Original Broadcaster Captioning (Enhanced). Treat it as a searchable index of what was broadcast, not a quotation record.
00:03:38>> David: -- AND SUPPORT CANADIANS WHO ARE STRUGGLING TO
00:03:41PAY THE BILLS SO THERE ARE FOUR BROAD CATEGORIES OF NEW SPENDING.
00:03:44THERE'S AFFORDABILITY, GROWTH, HOUSING, AND CULTURE BUT LET'S
00:03:48START WITH THE BOTTOM LINE AND LET'S TAKE A LOOK AT WHERE THE DEFICIT IS.
00:03:51THE DEFICIT OF THIS CURRENT FISCAL YEAR IS SET TO BE NOW OR
00:03:55PROJECTED TO BE NOW $62.3 BILLION.
00:03:58THAT'S LOWER THAN THE $65 BILLION THAT WE SAW IN THE
00:04:02SPRING ECONOMIC UPDATE BUT IT COULD BE LOWER IF NOT FOR
00:04:05BILLIONS IN NEW SPENDING AND WE'LL GET TO THAT IN A MINUTE.
00:04:08OVER THE NEXT FEW YEARS YOU SAW
00:04:13DEFICITS FOR WHAT WE SAW IN THE
00:04:16SPRING.
00:04:17$39 BILLION, WAY DOWN FROM THE $67 BILLION THAT HAD BEEN
00:04:21EXPECTED LARGELY DUE TO HIGHER
00:04:23INCOME TAX REVENUE, AN OIL
00:04:26WINDFALL, AND COST CUTTING IN THE CIVIL SERVICE.
00:04:30THE REASON THE DEFICITS DON'T
00:04:32GO DOWN LIKE THAT IN THE OFF
00:04:34YEARS BECAUSE EVERY NEW DOLLAR AND EVERY DOLLAR SAVED IT ROLLS
00:04:38RIGHT BACK INTO A NEW PROGRAMME.
00:04:42EVERY NEW REVENUE THERE'S
00:04:44SAVINGS OF ABOUT $158 BILLION
00:04:48BUT THE NEW SPENDING EATS JUST
00:04:50ABOUT ALL OF THAT UP AT $151
00:04:56BILLION. MARK CARNEY IS A CENTRAL BANKER AND HE'S AN ECONOMIST AND HE'S
00:04:59ALL ABOUT GROWING THE ECONOMY.
00:05:03A MAJOR ANNOUNCEMENT AT THE
00:05:05INVESTMENT SUMMIT ALLOWS
00:05:09BUSINESSES TO WRITE OFF UP TO
00:05:1565% OF THEIR EXPENSES. THE CANADA GROWTH MEASURE, THIS
00:05:19ALLOWS PEOPLE WHO SELL A COMPANY TO GET A CAPITAL GAINES
00:05:22EXCEPTION IF THEY RECYCLE THE WINDFALL AND POUR IT BACK INTO
00:05:25ANOTHER INVESTMENT IN CANADA.
00:05:27THAT WILL BE SOMETHING THAT
00:05:29WE'LL HEAR THE CONSERVATIVES LIKELY SAY "THEY STOLE ANOTHER
00:05:33ONE OF OUR IDEAS."
00:05:37THERE'S A NATIONAL ELECTRICITY STRATEGY ROLLED OUT THIS YEAR,
00:05:40TENS OF BILLIONS OF INVESTMENT
00:05:42TAX CREDITS AND EXPANDING
00:05:48SPENDING TO CREATE CROSS PROVINCE TIES.
00:05:52CANADA STRONG NOTES, A LITTLE BIT LIKE BANK NOTES.
00:05:55THIS IS THE BUILD CANADA STRONG FUND.
00:05:58CANADIANS WILL BE ABLE TO BUY INTO THAT USING THESE CANADA
00:06:01STRONG NOTES WHERE ESSENTIALLY YOU WILL OWN A SHARE IN THAT
00:06:04FUND THAT INVESTS IN CANADIAN COMPANIES, CANADIAN PROJECTS,
00:06:08AND YOU WILL BE ABLE TO GET A
00:06:10RETURN, AND THE MacKENZIE
00:06:13VALLEY HIGHWAY.
00:06:16IT IS BEING DONE AND CONSTRUCTED AND BUILT ENTIRELY
00:06:20BY THE FEDERAL GOVERNMENT. THEY ARE GOING TO OPEN UP THE
00:06:23POTENTIAL OF THE NORTHWEST TERRITORIES, SOMETHING THAT
00:06:25PREMIER R.J. SIMPSON HAS BEEN PUSHING FOR FOREVER.
00:06:28IT'S BEEN LISTED AS A NATIONAL
00:06:30PROJECT AND NOW IT'S BEING FUNDED.
00:06:34THAT'S $3 BILLION IN THE INITIAL STAGES. >>> ON AFFORDABILITY, 50% TOP
00:06:38UP FOR THE GROCERY AND
00:06:41ESSENTIALS BENEFIT, AN EXTRA
00:06:43339 -- OR ABOUT $339 FOUR TIMES
00:06:47A YEAR FOR A SINGLE PERSON,
00:06:54$679 FOUR TIMES A YEAR FOR A FAMILY OF FOUR.
00:06:57THERE'S AN EXPANSION IN THE CANADA LOW INCOME BENEFIT.
00:07:00IT'S ABOUT 3 MILLION WORKERS
00:07:03WHO WILL GET $1,859 PER PERSON,
00:07:07$3,143 PER FAMILY. THERE'S A FUNDING FOR THE 1
00:07:11MILLION HOMES RETROFITS. THINK HEAT PUMPS AND NEW FURNACES AND HOME SYSTEMS.
00:07:15THIS WAS ANNOUNCED EARLIER IN
00:07:17QUEBEC AIMED TO HELP MIDDLE CLASS PEOPLE SORT OF RETROFIT
00:07:21THEIR HOMES AND LOWER ENERGY COSTS.
00:07:23THERE'S A NEW REFUNDABLE CANADA CARE CREDIT.
00:07:27IF YOU HAVE TO TAKE TIME OFF TO
00:07:30CARE FOR A SICK OR DYING LOVED ONE YOU GET A TAX CREDIT OF
00:07:34ABOUT $600 A YEAR AND
00:07:37SIMPLIFIED TAX RULES.
00:07:40WE CAN GO THROUGH THOSE LATER. HOU
00:07:43HOUSING WAS A BIG SURPRISE IN THIS JUST HOW MUCH THERE WAS.
00:07:47A PLEDGE, ROSIE, TO END
00:07:50HOMELESSNESS WITHIN TEN YEARS,
00:07:51TO CREATE THE CONDITIONS TO END
00:07:55HOMELESSNESS IN TEN YEARS.
00:07:57THERE'S A BUNCH OF INVESTMENTS
00:08:00IN THIS, THE BIGGEST OF WHICH
00:08:02INCLUDES $10 BILLION FOR BUILD CANADA HOMES.
00:08:05THERE'S GOING TO BE AN ANNOUNCEMENT IN WINNIPEG TOMORROW WITH THE PRIME
00:08:08MINISTER AND PREMIER WAB KINEW.
00:08:10AND THEN WE GET TO CULTURE AND IDENTITY, ALL PART OF THE
00:08:14SOVEREIGNTY NARRATIVE THAT THE GOVERNMENT IS PUSHING HERE.
00:08:16THEY'VE RENEWED THE CANADA STRONG PASS.
00:08:19THINK FREE PARKS AND CHEAP TRAINS FOR YOUNG PEOPLE DURING THE SUMMER.
00:08:22THEY'RE MAKING MUSEUMS FOR
00:08:24PEOPLE UNDER THE AGE OF 25 FREE
00:08:31FOREVER. YOU'LL NEVER PAY TO GO INTO A
00:08:35CANADA NATIONAL PARK FROM NOW ON IF YOU'RE UNDER 25.
00:08:38CANADIAN ARTISTS, THEY'RE LOOKING TO CREATE A MODEL FOR
00:08:41BASIC PERSONAL EXEMPTION TO MAKE THEIR LIVING FROM THE ARTS
00:08:44OF $45,000 A YEAR.
00:08:47YOU CAN EARN $45,000 BEFORE YOU PAY A DROP OF TAX.
00:08:50THERE'S MONEY THERE FOR THE LOCAL JOURNALIST INITIATIVE AND
00:08:53CBC RADIO-CANADA COMBINED ABOUT
00:08:57$450 MILLION AND $1.5 BILLION
00:08:58OVER THE NEXT DECADE TO BUILD
00:09:01AND REFURBISH THINGS LIKE
00:09:03HOCKEY RINKS AND COMMUNITY CENTRES. LITTLE BIT LIKE COMMUNITY
00:09:07INFRASTRUCTURE, A LITTLE BIT OF COMMUNITY HEALTH, A COMMUNITY
00:09:11HOCKEY RINK. NO PRIME MINISTER EVER LOST
00:09:13VOTES TO FIX THOSE. $50 BILLION OVER TEN YEARS, A
00:09:17BIG AMOUNT OF MONEY, MOSTLY NEW
00:09:21FROM WHAT WE CAN TELL, $32
00:09:25BILLION FOR FIRST NATIONS
00:09:26HOUSING AND INFRASTRUCTURE, $18
00:09:32BILLION FOR PUBLIC SAFETY, AND
00:09:33FUNDING FOR JORDAN'S PRINCIPLE.
00:09:36THERE'S A BUNCH MORE STUFF THAT
00:09:39WE CAN GET TO OVER THE COURSE OF THE NEXT HOUR. >> Rosemary: OKAY.
