Mr. Speaker, I am pleased to share my time with my friend and colleague, the member for Hamilton West—Ancaster—Dundas.
I am very pleased to rise today to speak to Bill C-30, which implements certain measures from the 2026 spring economic update. As members are well aware, we are debating this bill at a pivotal moment for our country. Around the world, economic and geopolitical uncertainty has reached unprecedented levels. Global markets remain extremely volatile. Conflicts in the Middle East and Europe continue to disrupt supply chains. Global energy disruptions and trade tensions are on the rise. Protectionism is making a comeback.
Around the world, economies continue to face significant instability. The world uncertainty index recently surged to its highest level ever recorded in its more than 60 years of history. Global growth remains very uneven. Trade tensions are on the rise. Geopolitical conflicts in the Middle East and in Europe continue to disrupt our supply chains and to create uncertainty in international markets. Many advanced economies are struggling with sluggish productivity growth, persistent inflationary pressures and rising debt burdens, and Canadians understand these global realities.
However, as I spoke with many constituents over the course of the last few weeks, and many Canadians indeed across the country, the feeling that keeps coming across is one of optimism. People see the chaos unfolding around the world, and more than ever, they are proud to be Canadian. In fact, a recent poll released just a few days ago shows that the number of Canadians who believe that Canada, this country, is headed in the right direction is at its highest level in a decade.
What Canadians expect from their federal government is seriousness, discipline and a clear economic path forward, and that is exactly what this government is delivering. The best way to ensure that Canada can weather this global wave of instability is by focusing on what we can control and building a strong economy here at home. The numbers speak for themselves. Wage growth has now outpaced inflation for more than three consecutive years, meaning Canadians are seeing sustained income growth. Inflation here in Canada has remained within the Bank of Canada's target range for two years now. In fact, inflation in Canada is now 26% lower than in the United States. Canada has the second-fastest growth rate in the G7 despite the trade war waged by the U.S. and continued global uncertainty, and according to the IMF, Canada is projected to remain the second-fastest growing economy in the G7 this year and next year. Since last summer, Canada has created over 77,000 jobs. Per capita, that is approximately two and a half times the pace of job creation in the United States.
While the war in Iran and the resulting disruptions in global energy flows have significantly increased prices at the pump, our government has taken decisive action to mitigate those impacts for Canadians by suspending the federal excise taxes on fuel from now until Labour Day.
Next Friday, 12 million Canadians will receive a one-time payment as part of the new Canada groceries and essentials benefit. This means a payment of up to $267 for individuals and up to $533 for a family of four. This benefit represents nearly $1,900 this year. That is real money and a real boost for Canadians who need it most.
Next Friday, 12 million Canadians will receive a top-up payment as part of our new groceries and essentials benefit. That means $267 for a single person and up to $533 for a family of four. We are talking about approximately $1,900 for the year. That is very tangible support that will make a real difference.
Over the past year, we have announced 15 major projects of national interest and six transformative economic strategies that will generate over $125 billion in investments and support more than 60,000 jobs across the country.
That includes the expansion of the Port of Montreal back home in Contrecoeur. It also includes Nouveau Monde Graphite's Matawinie mine in the Lanaudière region and the transformative high-speed rail project between Quebec City and Toronto.
To meet this moment, we also need to ensure that Canada has the reliable and affordable electricity needed to power the economy of the future. Through our new national electricity strategy, we will double our electricity supply here in Canada while building a stronger, more interconnected electricity grid right across the country. This means accelerating investments in transmission infrastructure, clean power generation, energy storage and grid modernization, all so that Canadian businesses and workers have access to the affordable energy they need in order to compete and to grow. This is good for our environment, and it is good for our economy. Canada's electricity is some of the cleanest in the entire world, and it is key to attracting more investments in advanced manufacturing, artificial intelligence and critical minerals and, of course, to ensuring the competitiveness of our economy overall.
In the economic update, we are providing more than $13 billion in international climate finance. Although this investment received relatively little media attention, it was very important to me. It was also important to the Prime Minister. At a time when many countries, such as the United Kingdom and France, are cutting back on aid for climate protection, it is essential for all of us that Canada continue to show leadership, because climate change knows no borders, and helping the most vulnerable countries adapt and build their resilience is not only a moral responsibility for Canada, but also in our strategic interest.
As we make these investments, we are fulfilling our commitment to reduce the government's operating spending. Since last fall, we have reduced the deficit by $11.5 billion. In fact, Canada continues to have the lowest net debt-to-GDP ratio in the G7. Canada has by far the strongest fiscal position of any G7 economy, as well as an AAA credit rating, the highest in the world. I am not saying this just to boast about the Canadian economy, but because this fiscal strength is essential. In a world marked by instability, countries with sound and solid public finances like Canada have the ability to act, invest, and protect their citizens.
Canada is positioning itself to lead, and the world is taking notice. Foreign direct investment in Canada has reached its highest level in nearly two decades. Investors are choosing to invest here in Canada because of our skilled workforce, our stable institutions, our abundant natural resources and our responsible fiscal framework. That investment translates directly into jobs for Canadians, and it means new factories, new supply chains, new export opportunities and stronger economic sovereignty.
We are also redoubling our efforts to diversify Canada's economy. In a world where supply chains are being reshaped and global trade is becoming more fragmented, Canada must expand its economic partnerships and open new markets for Canadian businesses. Our objective is as clear as it is ambitious: to double Canada's non-U.S. trade over the next decade.
I have only a little time left but a lot to say. We simply cannot rely too heavily on any single market. That is why we have concluded over 20 new trade and security agreements on four different continents. Our non-U.S. exports are now up nearly 40%. That diversification makes Canada stronger and much more resilient. As the Prime Minister said very clearly at Davos, we know that “The old order is not coming back. We should not mourn it.”