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Finance

During question period on finance, the NDP asked why the government is not doing more to make life affordable after the Bank of Canada raised interest rates for the first time since 2023, saying higher mortgage, loan and credit card costs are hitting working families and prices are expected to stay high through 2027. The Liberals replied that the Bank of Canada is independent and that inflation is being driven by conflicts in the Middle East and oil price shocks, pointing to government programs such as child care, dental care, school food and grocery support as help for families.Written by AI from the debate. Updated .

Official text

2 statements

Don Davies

NDP
“The Bank of Canada just raised interest rates, making loans, mortgages, and credit cards more expensive. Prices are predicted to stay high through 2027. Why is the government failing to make life more affordable for Canadians?”
Official Hansard

Mr. Speaker, Canadians are being hammered by the rising cost of living, and yesterday brought another blow with the Bank of Canada hiking interest rates for the first time since 2023. This means higher credit card bills, bigger mortgage payments and more expensive loans for working families. It will put added strain on small businesses and things will get worse. The Bank of Canada forecasts inflation to soar through 2027. Why is the Liberal government failing to bring down the cost of living and make life more affordable for Canadians?

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Ryan Turnbull

Liberal
“The Bank of Canada makes its own choices, and conflicts in the Middle East and high oil prices are causing inflation. Our government is helping families afford life by paying for child care, dental care, school food, and groceries.”

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  • A repeated line

    “Dental care and the national school food program.”

    Said 4 times by 4 members since May 7.

    Every time it was said
Official Hansard

Mr. Speaker, we know that the Bank of Canada and its monetary policy are independent. It has to keep inflation within the target range. Obviously, inflation is being driven by conflicts in the Middle East and the oil price shocks. The member opposite knows that well. We have invested in the Canadian economy. We have strengthened affordability supports and measures, and social support programs like the groceries and essentials benefit. That is real support. It amounts to thousands of dollars per month with child care, dental care and the national school food program. There are all kinds of supports that really impact families’ lives. That makes life easier. We are doing all that while investing in a more prosperous future.

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