00:09:42BUT THAT SUMS UP THE $151
00:09:46BILLION IN NEW SPENDING.
00:09:52>> David: THERE'S $50 BILLION,
00:09:5525 BILLION, BUT THERE'S MORE. >> Rosemary: OKAY.
00:09:59I'M GOING TO DIP INTO THE FINANCE MINISTER AND THEN I
00:10:02WANT TO ASK YOU MORE ABOUT HOW
00:10:06THAT MONEY IS SPENT.
00:10:10LET'S LISTEN TO THE FINANCE
00:10:12MINISTER HERE.
00:10:24[interjections] [indiscernible]. >> -- WHILE UNLOCKING CANADA'S
00:10:28FULL GROWTH POTENTIAL, MR. SPEAKER. WE ARE SEEING WHAT HAPPENS
00:10:31AROUND THE WORLD WHEN GOVERNMENTS LOSE THEIR FISCAL ROOM TO MANOEUVRE, SO I SPEAK
00:10:35ON THE HARDER -- MR. SPEAKER,
00:10:39THEY'RE SO EXCITED ABOUT THE
00:10:40BUDGET THAT THEY'RE ALREADY
00:10:44COMMENTING.
00:10:45BUT THIS IS A WAY TO GET THIS,
00:10:49MR. SPEAKER. IN CANADA OUR FISCAL STRENGTH
00:10:51IS GIVING US THE FREEDOM TO
00:10:53LIVE OUR LIFE AS WE CHOOSE, TO BE MASTERS OF OUR DESTINY.
00:10:57[interjections].
00:11:06>> WITH SOLID RECORD GROWTH AND
00:11:08A SHIFT IN INVESTMENT IN CLEAR
00:11:11STRATEGIES WE ARE IN A POSITION TO SHIFT OUR ECONOMY TOWARDS
00:11:15STRONGER GROWTH AND PRODUCTIVITY.
00:11:17BUDGET 2026 IS THE NEXT STEP IN
00:11:19OUR AMBITION PLAN TO HELP BUSINESSES OF ALL SIZE INVEST
00:11:23IN GROWTH, TO HELP CANADIANS
00:11:25GET AHEAD, AND TO BUILD A
00:11:27STRONGER SOVEREIGN CANADA, MR.
00:11:35SPEAKER.
00:11:36LET ME START WITH THE FIRST
00:11:41PILLAR, ECONOMIC GROWTH.
00:11:43INVESTING IN OUR FUTURE MEANS
00:11:46AN AMBITIOUS GROWTH AGENDA. WE NEED THE BOARDS AND THE
00:11:50TRADE CORRIDORS, THE REACTORS,
00:11:54ELECTRICITY DAMS, THE INFRASTRUCTURE, THE FACTORIES TO POWER OUR FUTURE.
00:11:58FIRST AND FOREMOST WE NEED CANADIAN WORKERS AND CANADIAN
00:12:01COMPANIES BUILDING THEM, AND WE NEED TO BUILD FASTER, MR.
00:12:03SPEAKER.
00:12:07THAT IS WHY OUR GOVERNMENT WILL
00:12:10PROPOSE AMENDMENTS TO THE
00:12:13PROPOSED ASSESSMENT ACT TO
00:12:18BRING LEGAL CERTAINTY AND
00:12:21STABILITY WHILE MAINTAINING ENVIRONMENTAL PROTECTIONS AND
00:12:25UPHOLDING INDIGENOUS RIGHTS.
00:13:14[interjections]. >> TOO OFTEN CANADIAN TALENT
00:13:16AND CANADIAN IDEAS HAVE HAD TO
00:13:19LOOK ELSEWHERE TO SCALE.
00:13:21BUDGET 2026 CHANGES THAT WITH
00:13:25THE MOST COMPREHENSIVE REVAMP OF BUSINESS INCENTIVES IN GENERATIONS.
00:13:50BUSINESS, BOTH LARGE AND SMALL,
00:13:54WILL BE ABLE TO DEDUCT THE
00:13:57EXPENSES OF DOING BUSINESS IN OUR NATION.
00:14:00>> Rosemary: LET'S TALK ABOUT SOME OF THE DETAILS IN THE
00:14:04BUDGET AND LET'S PARTICULARLY LOOK AT THE ISSUE OF DEBT, DEBT
00:14:07SERVICING THAT IS GOING TO
00:14:12INCREASE SIGNIFICANTLY ALTHOUGH
00:14:14IF I UNDERSTAND MY QUICK READS
00:14:17OF THINGS THE DEBT-TO G.D.P.
00:14:21RATIO WILL FALL. >> David: YEAH, IT'S SORT OF
00:14:23THE CHANGING METRICS THEY RELY
00:14:26ON, MAY LOOK BETTER, BUT THE COSTS OF SERVICING THAT DEBT,
00:14:29THAT'S GOING UP, AND IT'S GOING
00:14:32UP AT A PRETTY HEALTHY CLIP.
00:14:34THIS YEAR, THE DEBT SERVICING
00:14:37CLIP IS $62 MILLION.
00:14:41THAT'S 1.8 OF THE ENTIRE
00:14:46ECONOMY JUST GOING TO INTEREST PAYMENTS. IF YOU LOOK AT IT OVER THE HORIZON YOU CAN SEE OVER THE
00:14:50NEXT FIVE YEARS HOW QUICKLY IT
00:14:53STARTS TO GO UP AND AT WHAT
00:14:55RATE IT STARTS TO GO UP.
00:15:19I DID SOME MATH ON THIS BECAUSE THE OTHER BIG INCREASE THAT
00:15:22WE'RE SPENDING HERE IS GOING TO BE ON DEFENCE AND IF YOU LOOK
00:15:25AT WHERE THE DEFENCE SPENDING
00:15:27IS GOING TO BE BY 2030 AND
00:15:312031, IT'S ABOUT $150, $157
00:15:35BILLION. DEFENCE SPENDING BY THE END OF
00:15:37THIS DECADE WILL BE 35% OF THIS
00:15:40GOVERNMENT SPENDING. 35 CENTS OUT OF EVERY DOLLAR
00:15:43WILL GO TO DEFENCE, AND HERE'S
00:15:44THE DEFENCE TRACK.
00:15:48LOOK AT THIS.
00:15:55THE LIGHTER SHADE IS THE DEFENCE AND SECURITY RELATED FUNDING.
00:15:59SOME OF THAT CAN BE QUANTUM, IT CAN BE COMPUTING, IT CAN BE
00:16:03A.I. BUT THIS IS ALL TO MEET THE NATO TARGET AND AS BIG AS
00:16:06THAT NUMBER IS IN 2030, ROSIE,
00:16:09OF ABOUT $157.5 BILLION, IF I
00:16:14DO MY MATH, THAT'S ONLY ABOUT 4%.
00:16:17YOU'VE GOT TO ADD 20% TO THAT
00:16:21NUMBER TO GET TO THE AMOUNT OF
00:16:265% OF G.D.P. IT DOESN'T LEAVE A LOT OF ROOM
00:16:29FOR THINGS THAT CANADIANS WANT
00:16:32DONE. >> Rosemary: LET'S TAKE OUT OF THE DEFENCE SPENDING BECAUSE
00:16:36THAT WAS THE NATO COMMITMENT.
00:16:37WHAT WAS THE JUSTIFICATION FOR
00:16:42PUTTING THAT MUCH INTO THE DEBT
00:16:43THAT WOULD REQUIRE THE DEBT SERVICING TO BE THAT HIGH.
00:16:47>> David: WELL, A LOT OF IT IS
00:16:51THE DOUBLING OF THE DEBT THAT HAPPENED IN THE COVID YEARS.
00:16:53WE'RE LOOKING AT A DEBT OF
00:17:02$1.9 TRILLION, NOT LONG BEFORE
00:17:05IT'S GOING TO BE $2 TRILLION. WE'VE JUST NEVER GOTTEN TO A
00:17:08POINT WHERE DEFICITS HAVE GONE
00:17:10AWAY.
00:17:18$39 BILLION LAST YEAR.
00:17:19IT WOULD HAVE BEEN A POLITICAL
00:17:22CONTROVERSY NOW EVERY TIME THERE'S A WINDFALL IT GOES OUT IN NEW PROGRAMMES.
00:17:26THE STATE WAS BUILD OUT PRETTY BROADLY UNDER TRUDEAU.
00:17:30MARK CARNEY IS SHRINKING WHAT HE CALLED THE OPERATIONAL
00:17:33SPENDING BUT THERE'S A LOT OF
00:17:35BORROWING AND BIG INVESTMENTS
00:17:38IN HOUSING AND INFRASTRUCTURE
00:17:40AND THOSE TYPE OF DEBTS.
00:17:42>> Rosemary: I KNOW YOU'LL TALK
00:17:46TO MINISTER CHAMPAGNE IN YOUR
00:17:48SHOW BUT WAS THERE ANY
00:17:56EXPLANATION FOR THAT KIND OF SPENDING?
00:17:58THE ECONOMY IS TOO WEAK, IT CAN'T SUPPORT IT.
00:18:02>> David: A CORE COMPONENT OF
00:18:03THAT IS OVER TIME IT'S THE
00:18:13MEGADEDUCTION. BY DOING THIS MEGADEDUCTION BECAUSE IT WAS A SUPER
00:18:17DEDUCTION A YEAR AGO, THEY'RE
00:18:22HOPING TO GET THE BUSINESS --
00:18:43YOU SPEND MONEY ON THE INVESTMENTS TO GET IT THERE AND
00:18:45THEN YOU MAKE SURE YOU HAVE THE
00:18:47MARKET ACCESS TO YOUR TRADE AND
00:18:54YOUR CAPACITY.
