Good morning. It is a great pleasure to join you here. Mayor Sutcliffe.

As the Member of Parliament for Nepean and as a proud resident of Ottawa throughout much of my life, my commitment and connection to this city run deep.

A dedication shared by everyone in this room today.

As many of us know, the name Ottawa comes from the Algonquin word Adawe – “to trade.”

Trade is fundamentally about partnership.

That’s how the Mayor and I work together – starting with breakfast at John’s Diner on Wellington West my first morning as Prime Minister.

Looking to today, it’s great how quickly our breakfasts and partnership can grow!

Ottawa succeeds when our governments, community organisations, businesses, and workers are pulling in the same direction.

We must draw on that spirit of partnership more than ever.

Because as the global economy is transformed, many of Canada’s strengths have become our vulnerabilities.

We estimate that U.S. tariffs and the uncertainty they’re causing will wipe $50 billion from our economy – the equivalent of $1,300 for every Canadian.

We are at a breaking point, which means we must radically transform our economic strategy without delay.

The U.S. has changed. That’s their right.

We must respond. That’s our imperative.

Budget 2025 is our government’s strategy for Canada to meet this challenge and emerge even stronger.

The Budget builds Canada strong by focusing on what we can control:

• Building at home to protect and empower Canadians.
• Boosting our productivity to drive lasting prosperity.
• Transforming how government works for you.
• Diversifying our trade partners abroad to create more opportunity and greater independence.

Our Budget is designed to unleash $1 trillion in total investment in Canada over the next five years.

That alone will increase our GDP by over 3.5% – $3,500 for every Canadian worker – twice what U.S. tariffs are taking from us.

This morning, I would like to explain what our national mission brings to Ottawa. And to do that, I will address three themes.

First, while we are delivering major national projects, we are also signing new local agreements to build more – and faster.

Second, while we protect our communities, we are funding local prevention programs.

And finally, while we create well-paid jobs and new industries across the country, we are investing in the National Capital Region – especially in defence and technology.

We are already realising important results. In the past three months, the Canadian economy has created 181,000 jobs, and the unemployment rate has fallen from 7.1% to 6.5%. Wages have grown faster than inflation every month this year.

To be clear, while this progress is encouraging, the headwinds are strong, so we are just getting started.

Let me begin with our core mission: Building.

Canada’s new government is catalysing generational investments to build our city and our country.

We are expanding investment tax credits for clean energy investment, including by public utilities, and our new Productivity Super-Deduction strengthens Canada’s position as the most tax-competitive country in the G7 for new business investment.

These measures reduce Canada’s marginal effective tax rate to 13%, which is 4.5% lower than the U.S. and about half the G7 average.

We’ve already identified over $115 billion of investments in major projects across LNG, nuclear, hydro power, and critical minerals, and we are creating new trade and energy corridors to increase Canada’s economic strength, boost our independence, and drive sustainable prosperity.

We are proposing new strategies – in critical minerals, high-speed rail, clean energy, and data sovereignty – to build a more connected, sustainable, and productive economy.

Our new Defence Industrial Strategy will leverage the $80 billion increase in defence spending over the next five years to grow Canadian artificial intelligence, cyber, space, quantum, and other dual-use technologies.

Last week, we concluded negotiations to join the European Union’s (EU) SAFE initiative, unlocking access for Canadian suppliers to the $200 billion EU defence market.

The transformation of Canada’s defence capabilities is a major opportunity for Ottawa.

The National Capital Region is already home to 330 defence companies, 10,000 highly skilled employees, and four NATO DIANA Test Centres.

The city’s new Defence Innovation Hub strategy will help position Ottawa to become a global defence hub.

The federal government, including through our new Defence Investment Agency led by Doug Guzman, will fully support these ambitions – identifying the key sectors that maximise job creation and investment, including in dual-use applications.

For example, here in Ottawa, we’re supporting the Canadian Photonics Fabrication Centre – Canada’s only end-to-end pure-play compound semiconductor wafer manufacturing facility – through complementary investments in artificial intelligence and compute, and by exploring the potential to scale the Centre’s operations and attract private capital.

