October 19, 2023 • 38 mins
At a news conference on Parliament Hill, federal ministers highlight their government’s ongoing efforts to address the high cost of living.
Finance Minister Chrystia Freeland discusses her recent meeting with the CEOs of Canada’s largest banks and says the government will be monitoring their compliance with mortgage guidelines designed to provide relief for struggling homeowners. She also announces she has instructed the Financial Consumer Agency of Canada to work on making no- and low-cost bank accounts more readily available to the public.
Freeland is joined by Industry Minister François-Philippe Champagne, who urges Parliament to pass the government’s bill (C-56) aimed at making groceries and housing more affordable. Treasury Board President Anita Anand also takes part and announces the government will begin sharing the results of its spending review next month, with main estimates to be published in March 2024.
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Finance Minister Chrystia Freeland discusses her recent meeting with the CEOs of Canada’s largest banks and says the government will be monitoring their compliance with mortgage guidelines designed to provide relief for struggling homeowners. She also announces she has instructed the Financial Consumer Agency of Canada to work on making no- and low-cost bank accounts more readily available to the public.
Freeland is joined by Industry Minister François-Philippe Champagne, who urges Parliament to pass the government’s bill (C-56) aimed at making groceries and housing more affordable. Treasury Board President Anita Anand also takes part and announces the government will begin sharing the results of its spending review next month, with main estimates to be published in March 2024.
#inspiringstories #inspirationalstory #faith #loveandtrust #podcast #newmedia #audiobooks
https://depictions.media/
Become a supporter of this podcast: https://www.spreaker.com/podcast/depictions-media--4208927/support.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:04):
Thank you for listening to pictures mediaRADIOK. Good afternoon, everybody, and
(01:08):
welcome to the afternoons press conference.I'm Stephanie Levets with the Toronto Star.
I'll be moderating today. Thank youto our ministers and the Deputy Prime Minister
for being here. I understand youeach have short remarks to make with us,
and then we'll open the flord toquestions. Thank you so much.
Go ahead, ministers. Okay,dabour your visa guarante de la par on
(01:38):
sweet Pole, Minister Champagne rade,miss me on plas box la concurrence sector
le pi seri a qui le ministraan quip rade examined de des pance o
prient cale sef not domine apien avantde coment lendu publique cementa. Inflation in
(02:10):
September was three point eight percent,down from four percent in August. The
decline in headline inflation was broad based, including on the price of food,
and encouragingly, both of the Bankof Canada's measures of core inflation also eased
in September. The trend is inthe right direction, and that is good
(02:36):
news for Canadians when it comes toensuring that Canadians are treated fairly by their
banks. We're taking action in fourways. First, just over a week
ago, I met with the CEOsof Canada's largest banks and I told them
that it is my firm expectation thatthey abide by our government's mortgage guidelines as
(02:59):
published by by the Financial Consumer Agencyof Canada. Our objective is to protect
Canadians by ensuring their financial institutions treatthem fairly and provide them with the tailored
mortgage relief they need. All withthe goal of helping Canadians who are today
struggling with higher mortgage payments on theirprincipal residents. For Canadians with mortgages who
(03:25):
are stressed and feeling squeezed, Iwant you to know that you are entitled
to options and flexibility from your financialinstitution. Our government will be closely monitoring
compliance with these mortgage rules in thecoming weeks. We understand it's a challenging
(03:46):
time for Canadians and we want themto know we are there for them.
Second, to make banking more affordable, I have instructed the Financial Consumer Agency
of Canada to work on May kingNo and low cost bank accounts more readily
available to more Canadians. Charges canrack up, for example, when it
(04:09):
comes to online payments, debit transactions, E transfers or digital banking services,
which have become central to how somany Canadians make payments and handle their banking
today. At my direction, today, the Financial Consumer Agency will now work
to ensure that a greater number ofbanks offer enhanced and modernized no and low
(04:33):
cost accounts to a greater number ofcanadiansprenan des messieur conre fre end commence bar
le fre sent provision could les bancpouve fracture canagin cefre quipu se leve a
(04:55):
de fassan disproporen ecnagen le vulnerable parmiles guel sertin vive duneeschek dubai altre man
minister de terminer de combien sefre uveetre redui a new prid'tremesieur economic de la
(05:16):
cour severe contre le fre en desirable, a just and fourth. In order
to ensure Canadians can count on alwaysbeing treated fairly when dealing with their financial
institution, I am designating the ombudsmenfor banking services and investments as Canada's single,
(05:40):
independent, transparent, not for profitexternal complaints body for the banking sector.