00:19:00IT'S DIVERSIFYING TRADE AWAY FROM THE UNITED STATES,
00:19:02BUILDING ON WHAT YOU CAN
00:19:06DOM DOMESTICALLY. IT'S TENS OF BILLIONS OF DOLLARS IF NOT HUNDREDS OF
00:19:10BILLIONS OF DOLLARS THAT YOU HAVE TO PAYOFF.
00:19:13THE PROBLEM IS THAT'S FRAMED.
00:19:42IT'S SORT OF LIKE IF YOU LOOK AT THE GOVERNMENT NARRATIVE,
00:19:45THIS IS ALL ABOUT SOVEREIGNTY OR ECONOMIC SOVEREIGNTY OR
00:19:48INDIVIDUAL SOVEREIGNTY THROUGH AFFORDABILITY AND OUR CULTURE
00:19:52AND IDENTITY SOVEREIGNTY. >> Rosemary: SO IF WE GO TO THE AFFORDABILITY BOARD, THE THINGS
00:19:56THAT ARE GOING TO HELP PEOPLE, OBVIOUSLY, KEEPING THAT
00:19:59GROCERIES BENEFIT AND BUMPING IT UP IS GOING TO HELP PEOPLE
00:20:02TO SOME EXTENT. WHAT ELSE CAN THEY POINT TO THERE?
00:20:06>> David: WELL, THIS IS THE
00:20:07THING.
00:20:10ON THE AFFORDABILITY THING THE GOVERNMENT WILL POINT TO A
00:20:14MIDDLE CLASS TAX CUT, THE CHANGES THEY MADE TO THE
00:20:18CONSUMER CARBON TAX, THE EXCISE
00:20:21TAX ON GASOLINE, THESE ARE WAYS
00:20:23THAT THEY'RE SAVING PEOPLE 28
00:20:26CENTS, I BELIEVE, ON A LITRE OF GAS.
00:20:28THE BUILD CANADA BENEFIT AND
00:20:30THE WORKERS AND ESSENTIALS
00:20:33BENEFIT, THESE ARE MEANS
00:20:37TESTED. NONINFLATIONARY. THEY DON'T JUST GO TO
00:20:40EVERYBODY, THEY GO TO PEOPLE AT THE BOTTOM OF THE ECONOMIC LADDER WHO REALLY ABSOLUTELY
00:20:43NEED IT, RIGHT? AND A LOT OF THOSE, LIKE THE
00:20:4750% TOP-UP OF THE GROCERIES AND ESSENTIALS BENEFIT, THAT'S FOR 2027.
00:20:51WE'LL SEE WHERE THE OIL SHOCK IS A YEAR FROM NOW, WE'LL SEE
00:20:55WHERE INFLATION IS A YEAR FROM NOW. WHO KNOWS WHAT'S GOING TO
00:20:58HAPPEN IN IRAN NOW THAT DONALD
00:21:02TRUMP HAS HAD HIS WINGS CLIPPED
00:21:04IN THE MID TERMS.
00:21:06THOSE ARE FACTORS THAT COULD EASE WHAT'S HAPPENING IN THE
00:21:09STRAIT OF HORMUZ AND WHAT'S
00:21:14HAPPENING THERE. BUT THE GOAL REALLY HERE IS
00:21:16UNLESS YOU TALK ABOUT HOUSING,
00:21:21I MEAN, KNOCK -- YOU'RE SEEING
00:21:29THING, AN INDIVIDUAL WHO CAN
00:21:31GET INTO HOUSING AND THEN GET
00:21:34THE WRAPAROUND SUPPORTS TO GET
00:21:39WHATEVER THAT CAN HELP THAT'S
00:21:44CHALLENGING THERE.
00:21:59>> Rosemary: WHAT ABOUT HEALTH TRANSFERS? THAT MONEY ALL STAYS PUT FOR NOW?
00:22:02>> David: IT DOES. I HAVE TO GET TO ONE OF THE
00:22:04MANY, MANY, MANY CHARTS HERE. ON THE HEALTH TRANSFER, THE
00:22:08NEGOTIATIONS THAT ARE GOING TO HAVE TO HAPPEN WITH THE
00:22:11PROVINCES, THEY'RE NOT HERE YET.
00:22:12IF YOU LOOK AT IT BY THE END OF
00:22:22THIS, THE CANADA HEALTH
00:22:24TRANSFER IS GOING TO BE $65 BILLION.
00:22:28YOU CAN SEE THE PROBLEM WHERE
00:22:29THE INTEREST BITE IS GOING IN
00:22:33THE FISCAL CAPACITY. YOU ARE SEEING A DROP IN THE
00:22:37CANADA WIDE EARLY CHILD AND
00:22:40LEARNING CARE TRANSFERS.
00:22:43$10 BILLION NEXT YEAR, $11
00:22:45BILLION THIS YEAR, AND THEN A
00:22:48DROP TO JUST OVER EIGHT.
00:22:58TLGS THERE'S A ELECTRIC ONNING COMING HERE IN THE FISCAL TRACK
00:23:02FOR THE PREMIERS.
00:23:06IF YOU LOOK AT THE DEBT WHERE
00:23:12THINGS HAD TO GO, IT'S GOING TO
00:23:14EAT UP SO MUCH OF THE FEDERAL GOVERNMENT'S FISCAL ROOM, THAT
00:23:18THE BOOST IN TRANSFERS THAT
00:23:20THEY WOULD COME TO RELY ON, IT'S NOT THERE.
00:23:23A LOT OF PREMIERS HAVE DONE
00:23:26THINGS LIKE FREE LICENSE PLATES IN ONTARIO.
00:23:29THEY'VE GIVEN AWAY A LOT OF FISCAL CAPACITY IN A TIME WHERE
00:23:33THERE'S GOING TO BE NEEDED A LOT OF FISCAL REVENUE.
00:23:37MARK CARNEY COMMITTED TO HITTING THE 5% NATO TARGET.
00:23:40HE SAID THIS IS GOING TO FORCE
00:23:42A CONVERSATION ON WHAT THE FEDERAL GOVERNMENT CAN AND
00:23:45CANNOT DO PROBABLY BY THE END OF THE NEXT DECADE. YOU CAN SEE WHERE THE DEFENCE
00:23:49BITE IS GOING TO BE AND WHERE THE DEFENCE SHARE IS GOING TO BE.
00:23:52THERE'S NOT A LOT OF MONEY
00:23:55LEFTOVER FOR ALL THE OTHER
00:23:58THINGS. >> Rosemary: I WAS TALKING A LITTLE BIT ABOUT ANDREW BEFORE
00:24:02THE SPECIAL ABOUT KEEPING THE
00:24:05COALITION HAPPY, SO
00:24:06PROGRESSIVES, LET'S TALK ABOUT PROGRESSIVES.
00:24:10THERE'S AN ELECTRICITY STRATEGY, WE'RE GOING TO HAVE
00:24:14TO KEEP UP PROGRAMMES. WE KNEW THERE WAS DEFENCE
00:24:17SPENDING BUT TO GO THAT HIGH AND KEEP UP WITH BUSINESS THE
00:24:21WAY IT IS, I JUST WONDER WHAT'S ON THE TABLE THERE FOR PEOPLE
00:24:24THAT MAY BE MORE PROGRESSIVE
00:24:29THAN THIS BUDGET WOULD INDICATE.
00:24:33>> David: THERE'S DOUBLE THE NUMBER OF ELECTRIC CHARGING
00:24:36STATIONS IN CANADA BUT LOOK,
00:24:38THIS IS ALL ABOUT THE ECONOMY,
00:25:40RIGHT?
00:25:40THE FOCUS OVERWHELMINGLY IS ON
00:25:47RESOURCE PRODUCTS BECAUSE THIS IS THE ADVANTAGE THAT CANADA
00:25:50HAS OVER CRITICAL MINERALS, THE
00:25:52LAND, AND THE SPACE.
00:25:54YOU CAN GET THESE PRODUCTS TO
00:25:58FRUITION AND GET THEM INTO THE
00:26:07MARKET FERTILIZER, SIMILAR SORTS OF THINGS.
00:26:10BUT IN TERMS OF A POLITICAL DOCUMENT, OVER THE NEXT 12
00:26:14MONTHS IT'S REALLY KIND OF THE AFFORDABILITY AND CULTURE MEASURES.
00:26:17THERE'S MEASURES IN THE CULTURE TO OPEN UP, LIKE, A DIGITAL
00:26:20LIBRARY OF CANADIAN AUTHORS AND
00:26:23CANADIAN CONTENT THAT YOU'D BE
00:26:25ABLE TO HAVE FREE ACCESS TOO. THEY'RE DOING EXCHANGE
00:26:29PROGRAMMES THAT HAVE PEOPLE TRAVELLING, VISIT THE VARIOUS
00:26:32THINGS, SO THERE'S A BIT OF THE POURING OF MAPLE SYRUP OVER THE
00:26:35FINANCIAL DOCUMENT HERE TO SORT
00:26:37OF LEAN INTO THAT IDEA IN TERMS
00:26:42OF THE CANADA 160 PRIORITIES COMING UP.
00:26:46THE PRIORITIES OF THIS
00:26:47GOVERNMENT ARE MORE MEDIUM AND
00:26:51LONG-TERM ECONOMIC RETURN BECAUSE IT TAKES A WHILE TO GET
00:26:54THESE THINGS GOING, THE
00:26:56TRACTION, AND REALLY FEEL THE
00:26:58BENEFIT.
