Good morning.

The world is more divided and dangerous. The impacts of foreign conflicts and accelerating technological change are being felt here at home.

Canada’s new government continues to focus on what we can control:

• Building a strong Canadian economy;
• Diversifying our trading partners abroad to increase our independence and support our prosperity;
• Delivering responsible fiscal management; and
• Supporting Canadians who are under pressure from everyday expenses with a boost today and a bridge to a better tomorrow.

We’re moving fast and getting results.

We have formed 20 economic and security partnerships across five continents in less than a year.

We already announced 15 nation-building initiatives that will create over 60,000 jobs and drive over $100 billion in new investment.

Our new Defence Industrial Strategy will catalyse half a trillion dollars of investment to build Canadian industry from aerospace to AI, while creating over 125,000 new jobs.

Build Canada Homes has already committed to deals for over 10,000 new homes, and it’s just getting started.

Through the new Build Communities Strong Fund, we will build new hospitals, public transit, and community centres.

Because a strong Canada means Kelowna strong, Brampton strong, and Laval fort.

And this fund will also lower your costs by slashing taxes and charges on new homes by up to $200,000 on a home in Ontario.

And we are building Canada into an energy superpower with measures to double the size of our electricity grid and harness Canada’s immense natural resources for reliable, affordable, clean power for all Canadians.

We are building Canada strong. A Canada that is not just for some, but for all, all of the time.

We will build a Canada that is not just strong, but good; not just prosperous, but fair; not just for some, most of the time, but for all, all of the time.

We have the right plan. We’re building big, we’re moving fast, and we’re just getting started.

But we know that the road ahead will not be straight. There will be bumps and steep climbs along the way – and the biggest payoffs will take some time.

We know Canadians are feeling the pressures of everyday expenses right now.

We know they need a boost today and a bridge to tomorrow.

That’s why Canada’s new government has been relentlessly focused on making life more affordable for Canadians.

We started as we mean to go on.

We cancelled the divisive consumer carbon tax on day one in government, driving gas prices down 18 cents per litre.

We cut taxes for 22 million middle-class Canadians, saving families up to $840.

First-time homebuyers are saving up to $50,000 since we eliminated the GST on homes priced at $1 million or under.

More than 12 million Canadians will have more money in their bank accounts this summer – up to $1,800 per family – through our new Canada Groceries and Essentials Benefit.

Five million low-income Canadians will get the benefits they are entitled to with the launch of automatic federal benefits.

And 400,000 children have access to healthy meals, while their parents are saving $800 a year on groceries because we have made the National School Food Program permanent.

Thanks to our new strategic partnership with China, we are making tens of thousands of affordable electric vehicles available in Canada.

Our decision to support the Canadian Radio-television and Telecommunications Commission’s initiative to expand mandatory wholesale market access in the telecommunications sector was made for one reason only: to lower the cost of high-speed Internet for Canadians. For you.

Now, because of the Iran war, fuel prices have increased sharply around the world, including here in Canada.

So we’re taking more action to help bridge over short-term pressures.

I am announcing today that Canada’s new government will temporarily suspend the full federal fuel excise tax from next Monday until Labour Day.

This will remove up to 10 cents per litre on gasoline and 4 cents per litre on diesel fuel.

Combined with our elimination of the consumer carbon tax, our government will have lowered the price of gas by up to 28 cents per litre.

The government is also temporarily suspending the federal fuel excise tax on aviation fuels.

That’s real relief for you and your family at the end of the day.

To be clear, today’s cut to the fuel excise tax is a responsible, temporary measure consistent with what it takes to build a stronger economy with sound fiscal management.

When Canadians are facing financial pressures, they carefully manage their expenses.

They expect their government to do the same.

That’s why, in Budget 2025, we made responsible choices to save Canadian taxpayers a total of $60 billion over five years.

We are spending less on government operations so Canadians can invest more to build a brighter future for all.

Responsible budgeting keeps your interest rates down, and it ensures we can protect the programs that make life more affordable for those who most need it – child care, dental care, pharmacare, and school food programs.

In the coming weeks, the Minister of Finance will present the Spring Economic Update, with the next steps in our plan to build a stronger, more independent, more resilient Canada for all.

During this time of global turmoil, Canadians are reminded of the lessons we have learned over the past year:

We must take care of ourselves.

And we must look after each other.

We cannot control what other countries do.

We can control what we choose to do.

We choose to build Canada strong for all Canadians.

Thank you.