needs, both now and for decades to come. In a volatile environment, investors choose Canada for a reason: We offer unparalleled stability, predictability and opportunity. We will continue by making Canada strong. People want to invest in this country, and we will be there with them.
That said, we know that affordability is the single most pressing issue for many Canadians.