00:27:01THAT'S THE FIRST THING THAT I
00:27:05SEE. >> Rosemary: IT MIGHT INTEREST PEOPLE AS WE WAIT TO GET TO
00:27:08SOME OTHER REACTION, RETIREES.
00:27:11CANADIANS CAN NOW CARRY R.S.P.s
00:27:15FOR LIFE INSTEAD OF CONVERTING
00:27:19THEM TO R.I.F.s AND DRAWING
00:27:22THEM DOWN AT AGE 71. THE TAX FILING DEADLINE IS NOW
00:27:25MOVING TO MAY 15 STARTING IN 2028.
00:27:28I'M NOT SURE WHY, AND THE COST OF LETTER MAIL STAMPS IS RISING
00:27:31TO $2. I KNOW WHY THAT'S HAPPENING
00:27:35BECAUSE CANADA POST --
00:27:37>> David: CANADA POST NEEDS SOME MONEY.
00:27:40THERE'S SOME CHANGES IN THE TAX CODE AND I'M NOT GOING TO GO
00:27:43THROUGH THEM BUT FOR EXAMPLE IF
00:27:45YOU HAVE A SERVICE ANIMAL, IF
00:27:48YOU HAVE A CELIAC CONDITION AND
00:27:53YOU NEED TO BUY GLUTEN FREE
00:27:55FOOD, THINGS THAT WOULD BE TAX
00:27:59DEDUCTIONS NOW, YOU HAVE A RIGHT TO TAKE A $1,000 ON ALL
00:28:03OF THESE THINGS OR IF YOU THINK
00:28:05THAT YOU SHOULD GET MORE YOU
00:28:07CAN STILL DO THE HEAVY RET INTENSIVE FILING PROCESS BUT
00:28:11THERE ARE THINGS LIKE
00:28:16NORTHERNERS CLAIMING THE TRAVEL DEDUCTION WHO DO NOT RECEIVE
00:28:20DEDUCTIONS FROM THEIR EMPLOYER. YOU'RE GOING TO BE ABLE TO
00:28:23QUALIFY FOR A REGISTERED DISABILITY SAVINGS PLAN AND A
00:28:26PROMISE TO DO A WHOLE LOT MORE
00:28:29ON SIMPLIFYING TAX FILINGS AND
00:28:31THE STRUCTURE FOR CANADIANS IN
00:28:35THE SPRING ECONOMIC UPDATE BUT
00:28:37THERE'S A BUNCH THERE NOW THAT
00:28:40ARE VERY MEANINGFUL THAT --
00:28:45MEANINGFUL FOR THOSE THAT WILL QUALIFY FOR THOSE MEASURES.
00:28:49I HAVE A LOT OF TABS ON THE DOCUMENT BECAUSE THERE'S NOT A
00:28:52LOT OF EMPTY CALORIES IN THESE BUDGETS.
00:28:55THEY'RE TALKING ABOUT BRINGING
00:28:56IN 30-YEAR AMORTIZATION BUT
00:29:01IT'S ONLY FOR A FIRST TIME HOME BUYER ON A NEW BUILD SO IT'S
00:29:05MORE MORTGAGE FLEXIBILITY TO
00:29:09HELP FIRST-TIME BUYERS GET INTO
00:29:12THE MARKET. THE WHOLE HOUSING POLICY THAT
00:29:16THEY'VE LAID OUT HERE, THE WAY
00:29:19THEY ENVISION THIS AND WHAT
00:29:20WE'RE GOING TO SEE TOMORROW IN WINNIPEG WHEN THE PRIME
00:29:24MINISTER MEETS WITH WAB KINEW AND THE MAYOR OF WINNIPEG, THE FEDERAL GOVERNMENT WILL BUILD
00:29:28THE STRUCTURE OF THESE HOUSES.
00:29:30THE PROVINCIAL GOVERNMENT THEN
00:29:33TAKES CARE OF THE OPERATIONS
00:29:35AND THE LOCAL GOVERNMENTS GIVE
00:29:40UP SOME LAND AND MAKE ZONING MORE EASY TO HAPPEN.
00:29:43AFFORDABLE HOUSING WILL BE RUN
00:29:45BY THE PROVINCES, BUILT BY THE FEDS, AND ACCELERATED BY
00:29:49MUNICIPALITIES. >> Rosemary: OKAY. DAVID, THANK YOU FOR THAT.
00:29:53WE'LL BRING IN AN EXPERT WITH
00:29:54THE INSTITUTE OF FISCAL
00:29:59STUDIES. HE'S BEEN IN LOCK UP WITH DAVID
00:30:03AND SOME OTHERS THE REST OF THE
00:30:05DAY.
00:30:07THANK YOU FOR BEING HERE. >> MY PLEASURE.
00:30:10>> Rosemary: I'LL START WITH
00:30:12YOUR OVERALL IMPRESSIONS.
00:30:19DAVID SAYS IT'S A BUDGET OF THE PRIME MINISTER AND HIS FINANCE MINISTER.
00:30:22WHAT WOULD YOU CALL IT?
00:30:25>> YOU CAN DRAW A STRAIGHT LINE
00:30:28FROM THE LIBERAL PLATFORM BUT
00:30:31THERE'S A REALITY HERE THAT
00:30:34AFFORDABILITY NEEDS TO BE ADDRESSED.
00:30:37IT WAS SIGNALLED SOUTH OF THE BORDER LARGE AND I DON'T THINK THE FEDERAL GOVERNMENT WAS
00:30:40GOING TO IGNORE IT.
00:30:43THESE ARE NOT THE LONG-TERM
00:30:47PERMANENT SPENDING.
00:30:52THIS IS MUCH MORE FOCUSED BUT CERTAINLY I THINK CONSISTENT
00:30:55WITH THIS GOVERNMENT'S STRATEGY.
00:30:59>> Rosemary: LET'S TALK A LITTLE BIT ABOUT SOME OF THOSE AFFORDABILITY MEASURES SO THEY
00:31:02ARE CONTINUING WITH THE
00:31:03GROCERIES BENEFIT, A 50% TOP-UP.
00:31:07THERE'S SOME TAX CREDITS FOR PARTICULAR THINGS. THEY'RE GOING TO ENHANCE THE
00:31:11WORKERS' BENEFIT, THE HOME
00:31:16RETROFITS. IS THERE ANYTHING THAT STANDS
00:31:18OUT TO BE MAKING -- OUT TO YOU
00:31:23MAKING CHANGES FOR CANADIANS NOW?
00:31:26IS THERE ANYTHING IN THERE TO
00:31:28YOU THAT YES, THIS WILL HELP CANADIANS IMMEDIATELY?
00:31:31>> WELL, I THINK IT WILL HELP
00:31:33BECAUSE SOME OF THE PRESSURE
00:31:36HAS BEEN TAKEN OFF OF THE HOUSING MARKET WITH AN INCREASE IN SUPPLY.
00:31:40THERE'S SOME EFFORT TO GET THAT BACK INTO BALANCE AND TO HELP
00:31:43IMPROVE HOUSEHOLD BUDGETS BUT THIS IS THE TYPE OF THING THAT
00:31:46THEY HAVE TO MAKE WITH SUBSTANTIAL MEASURES.
00:31:49IF AFFORDABILITY REMAINS DIFFICULT, WAGES DON'T CATCH
00:31:53UP, I SUSPECT THIS GOVERNMENT WILL CONTINUE WITH TARGETED MEASURES TO MAKE SURE THAT
00:31:57THOSE THAT ARE STRUGGLING THE
00:31:58MOST GET THE HELP THEY NEED.
00:32:02>> Rose >> Rosemary: OBVIOUSLY, THE BIG
00:32:05THAT DAVID AND I WERE TALKING ABOUT, ROLL OF THE DICE HERE,
00:32:08THIS INCREASE IN NEW SPENDING THAT WILL INCREASE THE DEFICIT
00:32:11AND WE CAN TALK ABOUT THE DEBT SHORTLY, WITH THE GOAL TO
00:32:15CHANGE THE NATURE OF THE
00:32:19ECONOMY. DO YOU SEE THAT ROLL OF THE DICE WILL WORK OVER TIME AND
00:32:23HOW LONG WILL IT TAKE? >> YEAH, THIS IS A GOOD
00:32:27QUESTION. WE DON'T OFTEN GET A SITUATION WHERE GOVERNMENTS HAVE THE
00:32:30POLITICAL CAPITAL TO ASK CANADIANS TO TAKE A RIDE WITH
00:32:33THEM FOR FIVE YEARS, RIGHT?
00:32:35I THINK IT'S GOING TO TAKE A
00:32:38MEASURE OF PATIENCE ON THE PART
00:32:40OF CANADIANS AND I THINK A
00:32:44MATCHED EFFORT OF TRANSPARENCY IN THE FORM OF THE GOVERNMENT.
00:32:48I DON'T THINK THE IMPACT IS GOING TO BE FELT NEXT YEAR, IT'S GOING TO BE FELT OVER
00:32:52TIME. YOU'RE GOING TO HAVE TO MATCH
00:32:55LABOUR CAPACITY WITH SOME OF THESE THINGS, PROBABLY IMMIGRATION.
00:32:58SO THESE ARE PROJECTS WITH ALL THAT NATIONAL SIGNIFICANCE AND
00:33:01I THINK THAT IT MEANS THAT CANADIANS HAVE TO BE A PART OF THIS.
00:33:04WE'VE SEEN PEOPLE TALK ABOUT PRODUCTIVITY ISSUES.
