Mr. Speaker, I am quite pleased to rise today and contribute to the debate on what I take to be an important bill. I want to thank the NDP leader for having brought it forward. It gives voice to the elephant in the room, which is the role that corporate profits are too often playing in making life hard for Canadians.
Earlier we heard from the member for Bay of Quinte who said that it is not corporate profits. However, we know that this is not the case. It is more of what we often hear from the Conservatives, which is making excuses for corporations that are gouging Canadians in a very difficult time.
What I like about this bill is that it does not accept that we should be quiet about corporate profits or suppress debate on the role of corporate Canada in attacking the pocketbooks of Canadians. Instead, it says that we should do something about it.
What am I talking about when I talk about the role of corporate profits? Since 2019, corporate profit per unit of production in Canada is up by 50%. For every unit that we produce, the amount of money that goes into corporate profit is up by 50%. That is from Jim Stanford at the Centre for Future Work. Over the last number of years, since 2019, profits have grown three times faster than wages have.
Sometimes we hear from right-wing economists that wages are really what is driving inflation, and workers should lower their expectations and get used to the idea of having less-powerful paycheques. We hear this whether they are friends of the Conservative Party or the Liberal Party or whether they hang out at the Bank of Canada. However, nobody is telling that to corporate Canada, except the NDP. Corporate paycheques are getting a lot more powerful, three times faster than the wages of Canadian workers.
In the period from 2019 to 2022, if we dig down by industry, we would find obscene levels of additional profit. In the oil and gas sector, we saw a 1,000% increase in profits. Let us just think about that and the reality that Canadians are living. More and more Canadians than ever before are lining up at food banks. Meanwhile, oil and gas companies are charging just about everyone in the country in some way, shape or form, whether it is when they fill up at the pump in order to fill their car to get to work or whether it is when they turn up the heat at this time of year in order to heat their home.
It is not as though Canadians have a choice to do without oil and gas in the current economy. Therefore, to see the companies that are the gatekeepers of that important resource getting 1,000 times more in profit is a significant issue for a lot of Canadians, and it is part of the reason so many Canadians are standing in food bank lines across the country.
What could we do about it? One of the remedies is competition. Historically, that has not been Canada's forte. In big industries, where the cost of getting in is very high and capital-intensive, we tend to see oligopolies form in Canada. This is true in telecommunications, oil and gas, and the grocery sector.
We need strong regulation in order to be able to try to create the kind of competition that could lower prices. What have we seen instead? Just recently, respecting the Rogers-Shaw merger, the Competition Bureau wanted to get more information, but it actually does not have the power to compel companies to hand over information. That is a broken piece of the puzzle. Then, even though the Competition Bureau advised against that merger and went to the Competition Tribunal to make the case, it lost the case in front of the tribunal. Just to add insult to injury, the tribunal ordered the Competition Bureau to pay $13 million in costs for its trouble.
Who ends up footing the bill for that? The taxpayer does; the very same Canadians who are struggling because telecommunication companies are charging among the highest rates in the world then have to dish out another $13 million. This is because their own Competition Bureau had the audacity to challenge telecommunication companies and demand that they show that this would actually benefit consumers and was of the opinion that it would not.
What have we seen since the Rogers-Shaw merger? We have not seen lower prices. In fact, we got a call from a guy in B.C. just looking for a sympathetic ear, who was saying he was now getting double billed. He had been sent a SIM card by Rogers, and until he took the time to figure out how to switch the SIM card, activate the new one and do all the things, he was getting a bill from Shaw and a bill from Rogers. That can be a real pain in the arse, and he had not gotten around to it yet. How are people supposed to make ends meet when a company is charging them twice for the same service?
There is a high level of corporate gall, and it is why New Democrats are concerned about empowering the Competition Bureau to get the information it needs in order to give meaningful penalties to companies trying to skirt the law. These are just some of the things this bill would do. It is about trying to create a culture of more corporate accountability.
There are issues with the government sometimes. We raise issues with what the government does all the time in this place. However, contrary to what the Conservatives often try to portray, it is not just government that is the problem when we look at the track record of corporate profits in the last three or four years, and even before that. In a period of declining corporate tax rates, we have seen corporate profits go up and up.
Is that money being reinvested into the Canadian economy? No. In fact, I hear Conservatives themselves complain about the lack of business investment and productivity in Canada over the last 20 years. That period coincides with the Conservatives getting their way on the corporate tax rate and with a less regulated economy.
If the so-called solution is producing results that are not what we want, it is time to rethink the solution. The member for Burnaby South, the leader of the NDP, has begun some of that work in this bill, and I urge all members in this House to support it.
