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 .

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1 statement

Ryan Turnbull, Parliamentary Secretary to the Minister of Finance and National Revenue and to the Secretary of State (Canada Revenue Agency and Financial Institutions)

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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