00:33:07WE'VE SEEN FEW GOVERNMENTS TRY
00:33:14TO TACKLE IT ON A PERSISTENT WAY.
00:33:15WE'RE BEING ASKED TO MAKE A BET
00:33:19TO JUMP START THIS ECONOMY AND IT'S NOT A SMALL BET.
00:33:22>> Rosemary: LET'S TALK ABOUT THE DEBT IF WE CAN.
00:33:24THE DEFICIT IS GOING UP OVER
00:33:26TIME AND OBVIOUSLY THE DEBT IS,
00:33:30TOO. DAVID WAS TALKING ABOUT DEBT
00:33:33SERVICING WHICH IN 2025-26 IS
00:33:37$60 BILLION AND BY 2030, 85.
00:33:41THAT SEEMS LIKE SOMETHING THAT'S VERY CONCERNING BUT YOU TELL ME.
00:33:44IS THAT OUT OF THE REALM OF UNDERSTANDING. WHAT IS THE LONG-TERM IMPACT OF
00:33:48THAT KIND OF SERVICING COSTS?
00:33:52I THINK ON THE WHOLE THIS GOVERNMENT IS REMAINING
00:33:55FISCALLY SUSTAINABLE. I THINK WHAT'S SURPRISING IS A
00:33:58LITTLE BIT OF AN UPTURN THAT'S
00:34:01BEEN A LITTLE SHARPER THAN
00:34:08EXPECTS. FOR ALL THIS BORROWING THIS
00:34:10DEBT HAS TO PAYOFF SO THAT THE
00:34:18BENEFIT CAN OUTRUN THE SPENDING
00:34:21AND OUTRUN THE DEBT.
00:34:24I WOULD CALL THIS AN
00:34:29OUTWATCHING BRIEF.
00:34:41MAJOR PRESSURES WILL CONTINUE,
00:34:42AND YOU KNOW, THERE WILL BE A COMPETITION FOR THESE
00:34:46RESOURCES. SO I THINK WE'LL HAVE TO WATCH
00:34:50THESE NUMBERS AND MAKE SURE
00:34:52THEY'RE NOT OUTCOMPETING OTHER
00:34:56PRIORITIES THAT CANADIANS HAVE.
00:34:59>> Rosemary: I'LL LET DAVID THROW A QUESTION YOUR WAY
00:35:01BEFORE I GET TO MY NEXT GUEST. >> David: YEAH, ON THE COMBINED
00:35:05SPENDING ON DEFENCE, ABOUT
00:35:08$157.5 BILLION BY THE END OF
00:35:11THIS NEXT DECADE PLUS $85
00:35:18BILLION, I'M NOT SAYING THIS IS
00:35:18A CRISIS OR AN UNSUSTAINABLE
00:35:22THING, IT'S WORTH LOOKING AT.
00:35:24WHEN 35% OF SPENDING IS GOING
00:35:29TO ARMED SERVICES, IT'S GOING
00:35:32TO OUTSTRIP HEALTH AND OTHER THINGS BY THE END OF THIS
00:35:36DECADE. >> THE HARPER GOVERNMENT TURNED
00:35:40TO THE DEFENCE FUNDS AND IT
00:35:43BECAME A SOURCE OF FUNDS OF
00:35:46GETTING BACK TO BALANCE AFTER
00:35:49ALLOCATING LARGE AMOUNTS TO
00:35:57THAT. EVERY EVERYTHING'S GOING TO BE FAIR
00:36:00GAME AFTER TRUMP IN THIS BUDGET AND I THINK THE GOVERNMENT IS
00:36:04GOING TO HAVE TO HAVE A RETHINK, AS WELL, OF WHAT THAT
00:36:08CEILING LOOKS LIKE IN TERMS OF DEFENCE SPENDING AND THE
00:36:12ACCUMULATING DEBT AND THE IMPACT AND THE RESULTS OF THIS
00:36:14ECONOMIC STRATEGY THAT'S GOING TO HOPEFUL HAVE AN IMPACT ON
00:36:18THE ECONOMY BUT IS CERTAINLY
00:36:21GOING TO LEAVE US WITH SOME
00:36:23ADDITIONAL DEBT. >> Rosemary: ALWAYS GOOD TO
00:36:26HAVE YOU IN THE LOCK UP UNDERSTANDING THIS AND HELPING
00:36:30ME TO UNDERSTAND THIS.
00:36:32>> MY PLEASURE. >> Rosemary: OBVIOUSLY THE
00:36:36ENTIRE DOCUMENT IS RESPONDING TO THE TRADE WAR AND DONALD
00:36:39TRUMP BUT IS THERE ANY PARTICULAR SECTORS THAT HAVE
00:36:43BEEN HARDEST HIT? >> David: THERE'S EXTRA MONEY
00:36:46FOR RESCALING FOR WORKERS BUT
00:36:49YOUR NEXT GUEST IS IN THE
00:36:54FORESTRY SECTOR.
00:36:57$6.5 BILLION TO TRANSFORM CANADA'S FORESTRY SECTOR.
00:37:01TO GIVE YOU AN IDEA, $500
00:37:04MILLION OVER SIX YEARS NOT
00:37:06STARTING UNTIL 2027-28 SO INTO NEXT YEAR.
00:37:09NATURAL RESOURCES CANADA, FIBRE
00:37:12SUPPLY CHAIN SUPPORT PROVINCES,
00:37:15TERRITORIES, AND INDUSTRY ENFORCING STEWARDSHIP.
00:37:18$2 BILLION OVER SIX YEARS FOR
00:37:19THE SECTOR TO MODERNIZE THE
00:37:23INDUSTRY AND EQUIPMENT AND STARTING IN 2028 TO SUPPORT A
00:37:27NEW FOREST SECTOR ACCELERATOR
00:37:29TO MAKE INVESTMENTS IN NEW LARGE SCALE FACILITIES AND
00:37:33MOVING THE THINGS LIKE
00:37:37BIOREFINERIES AND BIOFUEL
00:37:44FACILITIES.
00:37:44EXPORT CANADA AND BUSINESS
00:37:48DEVELOPMENT CANADA, THEY'RE GOING TO MERGE. THERE'S ABOUT $6.5 BILLION
00:37:52THERE TO HELP THE FORESTRY
00:37:54SECTOR TO INVEST, DIVERSIFY,
00:37:56LOOK FOR NEW MARKETS AND THE DOMESTIC BUILDING AGENDA WILL
00:37:59LEAN HEAVILY ON CANADIAN LUMBER.
00:38:02>> Rosemary: THAT IS THE PERFECT SEGUE TO OUR NEXT
00:38:06GUEST, THE PRESIDENT OF THE
00:38:07FOREST PRODUCTS ASSOCIATION OF CANADA.
00:38:10DEREK, NICE TO SEE YOU.
00:38:14>> YOU TOO, ROSEMARY. >> Rosemary: THE REASON WE
00:38:16WANTED TO TALK TO SOMEONE IN THE FORESTRY SECTOR IS BECAUSE
00:38:20OF HOW HARD IT WAS HIT BY DONALD TRUMP.
00:38:24I THINK THERE'S 35% TARIFFS ON
00:38:26SOFTWOOD BUT IT'S COMING UP TO 50% ON CABINETS.
00:38:29IT'S JUST UNRELENTING ON THIS PARTICULAR SECTOR.
00:38:32SO FROM WHAT DAVID SAID ABOUT THIS PARTICULAR SECTOR THAT IS
00:38:36TARGETING TOWARDS YOU, WHAT IS YOUR REACTION TO HOW SERIOUSLY
00:38:39THE GOVERNMENT IS TAKING SOME OF THESE THREATS?
00:38:41>> WELL, MAYBE I'LL START WITH
00:38:43MY 200,000 EMPLOYEES AND THE THOUSANDS OF CONTRACTORS
00:38:46WORKING IN THE FORESTS ACROSS THE COUNTRY WHO ARE STRUGGLING
00:38:49WITH FUEL COSTS, BRACING FOR HOME HEATING FUEL COSTS THIS
00:38:52WINTER, SO I THINK WE BROADLY
00:38:55WELCOME THE FOCUS ON AFFORDABILITY ON BEHALF OF THE
00:38:58EMPLOYEES AND FAMILIES IN OUR SECTOR.
00:39:01I THINK FOR OUR INDUSTRY, THE MONEY FOR INNOVATION IS WELCOME
00:39:05BUT THAT'S JUST ONE LEG ON THE STOOL. THE ON GOING MARKET ACCESS
00:39:09PIECE, MAKING PROGRESS ON THE TRADE FILE WITH THE U.S., WE
00:39:12HAVE OVER $10 BILLION OF
00:39:15PRODUCTS THAT ARE TARIFFED OR DUTIED ANYWHERE FROM 25% TO
00:39:1985%. THAT'S SIGNIFICANT, AND THEN
00:39:21THE OTHER BIG PIECE, THERE WAS
00:39:23MENTION THAT CAME OUT IN THE
00:39:25BUDGET, A NEW TRANSFORMATION
00:39:29BUDGET FOR THE SECTOR THAT WILL BE RELEASED WITHIN WEEKS.
00:39:33THAT'S WHERE OUR INDUSTRY THAT'S REALLY REGULATED
00:39:36FEDERALLY, THAT WE'VE GOT PROVINCIAL AND FEDERAL ALIGNMENT ON REGULATION.
