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Finance

Question period focused on the economy, inflation, and interest rates following a Bank of Canada rate announcement. Conservative leader Pierre Poilievre said the Prime Minister’s spending and deficits doubled what was left before, caused inflation, forced the Bank of Canada to raise rates, and will raise payments on mortgages and loans; he also said fuel costs are pushing food prices up and asked the government to cut spending and cancel its fuel tax. Prime Minister Mark Carney replied that the Bank of Canada attributes inflation to global causes, that the government has reduced spending growth, cut the civil service and consultants, and balanced its operating budget early, and that growth is forecast to be the strongest in the G7; he also cited affordability figures, falling rents, and programs like dental care and the Canada child benefit, which he said the opposition leader voted against. The two leaders also disputed what each had previously said on the record.Written by AI from the debate. Updated .

Official text

12 statements

Pierre Poilievre

Conservative
“The Prime Minister spends too much money and doubled the deficit. This high spending causes inflation and forced the Bank of Canada to raise interest rates. I want the Prime Minister to stop his reckless spending.”
Official Hansard

Mr. Speaker, the Liberal Prime Minister spent, and now Canadians will have to pay. The Prime Minister has increased spending far beyond Justin Trudeau’s irresponsible levels. In fact, he has doubled the deficit left by Mr. Trudeau, and we know that deficits fuel inflation. Inflation forced the Bank of Canada to raise interest rates on Canadians. How much will Canadians have to pay before this Prime Minister stops spending recklessly?

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Mark Carney

Liberal
“The Bank of Canada says our inflation comes from outside the country. Canada's economic growth will rise to two percent over the next two years because of our government's policies.”
Official Hansard

Mr. Speaker, I thank the Leader of the Opposition for those questions regarding monetary policy. The Bank of Canada’s message is that the impact on Canadian inflation is coming from outside Canada, but that the growth rate here in Canada will rise to 2% next year and the year after that thanks to the major policy changes implemented by the Government of Canada.

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Pierre Poilievre

Conservative
“The government's policies forced the Bank of Canada to raise interest rates. Canadians already have the most debt in the G7, and now they will have to pay banks even more. The Prime Minister should admit that this will cause hardship for Canadians.”
Official Hansard

Mr. Speaker, he has just admitted that it is this government’s policies, his government’s policies, that have forced the Bank of Canada to raise interest rates at the expense of ordinary Canadians. Canadians already carry the most debt anywhere in the G7. Now they will be forced to pay more to the banks, while the Prime Minister celebrates. What a disconnect from the reality faced by ordinary people. Will he acknowledge that Canadians are going to face hardship as a result of this increase?

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Mark Carney

Liberal
“The written record will show what I actually said. The Bank of Canada says our economy will grow by 2% in each of the next two years. That will be the highest growth rate among the G7 countries.”

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  • Government answer in Question Period

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Official Hansard

Mr. Speaker, if there is a disconnect, it is between my words and his. The Hansard is there to sort that out. What is clear is that the Bank of Canada says that the growth rate here in Canada will rise to 2% next year and the year after that. This will be the highest growth rate in the G7.

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Pierre Poilievre

Conservative
“The Prime Minister's spending caused inflation and pushed the Bank of Canada to raise interest rates today. I want him to stop this spending and tell Canadians how much more this will cost them.”

  • A repeated line

    “Ordinary Canadians are paying the price.”

    Said 8 times by 8 members since May 7.

    Every time it was said
Official Hansard

Mr. Speaker, the Liberal Prime Minister spent, and today Canadians are paying the price. He doubled the deficit that Trudeau left behind, increased government spending to the highest share of GDP since 1996 and is threatening to add $700 billion more in debt. More deficits cause more inflation, which today caused the Bank of Canada to bring in more interest on Canadians. How much will Canadians have to pay before the Prime Minister finally hits the brakes on his out-of-control Liberal spending?

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Mark Carney

Liberal
“Our spending did not cause inflation. It was caused by global events. We have cut spending, shrunk the civil service, and cut consultants to save $60 billion. Canada has the lowest net debt in the G7, and our economy will soon grow faster than the rest of the group.”
Official Hansard

Mr. Speaker, the Bank of Canada was very clear about the global causes of inflation and why it acted. It was very clear that our growth is going to pick up next year and the year following, the strongest in the G7. Let us be clear about the fiscal record of the government: the lowest net debt in the G7, the second-lowest deficit in the G7, operational spending down from 8% to 2%, a 10% cut in the civil service and a 20% cut in consultants, $60 billion of savings. That is even before the budget next week. We are building Canada strong—

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Pierre Poilievre

Conservative
“Canadian families have more debt than families in any other G7 country. The Prime Minister's high spending, deficits, and new fuel tax are pushing up interest rates on mortgages and loans. Will he stop spending and taxing so much so rates do not keep rising?”