For too long, banks have beenable to choose who adjudicates complaints from
Canadians. Canadians have asked for anddeserve better, and with an independent,
transparent and not for profit on boothsperson, that is what they will receive.
(06:04):
I also want to quickly address theBC government's new legislation to regulate the
short term rental market. This isa positive and important step in the right
direction in an area of provincial jurisdiction. We know that short term rentals through
(06:25):
sites like Airbnb and Verbo mean fewerhomes for Canadians to rent and live in
full time, especially in urban andpopulated areas of our country. That is
why our government is actively examining whatoptions and tools exist at the federal level
(06:45):
to ensure more short term rentals aremade available as long term rentals as permanent
homes for Canadians to live in.We'll have more to announce on that in
the weeks to come. Thank youvery much for your attention and let me
now pass it over to Mercy MadameLevis Prez. Good afternoon, everyone.
(07:06):
Permit to about Kennedy continued that ortwo par Le Prix Alipisri come Canadian curly.
(07:28):
We need concrete actions from all theactors across the food chain. Already,
we have seen the dairy farmers recommendthat fragment that farm gate price of
milk stayed the same for this year, which is a suggestion which has been
backed by the Canadian Federation of anOpendent Grocers. This is the type of
action we want to see and thatCanadians need to make sure that we stabilize
(07:53):
prices in Canada. Yes, Canadianswant to see action in the weeks and
months ahead, but we also wanta long term solution to high food prices,
and that long term solution is tohave more competition. It's really that
simple. More competition means more options, which leads to downward pressure on prices,
(08:15):
and competition is exactly what we're workingon with Build C fifty six,
which will give us more tools tomake sure Canadians get some long term relief
at the grocery store. This ishow we can keep grocers more accountable.
How we would build, how wewould do that. Build C fifty six
will propose a number of measures thatwill be amending the Competition Act. First,
(08:39):
we want to give more power tothe Competition Brow to investigate when industries
are behaving unfairly. It is unacceptablethan in twenty twenty three the Bureau is
unable to obtain complete and precise datafrom industry players. Second of SOKI is
plifested the blook lifusion. The consdecision pop sol commercial by empowering the Bureau
(09:11):
to take action against schemes that stiflecompetition and reduce consumer choice, including situations
where, for example, large grocersprevent compet the competition from setting up their
own chain within a certain radius.Put in commercial interest above consumer interest needs
to stop. We need to passthis bill as soon as possible, and
(09:35):
I call on all my fellow parliamentariansto move quickly so that we can start
seeing more competition in Canada. NewDevon Possibrap I think the conference Canada.
I can assure you when you talkto fellow colleagues around the world, competition
(10:00):
is really the way to put amore pressure on the market over the mid
to long term. And let mebe clear, Canadian must be able to
put food on the table. Canadiansmust get competitive prices and we must increase
competition and for that to happen,we need to see words into actions from
the grossers. If we don't seethat, and let me repeat, if
(10:22):
we don't see that, we areready to take more action so that we
can get more tools in order tohave a more competitive market here in Canada.
With that, I will be veryhappy to ask my colleague minister and
end okay hi everyone, bonjour toulemonte. Over the last number of years,
(10:43):
our government has worked hard to builda strong economy, which is why Canada
maintains a triple A credit rating,the lowest debt to GDP ratio in the
G seven, and low unemployment.However, we also know that during this
economic time, we are living throughhigh inflation and high interest rates, along
(11:05):
with many other challenges that are forcingeveryone, including our government, to pivot
and refocus. Somatin de chifros lafaciente pubier jeenau dute pas coloposi vous de
rats couschifra del fracient sen le rezuzzado no des prince. On the contrary,
(11:28):
just as we did during the pandemic, we have been putting in place
programs to support Canadians. Bill afterbill, law after law. These programs
include providing eleven million Canadians with thegrocery rebate, four point two million Canadians
with the Workers Benefit, and sixmillion Canadians with increased old age security.
(11:54):
Another example is during the pandemic,when our small businesses couldn't keep their lights
one, we introduced several measures,including the SIBA loone to help them get
through dark times. Now we continueto support small business owners and their workers,
who are the backbone of our economy, through the extension of the CIBA
(12:16):
loan repayment program. In other words, unlike the opposition who vote against initiatives
to support Canadians, our government firmlybelieves in investing in Canadians time after time,
because that is how we build astronger economy and a stronger country.