00:39:38SO IF WE WANT TO BRING MORE
00:39:40INVESTMENT INTO CANADIAN FORESTRY, HAVING THOSE
00:39:43PROGRAMMES IS BASE BUT WE NEED THAT CERTAINTY ON THE LAND BASE AND THAT CERTAINTY AND
00:39:47PREDICTABILITY IN THE REGULATORY SPACE, AS WELL. >> Rosemary: THANK YOU FOR
00:39:51POINTING OUT THE AFFORDABILITY MEASURES, OF COURSE, THAT WOULD
00:39:54AFFECT WORKERS. IS THERE ANYTHING IN TERMS OF
00:39:58RETRAINING OR SUPPORT FOR WORKERS WHO ARE CURRENTLY NOT
00:40:01WORKING BECAUSE THERE ARE PULP AND PAPER MILLS THAT HAVE HAD
00:40:05TO SHUTDOWN ACROSS THE COUNTRY?
00:40:08>> WE'VE LOST SINCE JANUARY ABOUT 5,000 EMPLOYEES WHO HAVE
00:40:11LOST THEIR JOB IN THE SECTOR, AND I THINK LOSING ONE JOB IS
00:40:15DEVASTATING, LIKE -- AND THESE ARE COMMUNITIES WHERE THE MILL
00:40:18EMPLOYING 200, 300, 400 PEOPLE
00:40:20IN A TOWN OF A COUPLE HUNDRED THOUSAND.
00:40:24THAT'S MASSIVE.
00:40:27WE'VE BEEN PRETTY RESILIENT BROADLY. I'D SAY THE PROGRAMMING TO
00:40:30DATE, YOU KNOW, DAVID TALKED A LITTLE BIT ABOUT THE EXISTING PROGRAMMING.
00:40:33I THINK ON THE WORKERS' SIDE
00:40:36IT'S BEEN PRETTY ROBUST AND WE NEED TO CONTINUE TO WATCH THAT
00:40:39TO MAKE SURE, I KNOW, AND I
00:40:53THINK THOSE PROGRAMMES ARE IN PRETTY GOOD SHAPE BUT IN THE
00:40:57LONG-TERM WE NEED TO MAKE SURE
00:40:59THAT IT'S CONTINUING TO MEET
00:41:03THE MOMENT. >> Rosemary: WE ARE STANDING BY
00:41:06TO HEAR FROM PIERRE POILIEVRE,
00:41:08THE CONSERVATIVE LEADER.
00:41:19OBVIOUSLY THERE'S A LIBERAL
00:41:21MAJORITY IN THE HOUSE NOW SO
00:41:27THAT'S WHY IT WILL BE PASSED.
00:41:28LET'S BRING IN THE "AT ISSUE" PANEL BECAUSE THEY'VE ALSO BEEN
00:41:32LOOKING AT THE BUDGET IN THE
00:41:34LOCK-UP THROUGH THE COURSE OF
00:41:38THE DAY.
00:41:39ANDREW COYNE AND ALTHIA RAJ IS
00:41:44IN THE ROOM. I FEEL A LITTLE BIT JEALOUS
00:41:48THAT YOU GUYS GOT TO READ EVERY PAGE BECAUSE I HAVE NOT DONE
00:41:50THAT YET. ANDREW, LET'S GET YOUR KIND OF
00:41:54SENSE OF WHAT KIND OF BUDGET WE ARE LOOKING AT HERE TODAY.
00:41:57>> Andrew: WELL, I'VE HEARD OF
00:42:00STRANGE THINGS TO BE JEALOUS ABOUT.
00:42:02>> Rosemary: YOU KNOW ME. >> Andrew: THIS IS A MORE THAN
00:42:05USUALLY OPAQUE AND A MORE THAN
00:42:10USUALLY COMPLACENT BUDGET. THE FIRST THING THAT WAS ODD
00:42:13WAS THIS BUDGET FOR LAST YEAR,
00:42:1825-26, WAS NOT $65 BILLION BUT
00:42:22$39 BILLION. EXTRAORDINARY REVISION.
00:42:25IT GOT EVEN ODDER WHEN YOU LOOK
00:42:28AND SEE THE SAME PROJECTIONS IN
00:42:32SPENDING AND REVENUES. YOU THINK OKAY, WELL, MAYBE THE
00:42:35SAME ERROR WILL WORK IN OUR
00:42:38FAVOUR ON THE DEFICIT LAST TIME.
00:42:41NO, THE DEFICIT IS EXACTLY THE
00:42:46SAME. THEY TOOK THAT WINDFALL AND
00:42:47THEY SPENT VIRTUALLY ALL OF IT
00:42:50AT A TIME WHEN ECONOMISTS ARE
00:42:52BEGGING, WOULD YOU PLEASE GET SERIOUS ABOUT THE DEBT.
00:42:55THERE'S VERY LITTLE ON THAT FRONT, THERE'S VERY LITTLE ON
00:42:58THE PRODUCTIVITY FRONT.
00:43:01IT'S JUST ABOUT THE SAME AS
00:43:03THAT BUDGET LAST YEAR.
00:43:06>> Rosemary: WE'LL GET TO THAT IN A MOMENT BUT WOULD YOU SAY
00:43:09IT'S NEEDED BECAUSE CANADIANS ARE FEELING THE PINCH OF THINGS
00:43:12AND HOUSING IS AN ISSUE. I DON'T KNOW, DID ANY OF IT
00:43:16MAKE SENSE? >> Andrew: SURE, NO. THE ISSUE ISN'T THAT EVERY
00:43:19SINGLE PROGRAMME OR THING ISN'T A GOOD PROGRAMME, THE ISSUE IS
00:43:22IT'S GOING TO ALL ADD UP SO IF YOU'RE GOING TO SPEND MORE IN
00:43:26SOME AREAS YOU SHOULD BE ABLE
00:43:28TO FIND $500 MILLION IN THE
00:43:31BUDGET IN SAVINGS ELSEWHERE.
00:43:37>> Rosemary: ALTHIA, WHAT ABOUT YOU?
00:43:40THE SPENDING AND THE RESTRAINT THAT THIS GOVERNMENT LOVES TO TALK ABOUT?
00:43:44>> Althia: WELL, I THINK ANDREW
00:43:46AND I AGREE THAT YOU HAVE NO
00:43:48REASON TO BE ENVIOUS OF US. >> Rosemary: JUST LET ME.
00:43:52JUST LET ME. [laughter]. >> Althia: I FIND IT
00:43:56INTERESTING WHEN YOU ASKED THE QUESTION AND WHEN FINANCE
00:44:00MINISTER FRANCOIS-PHILLIPE CHAMPAGNE WAS ASKED ABOUT SPENDING ISSUES AND HE SAID, WE
00:44:03HAD TO SPEND ON AFFORDABILITY
00:44:05BECAUSE IT WOULD SEEM THAT WE
00:44:09DIDN'T IF WE DIDN'T. IT'S ACTUALLY ONE-THIRD OF THE BUDGET, TWO THIRDS OF THE
00:44:13BUDGET HAVE NOTHING TO DO WITH AFFORDABILITY MEASURES.
00:44:15THEY HAVE TO DO WITH GROWTH. NOT TO SAY THAT'S NOT A GOOD
00:44:19POINT BUT THE CRITICAL ANGLE IS
00:44:24PLACED ON AFFORDABILITY.
00:44:29IS IT A GOOD IDEA THAT TECH
00:44:30BROS GET A $15 MILLION TAX CUT THROUGH CAPITAL GAINS.
00:44:34COULD THE MEGASUPER DEDUCTION
00:44:37HAVE BEEN A LITTLE BIT LESS GENEROUS THAT COULD HAVE
00:44:41ALLOWED MORE DEBT ROOM, ALLOWED MORE DEBT PAYMENTS?
00:44:44MAYBE THAT'S NOT WHAT ANDREW
00:44:46WOULD LIKE TO SEE BUT IT'S AN
00:44:49INTERESTING BALANCING ACT.
00:44:51THEY CLEARLY, POLITICALLY AS A DOCUMENT WERE INTERESTED IN
00:44:54PROTECTING THE LEFT FLANK.
00:44:56WE SEE THAT AS AN EXAMPLE WITH HOMELESSNESS.
00:44:59THE FINANCE MINISTER FOR HIM SAID THAT'S THE MOST IMPORTANT
00:45:02THING IN THIS BUDGET BUT IT'S A COMMITMENT WITH A LARGE DOLLAR
00:45:06FIGURE OVER TEN YEARS BUT REALLY RELIES ON BUY-IN FROM THE PROVINCES.
00:45:10SO THIS BUDGET SETS UP A LOT OF THINGS THAT YOU EITHER WILL
00:45:14EXPECT THE FEDS WILL HAVE TO
00:45:17DOLE OUT A HELL OF A LOT MORE MONEY OR YOU'RE GOING TO GET
00:45:20INTO A TIFFY WITH THE PROVINCES
00:45:23OVER WHETHER IT'S THIS HOUSING PROGRAMME, WHETHER IT'S HEALTH
00:45:26CARE. IT'LL BE INTERESTING TO SEE WHAT MATERIALIZES AND MAYBE I
00:45:30COULD ADD AN ASTERISK, THAT
00:45:33HOUSING AND ENDING POVERTY BY 2030. WE ARE NOT CLOSE TO MEETING
00:45:37THAT AT ALL.
00:45:38THIS IS A PROMISE BY JUSTIN
00:45:44TRUDEAU. GOVERNMENTS OFTEN MAKE LOFTY
00:45:46PROMISES BUT DON'T ALWAYS FOLLOW-THROUGH.
00:45:50>> Rosemary: OKAY. ROB, LET'S GO BACK TO YOU.
