Thank you, Minister. Thank you, François-Philippe. Thank you, colleagues, for being here. Dave, Donna-Lee. Thank you for welcoming us here to this remarkable establishment that has served the people of Nepean, of Ottawa, for over 30 years, 34 years and counting. It is a pleasure to be here with my colleagues from the National Capital Region. Anita, again. Anita, where are you? There you are. Yeah. Thank you for having us here. And Dave and team again for welcoming us.

Look, we’re in a situation where – and Canadians know this – the world is rapidly changing. That’s leaving a cloud of uncertainty and worry hanging over all of us: Canadian businesses, Canadian workers, Canadian families. Our government focused on what we can control, and that starts with building a stronger, more resilient Canadian economy. So, Canada is less reliant on a single trading partner and we are more resilient to global shocks, what happens outside of our country.

We are acting quickly and we are seeing results. Over the past six months, we have signed 12 trade and security agreements on four continents to form reliable partnerships abroad. We have submitted 11 major projects to the Major Projects Office that are worth $116 billion in investment in Canada. The new Build Communities Strong Fund will allow us to build local infrastructure in communities across Canada: hospitals, roads, bridges, and transit networks. All of these measures are part of our overall strategy to attract $1 trillion in investments over the next five years.

So, we’re starting to fundamentally transform our economy, building a stronger, more resilient, more independent Canada. It’s already getting results. Dozens of new partnerships abroad, launching Build Canada Homes, fast-tracking major nation building projects. Our economy, Canada’s economy, has created 190,000 jobs on that since August. In absolute terms, that’s more than the United States over the same period. We have the right plan. The world is knocking at our door and momentum is building. But, as the Minister of Finance just said, the biggest payoffs will take time. And many Canadians are feeling the pressures right now of everyday expenses. Canadians need a boost today and a bridge to tomorrow. And that’s why Canada’s new government has been relentlessly focused on making life more affordable for Canadians. On day one, we cancelled the consumer carbon tax, bringing down gas prices by $0.18 a litre. We then cut taxes for 22 middle-class Canadians, saving a two-income family up to $840 this year. We’ve cut taxes for first-time homebuyers, saving them up to $50,000 on their first home purchase. Out east, we’ve reduced tolls for vehicles on the Confederation Bridge, cutting them from over $50 to $20, and cut fares by 50% on ferries in Atlantic Canada. As the Minister just mentioned, we launched automatic federal benefits, which will help five and a half million lower-income Canadians get the benefits to which they are entitled, like the disability tax credit. And indeed, the new measures that we’re announcing today. We made the national school program permanent, feeding 400,000 children healthy meals while saving their parents $800 per year on groceries. We also have a series of initiatives that will improve affordability by making structural changes to our economy. That’s like building lots of affordable housing through Build Canada Homes. And last week’s new strategic partnership with China will make available tens of thousands of affordable electric vehicles in Canada.

We supported the CRTC’s decision to expand mandatory wholesale market access in the telecommunications sector for one reason only: to lower the cost of high-speed Internet access for Canadians. For you. In Budget 2025, our government protected the essential social programs that give every Canadian a fair chance to succeed: child care, dental care, and drug insurance. In the coming years, our government will work hard to improve affordability for all Canadians.

Now, bigger picture. Overall, inflationary pressures are easing; the consumer price inflation rate is back in the Bank of Canada’s target range and average wages in our country have consistently grown faster than the rate of inflation since this government took office. Fees for child care across Canada have dropped by around 35% over the last three years, thanks to our child care program. The average cost of cell services has fallen by more than 40% since 2020. That is, if you’re able to switch plans. Gas prices have dropped from… by 14% from where they were a year ago, helped by that elimination of the consumer carbon tax. That’s all good news. And with our economic plan kicking into gear, there’s more good news on the horizon. But, at the same time, for many Canadians, the cost of groceries and everyday essentials has been too high for too long. They need more support now. The pandemic caused inflation to spike worldwide, pushing up those costs of groceries and essentials, including rent. Global supply chain shocks, subsequently shocks caused by tariffs, weather events from our changing climate, and geopolitical disruptions have caused food prices to rise faster than overall inflation. So, orange juice is up 12% year on year, ground beef up 19%, coffee and tea up by 24%.

This is not an issue that is affecting only a minority of very vulnerable people. Last year, Food Banks Canada reported that nearly 2.2 million Canadians visited a food bank every month. Currently, 25% of households are food insecure and 50% of Canadians are on the brink of needing to use a food bank.