(12:37):
Come vou laves dui nous saint planmont angajille re dule could la ville in
neu z a land de ferret vastiirde fascan res fonsble. Right now,
Canadian families and businesses and corporations areall checking their books to see where they
can make savings, and the Governmentof Canas is noted we are looking for
(13:03):
mere cents on the dollar in termsof refocusing spending to prioritize smart governance and
prudent fiscal management. To achieve this, I asked ministers to look at any
excess spending to find a total offifteen billion dollars over five years and four
(13:24):
billion dollars every year thereafter. Iwant to be clear this is not the
Harper era drop, and in factwe have taken key lessons from that experience.
For example, we learned that givingflexibility rather than dictating how to allocate
savings is more effective. Subjecting microagenciesto significant cuts is counterproductive, and forcing
(13:52):
all savings to come from operating budgetsrisks program integrity and future funding issue.
Every minister has been tasked with reexamining things like outsourcing and executive travel to
determine whether there is any waste,and the goal is to refocus that spending
(14:13):
towards current priority issues for Canadians likethe clean economy and affordable housing and supports
overall for the middle class. Matznonde propos leges de proces dexamer rigor persius
(14:33):
government sable and enampas d'aci dance negativeso la prestac de service future ulante crite
de program. We will begin toshare the results from this spending review publicly
starting next month, with supplementary estimatesb followed by main estimates to be published
(14:56):
by March first, twenty two,twenty four Nos part de se revie buivent
avanle premier Marx de mil Vanka.In this economic time, we must ensure
that taxpayer dollars are being used mosteffectively, and that is the work that
(15:20):
we will continue to do, andI will continue to update you on this
work. Merciboku, thank you,thank you wonderful. We've agreed amongst us
to make the most time as possible. We know you only have twenty minutes.
It'll just be one question per reporter. In that way, if we
have time for a second round,lightning quick, we'll do it. So
(15:41):
I'll start with Kate from CBC.This is a question for the Prime Minister.
Canada repatriated a woman this year whowas married to an infamous ISIS fighter
serving multiple life sentences in the USfor the deaths of American, British and
Japanese citizens. She's here on apeace bondul Canadians be comfortable with us.
(16:04):
Thanks for the question, and I'mgonna leave comment on that to the responsible
ministers. You don't have any opinion. I I don't have any further information
to share about that. Milan MadameFrielan grand Bank Poky sweetly directs Lizzie with
(16:37):
this. We we usually say uhj der contre comte practic deminist de finance,
uh to in rone contre shaxis moanto Canada Japan in bonn practic qi
(17:06):
permit government part uh no expectac theinstitution financier IQ permet institution and financiers the
part govern no more uh uh quillVOI don't economy and again economy moniard lo
(17:27):
theron contre normal, uh do notcontre dis jour nusavon discute bocu uh la
situac the Canadian a Canadien, themonsieur madame to the monde n Lenk could
(17:48):
not govern no more? Are uhthere lejon key desippotec for loisson sipad uh
could deputy the circumstitution setting Mormon deficilede can again a key on the hypothec
(18:15):
that lttle levee and port the souleset situation immense don't la conversation at the
list in statution and financier a dusulinger curur not cover nomon la prior te
se larvi de jon la priorite sdu sacre cur lesbank cern suple cur lebank
(18:45):
s alequt okays of the amount ofdifficulty like and again, like an again,
I see just as you te indeti hon apubilier lu suier segul do
(19:12):
la chen's uh a uh los dua l l i'm ASRAELA McKenzie with Global
(19:37):
mckendic gray. A few minutes ago, A f P and AP have reported
that the Israeli military has struck ahospital in Gaza, the Gaza Health Ministry
saying five hundred people have died.That's now adding to the thousands of people
who have died in Gaza. Areyou comfortable in the past few days the
actions that the Israeli military have takenin Gaza. So I'm not going to
comment on that specific news report becauseI'm not familiar with it. We've been
(20:04):
focused on the economic issues that wewanted to share with you guys, so
I won't comment on that specifically,but I will say the following the terrorist
attacks by Hamas on the State ofIsrael and the Israeli people were a grave
(20:33):
and terrible violation. Canada recognize thoseattacks as a terrorist attack, and we
support the State of Israel and thepeople of Israel, and we recognize that
the State of Israel has the rightto defend itself within international law. At
(20:59):
the same time, I think itis really important for us to underscore that
Hamas is a terrorist organization which doesnot represent the people of Gaza. That
it is very very important that humanlife, that civilian life be guarded and
(21:25):
preserved, and that international law andthe law of war be followed. Right
we from so Nicola person like theTravai plant dabole Fedam nearly sank with the
(22:03):
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the carrat minon the can and thenthe voo the favor power for Stebizili
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(22:23):
Canada. This Pascal weekend, Conradpeer jam to not come prank Pepa ferd
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time, Stebi Zilla and fla Stebiziliprin Canada Vaiki pran many more Vu did
(22:49):
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are the zip cysted the Lisa markisthe soil is up. There is the
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(23:10):
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(23:34):
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un shows lion Lesion Bourgardo Feton showsvertiplust I can say so, but DONI
(24:00):
this uzzi example on the view.Can the concurrence of image now the mill
working, the mandmational company, theSCHM machine to complet dus MA or not
occord name of the review, yourset farmers situation. Look on the leaf,
(24:25):
repeated review son a card, Sola, concurence if mams the review see
Pratt clerk so at compete safe,conant commercial, Come on spar and it's
series three. Yeah, yeah,this is the who does commercial? Book?