00:45:53HOW WOULD YOU ASSESS THIS, THIS
00:45:55POLITICAL MOMENT, BECAUSE
00:45:58ALTHIA'S RIGHT, FROM A POLITICAL PERSPECTIVE
00:46:01AFFORDABILITY HAD TO BE ADDRESSED BUT THE OTHER THINGS
00:46:05WERE IMPORTANT TO THE PRIME MINISTER AND THE FINANCE MINISTER.
00:46:08>> Rob: YEAH, I HEARD DAVID EARLIER DESCRIBE THIS AS A
00:46:11CENTRAL BANKER'S BUDGET.
00:46:14I'D SAY AN INVESTMENT BANKER.
00:46:16A CENTRAL BANKER WOULD HAVE SHOWN A LITTLE BIT MORE RESTRAINT.
00:46:20GOVERNMENTS HAVE TO DECIDE WHERE THEY'RE GOING TO CUT WHEN
00:46:23THEY MAKE A BUDGET THESE DAYS
00:46:26AND THE ANSWER IS NOWHERE. WHERE ARE THEY SPENDING? THEY'RE SPENDING, IF YOU LOOK
00:46:30AT IT, TO TAKE THE TOTAL EXTENT
00:46:41OF THE ECONOMY FROM 32% TO 35%.
00:46:45CARNEY IS INVESTING IN THINGS
00:46:49LIKE COHERE, RAILWAYS, HIGH
00:46:51SPEED RAILWAYS, THOSE SORTS OF
00:46:53THINGS.
00:46:56DID HE NEED TO, AS ALTHIA SAID,
00:46:59SPEND MONEY ON THINGS LIKE
00:47:03AFFORDABILITY? I ASKED OUR PRODUCER HERE AT
00:47:05THE SHOW TO LOOK UP HOW OFTEN
00:47:08THE WORD "BRIDGE" IS USED IN THE DOCUMENT AND IT'S 74 TIMES. WHY?
00:47:12BECAUSE HE KEEPS SAYING THROUGHOUT THE DOCUMENT HE'S GOT TO BUILD A BRIDGE FOR THE
00:47:16PEOPLE WHO ARE HURTING BUT IN
00:47:18THE MEANTIME HE'S ASKING US TO
00:47:21ACCEPT THAT HE'S GOING TO SPEND
00:47:24A LOT MORE AND THERE ARE RISKS INVOLVED WITH THAT.
00:47:27THE OBVIOUSLY RISK, OF COURSE, IS THERE AN INCREASE IN INTEREST RATES?
00:47:31IF THAT HAPPENS THEN THE COST OF SERVICING THE DEBT WHICH IS
00:47:35BEING ACCUMULATED AT A
00:47:41FORMIDABLE RATE IS GOING TO BE A PROBLEM.
00:47:44I THINK ANOTHER POSSIBLE RISK IS IMMIGRATION. THE GOVERNMENT HAS DECIDED TO
00:47:47HOLD THE LINE ON IMMIGRATION WHILE SAYING THERE'S A SKILLED
00:47:51TRADES CRISIS BREWING. THAT MIGHT BE A RECIPE FOR
00:47:54INFLATION CERTAINLY IN THOSE
00:47:55AREAS AND A PROBLEM IN GETTING
00:48:04THINGS LIKE THE HOUSING BUILT, WHICH THEY VOW, THEY FAILED TO
00:48:07MEET THEIR TARGETS ON BUILDING
00:48:11NEWHOUSING, AS WELL. >> Rosemary: WE TALKED A LITTLE
00:48:13BIT EARLIER, DAVID AND I,
00:48:15ANDREW, ABOUT HOW IT'S A GAMBLE TOWARDS HIS VIEW ABOUT HOW THE
00:48:19ECONOMY WITH GROW. THAT'S KIND OF WHAT -- THIS IS
00:48:22THE NEXT STEP IN THAT. DO YOU SEE A WAY THAT THE
00:48:25GAMBLE PAYS OFF, THAT THE
00:48:26GROWTH THAT HE WANTS TO GET WILL WORK?
00:48:30>> Andrew: WELL, IT'S
00:48:33CONCEIVABLE, YEAH. IT'S A GAMBLE WITH OTHER PEOPLE'S MONEY.
00:48:37THE DIFFERENCE IN THIS AND AN INVESTMENT BANKER IS NOT JUST
00:48:40OTHER PEOPLE'S MONEY BUT THERE'S SOME WORKED-OUT METHOD
00:48:44OF CALCULATING THE RETURN ON INVESTMENT WITH PRIVATE INVESTMENT.
00:48:47WITH GOVERNMENT, IT'S THE NATURE OF GOVERNMENT, IT'S
00:48:51HARDER TO DO SO. WHAT'S THE RETURN OF INVESTMENT ON A RAILWAY?
00:48:55WE WON'T KNOW AND WE WON'T KNOW
00:48:57UNTIL LONG AFTER WE'RE DEAD.
00:48:59THE PAY-OFF FOR BORROWING TO
00:49:03THIS EXTENT ISN'T CLEAR. IT DOESN'T MEAN YOU SHOULD DO
00:49:06IT BUT THE GOVERNMENT IT MAKING THIS DISTINCTION WE SHOULD
00:49:10BORROW NOW EVEN IF WE'RE SPENDING 14 CENTS OR HEADING TO
00:49:1314 CENTS OF INTEREST ON EVERY DOLLAR.
00:49:17IT'LL BE FINE BECAUSE IT'S AN INVESTMENT.
00:49:20WELL, NOT EVERYTHING IS AN INVESTMENT AND NOT EVERYTHING
00:49:23THAT'S AN INVESTMENT WILL PAY THE KINDS OF RETURNS TO THE
00:49:26GOVERNMENT THAT WILL MAKE THE
00:49:30BORROWING COSTS WORTH IT. >> Rosemary: ALTHIA?
00:49:33>> Althia: I WOULD SAY THEY'RE NOT JUST GAMBLING WITH OUR
00:49:36MONEY, THEY'RE GAMBLING WITH OTHER PEOPLE'S MONEY.
00:49:40WHAT'S INTERESTING TO ME IS
00:49:42THIS IS IDEA LOGICALLY A BUDGET
00:49:44THAT'S ALL OVER THE MAP.
00:49:49IT'S IDEAALISTIC BECAUSE OF ALL
00:49:53THE MONEY THEY'RE SPENDING AND THEY'RE DUMPING THE FUTURE ON
00:49:57IMMIGRATION AND DEBT AND THAT
00:49:58IS TAKING A HUGE CHUNK OF OTHER
00:50:02PROGRAMMES THAT ARE COMING DOWN THE LINE LIKE HEALTH CARE BUT
00:50:04IN SOME WAYS IT'S RATHER CONSERVATIVE.
00:50:07IT'S HIGHLIGHTING THAT THEY'RE GOING FORWARD WITH THAT PROMISE
00:50:09ON PRIVATIZING AIRPORTS, ALSO
00:50:11SIGNALLING THAT THEY'RE LOOKING
00:50:14AT OTHER THINGS TO PRIVATIZE, SO IDEA LOGICALLY IT'S A LITTLE
00:50:17BIT ALL OVER THE MAP. YOU CAN'T FIT IT NEATLY INTO A
00:50:21LITTLE BOX. >> Rosemary: I'VE GOT 20 SECONDS TO YOU, ROB, BECAUSE I
00:50:24WANT TO GO TO PIERRE POILIEVRE INSIDE THE HOUSE.
00:50:28>> Rob: YEAH, I WOULD SAY THEY BELIEVE THEY'RE HEDGING THEIR BETS BECAUSE A LOT OF BIG
00:50:32SPENDING ITEMS, I'M THINKING DEFENCE IN PARTICULAR, WON'T
00:50:35HAPPEN FOR YEARS SO LET'S NOT
00:50:37END UP SURPRISED IF WE DON'T
00:50:39END UP GETTING TO 5% SPENDING
00:50:43OF G.D.P. BY THEIR TARGET OF
00:50:492031-32. >> Rosemary: ALL RIGHT. YOU WILL BE BACK ON "AT ISSUE"
00:50:52AT NORMAL. WE'LL SEE YOU ALL LATER ON "THE NATIONAL" TONIGHT.
00:50:56LET'S GO INSIDE THE HOUSE OF COMMONS NOW WHERE CONSERVATIVE
00:50:59LEADER PIERRE POILIEVRE IS GIVING CANADIANS THE CONSERVATIVE RESPONSE TO THE BUDGET.
00:51:03[Applause]
00:51:06>> The Hon. Pierre Poilievre: FIRST, OUR DEMANDS, LET'S GO
00:51:09THROUGH THE FACTS ONE BY ONE. FIRST, OUR DEMANDS.
00:51:12WE ASK THE PRIME MINISTER TO
00:51:14CUT GAS PRICES BY 20 CENTS A
00:51:17LITRE AND $1200 PER FAMILY BY
00:51:21ELIMINATING ALL FEDERAL TAXES AT THE PUMP.
00:51:24NOT ONLY DID THE PRIME MINISTER
00:51:27FAIL TO DO THAT HE INTENDS TO
00:51:29RAISE GAS TAXES EARLY NEXT YEAR
00:51:31WHICH WILL MEAN THAT CANADIANS
00:51:34WILL PAY MORE NOT ONLY AT THE
00:51:35PUMP BUT ALSO FOR EVERY SINGLE
00:51:39ITEM THAT ARRIVES AT THE GROCERY STORE.
00:51:41SECOND, WE ASK THEM -- ASKED THEM TO CUT WASTE.