As we build big, we are also building local: hospitals, public transit, recreational facilities, arts centres – through the new $51 billion Build Communities Strong Fund, including the Bob MacQuarrie Recreation Complex in Orléans.

Through Build Canada Homes, we’re supercharging housing construction using new factory technologies – cutting building timelines by 50%, reducing costs by 20%, and lowering emissions by 20%.

Build Canada Homes has already announced its first four developments across the country, representing over 2,300 new affordable homes.

Building on this momentum, the Mayor and I are pleased to announce today an ambitious new partnership between Build Canada Homes and the City of Ottawa.

This partnership will accelerate the construction of up to 3,000 additional affordable homes in Ottawa through a joint investment of $400 million.

Under this agreement, the City will reduce or waive development charges, permit fees, and property taxes on priority projects for 2,000 new housing units.

And Build Canada Homes will deploy financing to help unlock an additional 1,000 housing units in the City’s portfolio.

We said we’ll move fast – shovels will be in the ground next year.

Ottawa and Build Canada Homes will also identify additional public lands to quickly launch new residential construction projects.

We are also mobilising the federal property portfolio.

In the new year, the federal government will transfer the Jackson Building to the Canada Lands Company, allowing us to transform this vacant downtown site into new affordable housing.

All projects under this partnership will follow a new standard: building Canadian – with Canadian workers, Canadian steel, and Canadian lumber.

By fast-tracking approvals, streamlining permitting and development, building faster on federal and municipal lands, and attracting private capital, this partnership is a model for how to build across this country.

As we build more of what we need, we must protect what we have by keeping Canadians safe.

That’s why, as soon as Parliament re-opened, our new government introduced the strongest border-security legislation in Canadian history – cracking down on gun trafficking and illegal drugs like fentanyl.

That’s why we’re strengthening the bail regime and sentencing laws to keep violent criminals and repeat offenders off our streets.

And we’re enacting tougher laws against hate crimes, gun violence, home invasions, gang violence, and intimate partner violence.

To address the root causes of crime, we are expanding mental-health supports, access to deeply affordable housing, and community programs that prevent substance abuse and gender-based violence.

For example, I can announce today that, to reinforce local capacity, the federal government is providing $1.2 million to the City of Ottawa and the Canadian Centre on Substance Use and Addiction – to better respond to the toxic drug crisis.

This funding will help improve services, provide recreational programs, and modernise data systems across health, housing, policing, and social supports.

My friends, when I meet people around the world, it is always clear that Canada has what the world wants – and the values to which others aspire.

Canada is proudly bilingual. As we deepen our global partnerships, the French language remains at the heart of our identity and our leadership abroad.

Today, I am pleased to announce that Canada will submit its candidacy to host the 2028 Francophonie Summit.

A bid that will strengthen our ties with 90 countries and governments, and showcase Canada’s Francophone identity — including Québec, Franco-Ontarian, and Acadian cultures.

And we want to host this Summit right here in the National Capital Region.

The Francophonie Summit will allow Canada to deepen trade and cultural exchanges across a global network of Francophone nations.

We are joined this morning by the Coordinator of the Francophone Ambassadors Group, His Excellency Appolinaire Aya, Ambassador of Congo, and by my Personal Representative for La Francophonie, Sébastien Carrière.

Ambassador, we are counting on your support to make this Summit a true success of North-South collaboration.

I would also like to thank Ontario Minister Caroline Mulroney, the Government of Ontario, and especially Parliamentary Secretary to the Minister of Foreign Affairs Mona Fortier for advancing this effort.

To conclude: the Outaouais is defined by partnership – across governments, business, academia, labour, and community organisations.

Today’s agreements on housing and public safety, and today’s launch of Canada’s Francophonie bid, reflect our shared determination to build together.

With national strategies catalysing major local opportunities in housing, defence, technology, and energy.

With the city, the province, and the country pulling in the same direction.

With unprecedented force and determination.

Whatever happens beyond our border, it’s our country.

We are taking back control of our future to build Nepean strong. To build Manotick strong. To build Vanier strong.

To build Ottawa strong, Gatineau strong, and Canada strong.

Thank you.