Is in the permit part about thecompete and sus Sasney and President said
(24:53):
the part to the position deputs thepresent reform and the concurrence continued. We
see alive. Look at the concuitlip of a consument. Pratzi. He's
(25:15):
problems, for example, the equaldebut, the continents as compad grass continents.
Bryan pat Hi, Minister Freeland,Brian with Bloomberg. Brian Bloomberg.
(25:37):
I wanted to ask about I wantedto ask about the short term rentals piece.
You said you're looking at all federalall tools and options available to the
federal government, and looking at howto ensure more short term rentals are made
available as long term. But thatseems like something that is pretty squarely up
to the provinces. So is thereanything directly, any direct federal tools you're
(26:00):
looking at here tax treatment or mortgagerules or is this all about putting conditions
on federal funding to provinces. Thanksfor the question, and thanks for noticing.
I do think the action BC hastaken is very important, and you
are quite right that this is anarea of provincial jurisdiction, but it is
(26:25):
so important that we are examining whetherthere are any tools in the federal jurisdiction
that we could use that would makea difference in this space. And the
reason we're so focused on it iswe really do understand that housing is a
(26:47):
very challenging issue for Canadians and webelieve that the core challenge is there just
aren't enough homes available for people tobuy or for people to rent. And
so we're kind of, you know, reviewing the space, and we're thinking
(27:07):
what can we do both in themedium term and immediately to relieve some of
the pressure. The medium term measures, we've been talking about lifting the GST
on purpose built rental, which isin Bill C fifty six that Franz Swaffa
Liep has been talking about. Andi'd like to take this opportunity to encourage
(27:27):
all parties to support that measure.You know, it has been you know,
widely widely supported in Canada, thefact that we put that on the
table, and I think there wasa story in the Globe and Mail yesterday
saying that people are already seeing morepurpose built rental being built because of that
measure. That is a very goodthing. But even if people, you
(27:52):
know, started building the day afterthe PM announced it in London, Ontario,
it takes a while for those newapartments to be built. So we
are looking around and are saying,what can we do right away that makes
more homes available for Canadians, andthe short term rental is one of those
spaces. Some estimates that I've seensuggest that in Toronto, Montreal and Vancouver
(28:15):
alone you could get up to thirtythousand more units available right away for people.
So that would make a big difference. And that's why, recognizing as
we do that this is within provincialjurisdiction, we are taking a very careful
look at whether there are any toolsin the federal toolbox we could use as
(28:41):
well. But if other provinces wantto follow VC's lead, that would be
great for Canadians to Bali and thesasmen scam. You're a promunist lugus so
I mean it's for Robert. Thisis my La Quebec and Roi the compass
(29:07):
and what the gerantis as usual youprod to Quebec programme la premier mont Mont
College not a college. Minister LandTravai sur uh a uh la park on
(29:30):
a disputeste Laosi and dicabin a jebuthe conference come to savon on Minister Land
the uh the la Bondois concern nowLoquebec Japans cannot covert no more demontre uh
please your moment prove the lean solution. Poor Canada a poor loo Quebec on
(29:59):
la fe legerie dupden France on ajust conclude you know concern l logement j
uh uh judesque je Treuan acleminist Gerarduh to les A federal provincial Francois Felippe
(30:22):
uh uh a t c moir ona fe in Grand Industrism on North boart
In investis Mont federal provincial j prememnistfer de sac Investism don't list wear du
q beck cesa may Lulu Grand investset Investi, lu Ferrad lu federral uh
(30:49):
New comprend and travel QUBC von deMontre don on a Capablo de la Ferre
the film. Greg Quinn, Goodafternoon, mister Freeland. At at IMF
meetings last week, you were thereand staff economists urged center banks and make
(31:14):
sure they don't lower interest rates toosoon, to make sure sobborn inflation doesn't
take hold. Is that global backdropgoing to make your own domestic commitments more
difficult when it comes to, youknow, setting conditions for lower boring costs
for families, or even maintaining fiscalresponsibility. Yeah, thanks for the question.
