Mr. Speaker, it is my pleasure to join in this debate this evening.
The opposition motion really is central to the operation of the government. Many of the speakers here this evening have talked about the budget and the importance of some of the significant investments that are being made through this budget. If people are watching this at home their eyes may be glazing over as we look at the numbers being bandied about, in the billions of dollars, and the various program investments that have been made.
What I would like to do is speak to how these investments make their way to the provinces and the impacts they are having on the provinces, on communities and on individual Canadians. It is important and it is significant. That is what it comes down to: being a better country and investing in a great country. I think our strength is in our communities.
I will speak on behalf of the Atlantic Liberal caucus. There are many advances in the budget. There are so many positive aspects in this budget that will pay benefits and dividends to the people in Atlantic Canada. I want to identify a couple of them first.
There is one that certainly everybody in the House is very attuned to and aware of. It is probably one of the sexiest aspects when we look at Atlantic Canada. The one that got the play nationally was the offshore accord. That money is ready to be delivered to the province of Newfoundland and Labrador and the province of Nova Scotia. It is a significant amount of money. It was a promise that was made by the Prime Minister during the last election and it is being delivered on. There was a long and protracted series of negotiations. Through equalization and then through the accord, this is one of the most complex federal-provincial deals that the federal government has.
The parties at hand, both provincial governments and the federal government, stuck to it and hammered out a deal. The Prime Minister went beyond the commitment he made. He went beyond the 100% offshore royalties and even provided for an upfront cash payment to each of the provinces. It is very significant.
For my own province of Nova Scotia, there will be $830 million in upfront money. It has already been identified by the premier that this money will be applied to our provincial debt. I commend him for this
Currently Nova Scotians carry the highest per capita debt in this country. I think this was part of the rationale and driving force behind the Prime Minister's election commitment to make sure that is dealt with, because the people in Nova Scotia and Newfoundland and Labrador are handcuffed with this particular debt.
That $830 million will be applied to the debt. In turn, that will loosen up between $40 million and $50 million annually for the province of Nova Scotia, which it can now invest in highways, education and various programs such as sport and recreation. This money will make it into the communities of Nova Scotia and will be of benefit to the people of the Atlantic region.
There will be $1.17 billion in the new equalization deal, which will provide for $151 million going into the province of Nova Scotia alone.
The money from the gas tax revenue has been debated and there have been questions asked in the House. There will be $145 million going to the people of the province of Nova Scotia. This will make its way into the regional municipalities, into the Cape Breton regional municipality and towns such as Mulgrave and Port Hawkesbury, into those municipal units that very much need the dollars.
From an Atlantic perspective, federal involvement in various aspects of the fishery is very important. I sit on the Standing Committee on Fisheries and Oceans. Many of the challenges that we have faced, many of recommendations that have come forward from that committee, and many of the issues that we have dealt with in recent years have found their way into this budget. They have been addressed by having funding opportunities through the budget.
Let us look at a number of them. There is the Coast Guard, for example, and the brave men and women who serve the country in the Coast Guard. We have seen $276 million allocated to the Coast Guard over the next five years, with $117 million of that finding its way to the Atlantic provinces.
We will see investment in six new large vessels, two for offshore research and four for midshore patrol and protection and enforcement. That is a significant investment in our Coast Guard. We have heard time and time again that our Coast Guard is underfunded and that it needs the tools to get the job done. It needs the tools for protection and it needs the tools to support science. This commitment of money in the budget certainly goes a long way toward addressing that.
There is another benefit we will find in this as well: an investment in our shipbuilding. We will see activity. Some state of the art technology that is being advanced by our country's shipbuilding companies will benefit from this investment.
Another aspect of fisheries and oceans that is being funded is the oceans action plan. Sometimes it is taken for granted, but industries that rely on the ocean generate $22 billion annually for the Canadian economy. That is fairly significant.
We are concerned about the loss of marine habitat. We are concerned about the deterioration in stocks. We see $28 million over two years being pulled out in this budget, with $14 million allocated to the Atlantic provinces to implement phase one of the oceans action plan.
On overfishing, I recall that a number of months ago we had an emergency debate here in the House on overfishing. This minister and this government are committed to addressing overfishing. When we look at our responsibilities through NAFO and that whole regulatory area, we see that we have made an investment of $15 million on an ongoing basis to address the concern on overfishing.
The Atlantic salmon endowment fund is one that is close to me personally because the Margaree River is in my area and is part of my constituency. The Margaree River is really the whole focal point and the essence of the tourism industry throughout the Margaree Valley. The unfortunate part is that if there are no fish in the rivers there are no heads in the beds and we have no tourism industry.
The impact of acid rain on our environment and the fish habitat has taken its toll over the years. The budget includes $30 million for a one-time peel-out for Atlantic salmon to make sure that those stocks are healthy and sustainable for years to come.
Just to put it in terms we all understand, when we look at a commercially caught salmon we are looking at a benefit of about $3.50 a pound. For a salmon that is caught recreationally, it is about $35 a pound. That is because sportsmen come in from the United States and from all over Europe. They come and stay for weeks at Margaree and they fish salmon. It is important that we work with communities and special interest groups that continue to promote the health of Atlantic salmon stocks.
I want to make a point on regional economic development. Let us look at the opposition party and its position on regional economic development. I do not think it has one. I think this is something that party fears.
I want to tell the House that this party stands behind regional economic development. This party sees targeted investments, working with our business communities. Economic development does pay dividends. There is a great need in Halifax, Moncton and St. John's. Those economies are chugging right along. Those economies are doing so well for themselves.
Let me tell members something. If we are in rural Atlantic Canada and have a great idea with a great business plan and we take that plan to the bank, the bank is not very excited about supporting those initiatives. If the plant is in Mississauga or Hamilton and that business does not work out, the bank would not lose any of its investment, but it is a risk in rural Canada. The Conservatives across the way should know that it is the same in rural Canada everywhere.
Guaranteed loans are something we continue to support through ACOA and the investments in ACOA. This is an important budget with great investments through this budget. I encourage everyone in the House to support the budget.