Newsletter - June 12, 2024
Making life more affordable for Canadians while continuing to boost our economy is at the heart of our government's work. As we continue our work to ensure fairness for every generation, we are also focused on building an economy that stands the test of time. Canada has a Triple A credit rating, the lowest debt to GDP ratio in the G7, and historically low unemployment. And, this week Canada was the first of its G7 allies to lower interest rates, with the Bank of Canada bringing rates down by 0.25 per cent to 4.75 per cent.
Our economic plan is saving Canadians thousands of dollars each year through $10-a-day child care, the Canada Child Benefit, the Canada Dental Care Plan, which over 2 million Canadians have signed up for, and more. We are also committed to building a competitive economy by continuing to attract investments from global companies.
In April, Honda announced its largest investment to date: a milestone $15 billion to create Canada’s first comprehensive electric vehicle supply chain, in Ontario. This will include an assembly plant, battery manufacturing, and material processing plant. That means more high-paying jobs for Canadians across the province, including right here in Oakville.
With investments totaling over $46 billion, it's no surprise that Bloomberg ranked Canada as #1 worldwide for its EV supply chain.
We know that our economic plan is working, with the IMF and the OECD projecting that Canada will have the strongest economic growth in the G7 in 2025. Through Budget 2024, we will continue to stick to our fiscally responsible plan to invest in cutting-edge industries and bring down the cost of living through investments in child care, housing and climate policy.
National Action Plan on Combatting Auto Theft
Our new National Action Plan on Combatting Auto Theft makes Oakville safer. With tougher penalties, enhanced law enforcement & jurisdictional collaboration, and stronger border controls - we're taking action to protect our community from rising auto thefts.
Oakville Chamber of Commerce
Happy to join the members of the Oakville Chamber of Commerce to hear the Town's Economic Update. This was a fantastic opportunity for business owners in Oakville to ask questions and gain more insight into our local economy.
Regulatory Cooperation Council
Since February, I’ve held round tables across Canada & in the U.S. with over 80 businesses to discuss regulatory cooperation. We’re working to remove red tape & help cross-border businesses thrive. Earlier this week, Director Young and I released a joint statement reiterating our shared commitment to reigniting the Canada-U.S. Cooperation Council. We will continue working together to reduce red tape and lower costs for Canadian and American businesses.
Conference de Montreal
It was an honour to speak at the 30th Edition of the Conference de Montreal hosted by the International Economic Forum to discuss our government’s historic work in reducing red tape for businesses, investing in cyber security, and fighting climate change all while growing our economy with a triple A credit rating.
Advancing our Greening Government Strategy
To bring our federal operations closer to net-zero, we are enhancing the Greening Government Strategy by: including Crown Corporations, introducing new interim targets and accelerating climate adaptation in federal infrastructure.
June Marks Pride Month!
Happy Pride! We will always defend the fundamental right of Canadians to love who they love and openly be their authentic selves. We pay tribute to the 2SLGBTQI+ trailblazers both past and present, and recommit to building a Canada where people are free to be themselves.
Canadian Innovation with Dayforce
Canada is home to some of the most advanced innovation companies in the world like Dayforce. We’re working together to harness Canadian innovation to improve the way we deliver services and enhance HR practices. We even wrote cards for the seniors at Wyndham Manor in Oakville!