00:51:44INSTEAD THE PRIME MINISTER IS GROWING SPENDING IN THIS BUDGET
00:51:48BY AN EYE-WATERING $150
00:51:51BILLION. THIRD, WE ASKED THE PRIME MINISTER TO KEEP HIS PROMISE
00:51:55FROM THE ELECTION TO LOWER THE
00:51:58DEBT-TO-G.D.P. RATIO SO THAT
00:52:02OUR DEBT NO LONGER GOBBLES UP SO MUCH OF THE RESOURCES NEEDED
00:52:05FOR HEALTH CARE AND OTHER BASIC
00:52:10BENEFITS. INSTEAD THE PRIME MINISTER HAS OFFICIALLY BROKEN THAT PROMISE TODAY.
00:52:13AS I SAID, THE PRIME MINISTER
00:52:15WILL ADD $765 BILLION TO OUR
00:52:19NATIONAL DEBT, THE SINGLE
00:52:22BIGGEST BORROWING BINGE IN CANADIAN HISTORY.
00:52:25MORE THAN TRUDEAU, MORE THAN DURING COVID, MORE THAN ANY
00:52:28OTHER GOVERNMENT IN THE HISTORY
00:52:31OF THIS COUNTRY, AN AMOUNT THAT WILL LEAD TO HIGHER INFLATION
00:52:35AND INTEREST RATES TODAY AND HIGHER TAXES DOWN THE ROAD.
00:52:38THE SINGLE BIGGEST ITEM IN --
00:52:41OF SPENDING GROWTH IN THIS
00:52:43BUDGET IS NOT SENIORS'
00:52:46PROGRAMMES, NOT HEALTH CARE, NOT SECURITY.
00:52:49NOT SOVEREIGNTY, BUT THE OPPOSITE.
00:52:52IT IS INTEREST ON THE NATIONAL DEBT.
00:52:54IN FACT, SENIORS, SINGLE MOMS,
00:52:57AND SMALL BUSINESSES WILL NOW
00:52:59HAVE TO SPEND ABOUT $60 BILLION
00:53:04EVERY YEAR ON INTEREST TO BANKERS AND BOND HOLDERS. THAT'S RIGHT.
00:53:08MONEY FOR BANKERS AND BOND
00:53:10HOLDERS INSTEAD OF NURSES AND DOCTORS.
00:53:13>> Rosemary: OKAY. THAT'S SOME OF THE INITIAL RESPONSE THERE FROM THE
00:53:17CONSERVATIVE LEADER PIERRE POILIEVRE.
00:53:18NOT SURPRISING THAT HE IS
00:53:23ATTACKING THE GOVERNMENT FOR INCREASING NOT ONLY THE DEFICIT, DEFICIT, OF COURSE,
00:53:26BUT THE SIZE OF THE DEBT AND DEBT SERVICING THAT OF COURSE
00:53:28ALL OF US WILL HAVE TO PAY OVER
00:53:31TIME.
00:53:33CBCs PETER ARMSTRONG IS SENIOR BUSINESS REPORTER.
00:53:36HE WAS INSIDE THE LOCK-UP
00:53:39TODAY.
00:53:40IN TERMS OF A BUSINESS
00:53:44PERSPECTIVE, PEOPLE THERE WERE FEELING A LOT OF PRESSURE.
00:53:48DO YOU HAVE ANY RESPONSE? >> Peter: ONE.
00:53:51THERE'S A LOT OF THINGS THAT ARE INTERESTING IN THIS AND THE
00:53:55ON THE OTHER HAND THERE'S A LOT
00:53:57OF THINGS THAT BUSINESSES WERE
00:53:59ASKING FOR THAT DIDN'T GET ADDRESSED.
00:54:02THERE'S GOING TO BE A TONNE OF BUSINESSES THAT SAID YOU GAVE
00:54:05GREAT SUPPORTS TO ALL OF THESE MASSIVE INDUSTRIAL SECTORS AT
00:54:08THE BEGINNING OF THE TRADE WAR. THEY ARE THE ONES THAT ARE
00:54:10BEING HIT HARDEST IN THE TRADE WAR TODAY AND THEY DIDN'T GET
00:54:13VERY MUCH IN THIS BUT YEAH, THE CAPITAL GAINS TAX, THAT'S GOING
00:54:17TO INDUCE INVESTMENT, THAT'S
00:54:19GOING TO CONVINCE PEOPLE TO BUILD THEIR COMPANY HERE RATHER
00:54:23THAN SOMEWHERE ELSE AND IF YOU SELL THE COMPANY YOU CAN KEEP A
00:54:25LOT MORE OF THE PROFITS IF YOU
00:54:29REINVEST IT HERE IN CANADA.
00:54:33IT'S SOMETHING WE'VE BEEN TALKING ABOUT FOR 20 YEARS.
00:54:36THE REAL CATALYST THERE IS THE E.U. DEAL.
00:54:39THEY'VE MADE THAT A CONTINGENT
00:54:41ON ONE OF THE DEALS MOVING FORWARD.
00:54:43THEY'RE OPENING UP CANADIAN FOREIGN BANKS COMPETITION WHICH
00:54:47IS SOMETHING THAT WE'VE TALKED ABOUT FOR A REALLY LONG TIME.
00:54:50THEY'RE ALLOWING THE MECHANISMS TO DO THAT AND THE STUFF IN THE
00:54:54BANKING COMMUNITY TO ALLOW THAT TO HAPPEN.
00:54:56THE MERGING OF E.D.C. AND
00:54:59B.D.C., THIS IS SUCH A CARNEY MOVE, THE FOCUS IS GOING TO BE
00:55:02GETTING THE MONEY OUT THE DOOR AND WHO CARES ABOUT THE
00:55:06BUREAUCRACY BUT THOSE ARE TWO BIG ORGANIZATIONS THAT DO A LOT OF INTERESTING WORK AND THEY
00:55:10DON'T FIT EXACTLY ONE OVER THE TOP OF OTHER. >> Rosemary: THERE'S A LOT OF
00:55:13PEOPLE WORKING AT BOTH OF T
00:55:17THOSE. >> Peter: AND THERE'S A LOT OF CROSSOVER. I JOKED WITH YOU EARLIER, AND
00:55:21I'M GOING TO SOUND LIKE A ROB
00:55:24RUSSO COVER BAND.
00:55:25THIS IS MOSTLY ABOUT THE
00:55:28MEGAPRODUCTIVITY DEDUCTION AND GETTING THAT MOVING FORWARD. IT'S ABOUT SORT OF LAYING OUT
00:55:32THE BET THAT THEY'VE MADE THAT THEY CAN GROW THE ECONOMY IF
00:55:36THEY CAN BUT THE LINE THAT STOOD OUT TO ME IS EVEN
00:55:39THOUGH -- WE SAY THE GREAT FISCAL CAPACITY CANADA HAS, WE
00:55:43STILL HAVE RISKS GOING FORWARD
00:55:44IN BORROWING $85.5 BILLION BY
00:55:47THE END OF THIS EVENT HORIZON IS 2031.
00:55:50DONALD TRUMP WILL BE TWO YEARS OUT OF OFFICE BY THAT TIME AND
00:55:54HERE'S THE LINE IN THE BUDGET. IT MEANS PUBLIC DEBT CHARGES
00:55:57HAVE INCREASED BY AN AVERAGE OF
00:56:00$2.5 BILLION PER YEAR DUE TO THE HIGHER PROJECTED INTEREST RATES.
00:56:04THE BOND MARKET LIKES US MORE THAN OTHER PEOPLE BUT IT'S
00:56:06PAYING ATTENTION AND IT CAN MOVE PRETTY FAST. >> Rosemary: EXCEPT IN THIS
00:56:10POLITICAL CLIMATE WITH THE POPULARITY THIS GOVERNMENT AND THIS PRIME MINISTER HAS IN THIS
00:56:13MOMENT IF YOU'RE GOING TO BORROW MONEY AND HAVE TO
00:56:16SERVICE THE DEBT AT THAT RATE THIS IS PROBABLY THE TIME WHERE
00:56:19HE CAN GET AWAY WITH IT. >> Peter: 100%, AND THAT'S NOT
00:56:23TO SAY THE BET ISN'T THE RIGHT ONE.
00:56:26I THINK MOST PEOPLE WOULD AGREE, BUT IT'S STILL A BET.
00:56:30>> Rosemary: I'M ROSEMARY BARTON. THERE'S STILL LOTS MORE BUDGET
00:56:33COVERAGE ON HEAD ON "POWER &
00:56:38POLITICS." DA "AT ISSUE" WILL DIG INTO IT
00:56:42MORE ON "THE NATIONAL" AGAIN TONIGHT. THANK YOU FOR >> Will
01:00:18[ ♪♪ ]
01:00:25>> DAVID: HI THERE. THIS IS POWER & POLITICS.
01:00:28I'M DAVID COCHRANE IN OTTAWA WHERE MARK CARNEY'S GOVERNMENT
01:00:31HAS JUST TABLED THEIR SECOND
01:00:33FEDERAL BUDGET GIVING US A FRESH
01:00:35LOOK AT THE ECONOMIC AND FISCAL
01:00:37COSTS OF THE U.S. TRADE WAR.
01:00:39WHILE THE FINANCE MINISTER AND
01:00:42PRIME MINISTER PLT PLOT OUT THER
01:00:47PLAN FOR THE ECONOMY AND WHILE
01:00:49PEOPLE PAY STRUGGLE TO PAY THEIR
01:00:54BILLS.
01:00:55>> HELPING CANADIANS GET AHEAD
01:00:58AND BUILD A STRONGE