Finance

During question period on finance, Conservatives raised the Parliamentary Budget Officer’s projection that federal debt would grow from $1.5 trillion to $2.3 trillion over four years, contrasting it with the Prime Minister’s earlier statement that debt would decline. They also pointed to the Bank of Canada raising interest rates for the first time in three years, rising costs for groceries and mortgages, projected annual debt interest near $83 billion, and slow economic growth, and asked the government to reduce spending, cut red tape, speed up resource and infrastructure approvals, and lower fuel taxes, including asking whether these measures would appear in the next budget. Liberals replied that Canada has the strongest fiscal position in the G7, said the Conservatives had not identified which spending was inflationary, and argued that inflation was driven by factors outside Canada’s control such as a U.S. trade war, conflicts in the Middle East, and global oil prices. They added that government investment in areas like child nutrition, tax cuts, defence, and major infrastructure projects, including the Davie shipyard and Churchill Falls, supports economic growth, and declined to reveal budget contents ahead of its release in a few days.Written by AI from the debate. Updated .

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5 statements

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
“Conservatives are just trying to scare people. Canada has the strongest financial position in the G7. Our government is helping people with high costs and building a strong economy. Conservatives should stop complaining and start celebrating Canada's strengths.”
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Official Hansard

Mr. Speaker, this Halloween, Conservatives are doing their very best to try to spook Canadians, but Canadians know that Canada has the strongest fiscal position in the G7. We have a stable democracy and a government that cares about them, a government that is investing in them, is supporting them through affordability challenges, is investing in a stronger economy, is diversifying trade and is laser focused on building the strongest, most resilient economy in the G7. All this member can do is cast doubt on that plan. Every moment of every day in the House, that is all we hear from the Conservatives. When will they start celebrating all that Canada has to offer?

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
“Conservatives say our spending causes inflation, but they never say which spending causes it. Feeding hungry children, cutting taxes for 22 million people, helping with fuel costs, and funding defence and big projects do not cause inflation. They help our economy grow.”
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Official Hansard

Mr. Speaker, the Conservatives are always short on details. They keep saying that somehow government spending and investments in the Canadian economy are inflationary, but they never indicate what specifically is inflationary about that spending. Is it inflationary to feed hungry children? Is it inflationary to cut taxes for 22 million Canadians on their income? Is it inflationary to help with the cost of fuel? Is it inflationary to invest in our defence or get major projects built in this country? What is inflationary about those investments in a growing, prosperous Canadian economy?

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 Conservatives are trying to scare Canadians, but they do not understand economics. Federal spending is not causing inflation. A U.S. trade war and conflicts in the Middle East are causing it, and Canada did not start either of them.”
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Official Hansard

Mr. Speaker, we finally got a Halloween reference in there out of the Conservatives, but they are truly trying to spook Canadians every single day. They simply cannot back up their claims, though, and they do not seem to understand economics. It is not the case that inflation is being driven by the federal government. Everybody out there in the real world knows that inflation is being driven by a U.S. trade war that was not started by the Government of Canada and conflicts in the Middle East, which were not started by Canada. Those are the true causes, and the Conservatives cannot fool anybody.

Carlos Leitão, Parliamentary Secretary to the Minister of Industry

Liberal
“The Conservatives do not read the reports they quote. High interest rates and inflation come from global oil prices that Canada cannot control. What we can control is government investment, and we need that to grow the economy.”
Official Hansard

Mr. Speaker, it is rather unfortunate that our friends, when quoting reports and statistics, do not bother to read the reports they are quoting. For example, with regard to the Bank of Canada, it is true that interest rates were raised because inflation was high. Why is inflation high? It is driven by energy prices. It is entirely the result of the closure of the Strait of Hormuz and oil prices. That is the issue. We have no control over those factors. What we can control is public investment, which is necessary to accelerate growth.

Carlos Leitão, Parliamentary Secretary to the Minister of Industry

Liberal
“You will have to wait for the budget in a few days. I will not reveal what is in it today. Our plan speeds up big building projects, like building ships in Quebec and working on the Churchill Falls dam.”
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Official Hansard

Mr. Speaker, members will have to wait a few more days for the next budget. We are not about to start revealing what is or is not in the budget. What I will say is that our plan is precisely to speed up major infrastructure projects. For Quebec, that means building ships at the Davie shipyard. Closer to our friend, the major project is Churchill Falls. I am surprised that our Conservative and Bloc Québécois friends never talk about North America’s largest hydroelectric project, Churchill Falls. The federal government has been directly involved, and this project will go ahead.

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