I was hoping someone would ask aboutthe IMF World Bank meetings and I'll
(31:37):
tell you guys why. Because inthe IMF World Economic Outlook that was published
last Tuesday, I hope that everyfinancial and economic journalist will turn to page
one hundred and thirty two, whichI actually carry it in my notebook with
me and I look at it afew times every day because that is the
(32:01):
comparative table of the debt and deficitpositions of the major industrialized economies not published
by the Government of Canada. Thisis published by the IMF and when you
look at that table, as Ihope you will all do as soon as
this press conference is over, Ithink you will see that Canada is the
leader of the pack, certainly theleader with the pack of the G seven
(32:24):
by a long way. And Iemphasize that because you know, as Anita
was saying, we recognize that fiscalresponsibility is important for Canadians. I think
culturally it's something we care about,maybe more than people in other countries.
(32:45):
And looking at that table, Ithink should provide some very important reassurance to
Canadians that we are in a goodplace now. As to your question,
look, my own view, whichFranzwaffleep and Anita have been talking about,
(33:06):
you know, from different aspects,is these are tough times for Canadians.
They are tough times in the livesof Canadians. And you know, when
we go home to our writings,what do we hear is challenging for Canadians,
and I think all of us hearversions of the same thing that things
(33:29):
cost a lot, so prices area concern for people. And the impact
of interest rates, which regular Canadiansfeel most through their mortgages, is the
other big pressure, and that's whyI spoke about action that we are taking
to ensure that Canadians are treated fairly, that banks, financial institutions leave all
(33:57):
put all the right options on thetable for them and don't take advantage.
So I think those are the twopressures prices, mortgages. Our government recognizes
one hundred percent the independence of theBank of Canada. That is foundational for
the strength of Canada's economy, it'sfoundational for our triple A rating. What
(34:19):
we also recognize is what we needto do as a federal government is use
all the tools in our toolbox tohelp stabilize prices, because we know that
once prices are stabilized, then thatwill create the conditions that allow the Bank
of Canada to move from the currentposition of interest rates, which are intentionally
(34:44):
contractionary, to a more neutral position. So that's really our focus. Yeah,
go ahead, go ahead, anddayah. So in my previous life
before becoming Member of par I taughtcorporate and securities law for about twenty five
years and did a lot of workrelating to the ombudsmen for banking services and
(35:10):
investment that Christia spoke about today,and I want to say that what she
announced relating to the work of ABSYgoing forward is significant because now ABBSY is
going to have an additional purpose androle relating to affordability issues that are at
(35:36):
the very heart of our economy andfamilies way of coping in these economic times.
And so I am very pleased tosee additional roles and responsibilities being given
to ABSI at this time as anindependent and impartial body that will aid be
(36:00):
able to examine affordability issues that areaffecting the middle class and Canadians generally,
so that that we can have anothervoice speaking on their behalf. Just about
out of time, So this hasto be our last question. Michelle Saba
and prilliants web and a music economicuh a on la discute vecnos homologue nacion
(36:44):
uh do phone international mon la posadaon mentor uh on continue the uh the
constructive conversation other class as you need? Are that last secrets it as you
(37:09):
need, madam yell and it's akip for Canada. Uh pour en pres
du trouve in solution uh the novouh and continue to travel may not propose
(37:31):
this the patroon that concludes to thepress conference. M the next door Yeah,
right. The show has been producedby Depictions Media. Please contact us
(38:29):
at depictions dot media for more information.
Thank you for listening to pictures mediaRADIOK. Good afternoon, everybody, and
(01:08):
welcome to the afternoons press conference.I'm Stephanie Levets with the Toronto Star.