So, last week, just a few days ago in Québec City, our cabinet convened and we focused on how to make life more affordable for Canadians now, and also how to tackle the root causes of food insecurity in Canada. Those deliberations, including a long conversation with Kirstin Beardsley, the CEO of Food Banks Canada, to talk about these critical issues and what different levels of government can do to address it. You know, one of the best things, and there are many great things about our country, but one of the best things about our country is that we look out for each other, that we believe our economy is strongest when it serves every Canadian. So, we’re acting today. Canada’s new government is acting today to provide a boost to those Canadian families that most need one, while creating a bridge to longer-term food security and affordability. Everyone pays the same GST on items that they buy, no matter how much money they make. But since groceries and other essentials make up a larger share of the budget of lower-income Canadians, the GST puts a higher burden on those less well off. The GST credit has helped to make our tax system fairer by returning a portion of the federal sales tax to Canadians with lower incomes, providing relief for people who feel the extra cost at the checkout more… most acutely. The rise in food prices means that a lot of these Canadians need more support right now. So, today we’re announcing that our government is launching the new Canada Groceries and Essentials Benefit. This will deliver hundreds of dollars more into the bank accounts of more than 12 million Canadians. Starting this year, we’re taking the existing GST credit amount and raising it by 25% for five years. And, in addition, we’re providing a one-time payment equivalent to 50% of the GST credit this year. So, what does that mean? Well, right now, a family of four receives about $1,100 a year with the existing GST credit. With the new Canada Groceries and Essentials Benefit, that same family will receive up to $1,890 this year and about $1,400 a year for each of the next four years. A single person receives about $540 a year with the existing credit. With the new benefit, that person will receive up to $950 this year, and about $700 a year for the next four years. On average, these payments make up for the higher level of food prices since the pandemic.

In parallel, we’re working to address the root causes of inflation and working on longer-term solutions to bring down the cost of groceries in Canada. That starts by improving the resilience of our supply chains because when issues arise in supply chains – from transportation to process to distribution – costs rise at every step along the way and these costs end up on the grocery bills. Tariffs, for example, are part of that problem. In September, the government launched what we called a new Strategic Response Fund to help sectors across our economy, those impacted by tariffs, to adapt, to diversify, and to grow. And today, we are committing $500 million from this fund to support capital investments to help food businesses expand capacity, increase productivity, and strengthen our food supply for the future. In addition, our Regional Tariff Response Initiative will provide $150 million for small and medium-sized enterprises to do similar things. This will mean more resilient supply chains, more greenhouses, more abattoirs that are closer to customers, and, most importantly, will help mean lower food prices and better food security for Canadians.

To reduce the cost of food production, we are introducing accelerated, immediate expensing for greenhouses. Producers will therefore be able to deduct the total cost of new greenhouses immediately, which will give them the capital they need to buy modern equipment, increase domestic food production, and grow more food here in Canada all year long. Farmers will be able to grow more food for less money, which will increase Canada’s food supply and ease grocery price pressure for families.

To address the root causes of food security, we’re developing a new national food security strategy that strengthens domestic food production, improves access to affordable, nutritious food. The strategy will include measures to implement unit label pricing so Canadians can compare easily in this era of shrinkflation. We’re also going to provide support for the Competition Bureau in monitoring and enforcing competition in our market across the supply chain. And we will include new measures to strengthen food security in the north, where food insecurity and affordability challenges are felt most intensely.

To ease immediate pressure for food banks, we’re providing $20 million in a top-up to the local food infrastructure fund. This will help boost community food programs and deliver more nutritious food for families in need.

Canadians are generous people. We take care of each other, particularly in times of need. We know we’re stronger together. And during this time of global turmoil, Canadians are coming together to build Canada strong, to build a more independent, secure, and prosperous country, a country that works for all. And we know that getting there will be tough at times. We know that progress won’t always move in a straight line. So, we know that in times like these, we don’t just have to look out for ourselves, we have to take care of each other. And that starts with everyone being able to put good food on the table. That’s why the government is working relentlessly to make life more affordable for everyone. That’s why we’re stepping up today to help people who need it the most. Because we can’t control what other countries do, but we can control how we support each other during tough times. We can control what we build so that these times will be better in the future. We choose to build Canada strong for all Canadians.