  • A repeated line

    “Canadian families are the most indebted in the world.”

    Said 3 times by 3 members since June 8.

    Every time it was said
Official Hansard

Mr. Speaker, how completely out of touch that is. Canadian families are the most indebted anywhere in the G7, and today they will go home to learn that their mortgage payments, car payments and line of credit payments will go up because the Prime Minister could not control his spending. He doubled Trudeau’s deficit and has imposed a new fuel tax that is driving up the cost of diesel to 30¢ higher than in the U.S., which is one of the causes the Bank of Canada cited in raising rates on Canadians today. Will the Prime Minister get his hands out of the pockets of Canadians so they do not have to pay more in their rates?

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Mark Carney

Liberal
“Our spending growth has dropped from 8% a year to 2%. We will balance our operating budget a year early. We cut government staff by 10% and consultants by 20%. Our economy will grow faster than any other G7 country, and mortgages are getting easier to afford every month.”

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Official Hansard

Mr. Speaker, I repeat: Spending is down from 8% per year to 2%. This is new information. The operational budget will be closed next year, one year ahead of schedule. There is a 10% reduction in civil service, a 20% reduction in consultants, the strongest growth in the G7 in the coming years, and mortgage affordability down every month in the current government’s time.

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Pierre Poilievre

Conservative
“The Prime Minister says life is getting more affordable, but it is actually getting worse. The Bank of Canada says high fuel costs will push food prices even higher next year. Canadian prices are higher than world prices, partly because of the government's fuel tax. I want the Prime Minister to cancel this tax to help bring down inflation and interest rates.”
Official Hansard

Mr. Speaker, the Prime Minister says affordability is better. Everybody out there knows that is false, and it is worse today. The Bank of Canada governor said that food price inflation will be even higher next year: “Higher diesel prices raise freight and operating costs in fuel-intensive sectors such as food processing [and] agriculture”. The Prime Minister is not to blame for world prices, but he is to blame for the fact that our prices are much higher than the world’s, in part because of what the Nova Scotia Energy Board calculates is 16¢ a litre in extra fuel standard taxes that the Prime Minister is imposing at the pump. Will the Prime Minister reverse this tax so that we can reverse the inflation and reverse the rate hikes?

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Mark Carney

Liberal
“Bank of Canada numbers show that life is more affordable now than before we took office. Asking rents have gone down for 24 months in a row. Also, diesel fuel in Edmonton costs the same as it does in the United States.”

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Official Hansard

Mr. Speaker, there is a problem with starting to quote the Bank of Canada. It is all on the public record. If we look at the Bank of Canada and affordability metrics, there was 54% of disposable income affordability before this government came into place, and it is now at 41%. For 24 straight months, asking rents have gone down. We are improving affordability in a tough housing market. Next time the Leader of the Opposition goes through Edmonton, he might want to confirm that the price of diesel in Edmonton is the same as in the United States.

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Pierre Poilievre

Conservative
“Life is not more affordable now. A record 2.35 million people visited food banks this month, and Canadians have less hope of buying a home than people in 21 other countries. Will the Prime Minister admit that life is not the most affordable it has been in ten years?”
Official Hansard

Mr. Speaker, could he be more out of touch? That sounded just like his statement back on March 25, that affordability is the best it has been in a decade. The same month he said that, Food Banks Canada registered a record-smashing 2.35 million visits, 9% higher than when he took office, with fewer Canadians believing they will ever be able to afford a home than in the other 21 countries polled by Habitat for Humanity. Will the Prime Minister admit that affordability is not the best it has been in a decade?

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Mark Carney

Liberal
“Our government helped thousands of families in the opposition leader's riding pay for dental care, childcare, and summer jobs. The opposition leader voted against every one of those programs.”

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Official Hansard

Mr. Speaker, let us talk about affordability and steps that governments can take to improve affordability. The Canadian dental care plan benefits over 17,000 people in the riding of Battle River—Crowfoot. The Canada child benefit supports over 14,000 families. There are EDC summer job grants. I could go on. They have two things in common: first, that this government proposed them and passed them; and second, that the Leader of the Opposition voted against them every single time.

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