I'll be moderating today. Thank youto our ministers and the Deputy Prime Minister
for being here. I understand youeach have short remarks to make with us,
and then we'll open the flord toquestions. Thank you so much.
Go ahead, ministers. Okay,dabour your visa guarante de la par on
(01:38):
sweet Pole, Minister Champagne rade,miss me on plas box la concurrence sector
le pi seri a qui le ministraan quip rade examined de des pance o
prient cale sef not domine apien avantde coment lendu publique cementa. Inflation in
(02:10):
September was three point eight percent,down from four percent in August. The
decline in headline inflation was broad based, including on the price of food,
and encouragingly, both of the Bankof Canada's measures of core inflation also eased
in September. The trend is inthe right direction, and that is good
(02:36):
news for Canadians when it comes toensuring that Canadians are treated fairly by their
banks. We're taking action in fourways. First, just over a week
ago, I met with the CEOsof Canada's largest banks and I told them
that it is my firm expectation thatthey abide by our government's mortgage guidelines as
(02:59):
published by by the Financial Consumer Agencyof Canada. Our objective is to protect
Canadians by ensuring their financial institutions treatthem fairly and provide them with the tailored
mortgage relief they need. All withthe goal of helping Canadians who are today
struggling with higher mortgage payments on theirprincipal residents. For Canadians with mortgages who
(03:25):
are stressed and feeling squeezed, Iwant you to know that you are entitled
to options and flexibility from your financialinstitution. Our government will be closely monitoring
compliance with these mortgage rules in thecoming weeks. We understand it's a challenging
(03:46):
time for Canadians and we want themto know we are there for them.
Second, to make banking more affordable, I have instructed the Financial Consumer Agency
of Canada to work on May kingNo and low cost bank accounts more readily
available to more Canadians. Charges canrack up, for example, when it
(04:09):
comes to online payments, debit transactions, E transfers or digital banking services,
which have become central to how somany Canadians make payments and handle their banking
today. At my direction, today, the Financial Consumer Agency will now work
to ensure that a greater number ofbanks offer enhanced and modernized no and low
(04:33):
cost accounts to a greater number ofcanadiansprenan des messieur conre fre end commence bar
le fre sent provision could les bancpouve fracture canagin cefre quipu se leve a
(04:55):
de fassan disproporen ecnagen le vulnerable parmiles guel sertin vive duneeschek dubai altre man
minister de terminer de combien sefre uveetre redui a new prid'tremesieur economic de la
(05:16):
cour severe contre le fre en desirable, a just and fourth. In order
to ensure Canadians can count on alwaysbeing treated fairly when dealing with their financial
institution, I am designating the ombudsmenfor banking services and investments as Canada's single,
(05:40):
independent, transparent, not for profitexternal complaints body for the banking sector.
For too long, banks have beenable to choose who adjudicates complaints from
Canadians. Canadians have asked for anddeserve better, and with an independent,
transparent and not for profit on boothsperson, that is what they will receive.
(06:04):
I also want to quickly address theBC government's new legislation to regulate the
short term rental market. This isa positive and important step in the right
direction in an area of provincial jurisdiction. We know that short term rentals through
(06:25):
sites like Airbnb and Verbo mean fewerhomes for Canadians to rent and live in
full time, especially in urban andpopulated areas of our country. That is
why our government is actively examining whatoptions and tools exist at the federal level
(06:45):
to ensure more short term rentals aremade available as long term rentals as permanent
homes for Canadians to live in.We'll have more to announce on that in
the weeks to come. Thank youvery much for your attention and let me
now pass it over to Mercy MadameLevis Prez. Good afternoon, everyone.
(07:06):
Permit to about Kennedy continued that ortwo par Le Prix Alipisri come Canadian curly.
(07:28):
We need concrete actions from all theactors across the food chain. Already,
we have seen the dairy farmers recommendthat fragment that farm gate price of
milk stayed the same for this year, which is a suggestion which has been
backed by the Canadian Federation of anOpendent Grocers. This is the type of
action we want to see and thatCanadians need to make sure that we stabilize
(07:53):
prices in Canada. Yes, Canadianswant to see action in the weeks and
months ahead, but we also wanta long term solution to high food prices,
and that long term solution is tohave more competition. It's really that
simple. More competition means more options, which leads to downward pressure on prices,
(08:15):
and competition is exactly what we're workingon with Build C fifty six,
which will give us more tools tomake sure Canadians get some long term relief
at the grocery store. This ishow we can keep grocers more accountable.
