Mr. Speaker, I am really glad to be here this evening to answer the member for Algonquin—Renfrew—Pembroke's question.
While she is very entertaining in her remarks, Canadians know that these are uncertain times and that global volatility is something our government takes seriously. Responsible leadership is really what matters more than ever. Around the world, inflation, conflict and economic volatility are putting pressure on families and governments alike. In response, our government is focused on what we can control, which is managing public finances responsibly while investing where it matters most.
That is exactly what the spring economic update delivers or at least shows progress on. Canada enters this moment from a position of strength. Our economy has proven more resilient than anticipated in the face of global disruption. Inflation remains within the Bank of Canada's target range. Investment and business confidence are recovering after two massive shocks: the oil price shock and the tariff war before it.
The strong fundamentals that we reported on in the spring economic update allow us to make smart, targeted choices without compromising fiscal discipline. Fiscal responsibility means making sure every dollar works harder for Canadians. That is why our government is preserving fiscal sustainability for future generations, keeping debt manageable and maintaining Canada's long-standing fiscal advantage among G7 countries.
The member opposite will note that the IMF has recently said that Canada has the strongest fiscal position in the G7. We had that confirmed by the bank governor today at the finance committee who said the same, that we are the envy of many other countries.
Our government is committed to reducing spending on government operations. We have generated $60 billion in savings over five years to ensure public funds are focused on high-impact priorities rather than administrative costs.
We also have moved forward with a capital budgeting framework so that a greater portion of the investments the government is making can be seen to be revenue-generating and separated out with respect to reporting, in order to understand their impact. We are focused on high-impact priorities, including building more homes, advancing major nation-building projects, strengthening our defence industry and unlocking private investment across the country. We are really seeking to catalyze $1 trillion in investment. We are well on our way. We have seen a lot of commitments to invest in Canada. The UAE has committed $70 billion. Australian investors have committed $10 billion. We have $125 billion for 15 major projects that we will see creating about 60,000 or more jobs across Canada. These are results Canadians can bank on.
We are also seeing some of the results of productivity-boosting deductions that we have offered businesses that are investing in R and D, IP protection, new information technology within their businesses and the like. There are a number of different tax deductions that we have offered, which are allowing businesses to invest in themselves, in turn boosting productivity and the economy.
We are seeing wages double at the pace of inflation. That is a trend that has been continuing to increase year over year for three years now. That is good news for Canadians. I know we all can agree that productivity needs to continue to rise in order to see that standard of living rise as well, which is what Canadians all want to see.