How we would build, how wewould do that. Build C fifty six
will propose a number of measures thatwill be amending the Competition Act. First,
(08:39):
we want to give more power tothe Competition Brow to investigate when industries
are behaving unfairly. It is unacceptablethan in twenty twenty three the Bureau is
unable to obtain complete and precise datafrom industry players. Second of SOKI is
plifested the blook lifusion. The consdecision pop sol commercial by empowering the Bureau
(09:11):
to take action against schemes that stiflecompetition and reduce consumer choice, including situations
where, for example, large grocersprevent compet the competition from setting up their
own chain within a certain radius.Put in commercial interest above consumer interest needs
to stop. We need to passthis bill as soon as possible, and
(09:35):
I call on all my fellow parliamentariansto move quickly so that we can start
seeing more competition in Canada. NewDevon Possibrap I think the conference Canada.
I can assure you when you talkto fellow colleagues around the world, competition
(10:00):
is really the way to put amore pressure on the market over the mid
to long term. And let mebe clear, Canadian must be able to
put food on the table. Canadiansmust get competitive prices and we must increase
competition and for that to happen,we need to see words into actions from
the grossers. If we don't seethat, and let me repeat, if
(10:22):
we don't see that, we areready to take more action so that we
can get more tools in order tohave a more competitive market here in Canada.
With that, I will be veryhappy to ask my colleague minister and
end okay hi everyone, bonjour toulemonte. Over the last number of years,
(10:43):
our government has worked hard to builda strong economy, which is why Canada
maintains a triple A credit rating,the lowest debt to GDP ratio in the
G seven, and low unemployment.However, we also know that during this
economic time, we are living throughhigh inflation and high interest rates, along
(11:05):
with many other challenges that are forcingeveryone, including our government, to pivot
and refocus. Somatin de chifros lafaciente pubier jeenau dute pas coloposi vous de
rats couschifra del fracient sen le rezuzzado no des prince. On the contrary,
(11:28):
just as we did during the pandemic, we have been putting in place
programs to support Canadians. Bill afterbill, law after law. These programs
include providing eleven million Canadians with thegrocery rebate, four point two million Canadians
with the Workers Benefit, and sixmillion Canadians with increased old age security.
(11:54):
Another example is during the pandemic,when our small businesses couldn't keep their lights
one, we introduced several measures,including the SIBA loone to help them get
through dark times. Now we continueto support small business owners and their workers,
who are the backbone of our economy, through the extension of the CIBA
(12:16):
loan repayment program. In other words, unlike the opposition who vote against initiatives
to support Canadians, our government firmlybelieves in investing in Canadians time after time,
because that is how we build astronger economy and a stronger country.
(12:37):
Come vou laves dui nous saint planmont angajille re dule could la ville in
neu z a land de ferret vastiirde fascan res fonsble. Right now,
Canadian families and businesses and corporations areall checking their books to see where they
can make savings, and the Governmentof Canas is noted we are looking for
(13:03):
mere cents on the dollar in termsof refocusing spending to prioritize smart governance and
prudent fiscal management. To achieve this, I asked ministers to look at any
excess spending to find a total offifteen billion dollars over five years and four
(13:24):
billion dollars every year thereafter. Iwant to be clear this is not the
Harper era drop, and in factwe have taken key lessons from that experience.
For example, we learned that givingflexibility rather than dictating how to allocate
savings is more effective. Subjecting microagenciesto significant cuts is counterproductive, and forcing
(13:52):
all savings to come from operating budgetsrisks program integrity and future funding issue.
Every minister has been tasked with reexamining things like outsourcing and executive travel to
determine whether there is any waste,and the goal is to refocus that spending
(14:13):
towards current priority issues for Canadians likethe clean economy and affordable housing and supports
overall for the middle class. Matznonde propos leges de proces dexamer rigor persius
(14:33):
government sable and enampas d'aci dance negativeso la prestac de service future ulante crite
de program. We will begin toshare the results from this spending review publicly
starting next month, with supplementary estimatesb followed by main estimates to be published
(14:56):
by March first, twenty two,twenty four Nos part de se revie buivent
avanle premier Marx de mil Vanka.In this economic time, we must ensure
that taxpayer dollars are being used mosteffectively, and that is the work that
(15:20):
we will continue to do, andI will continue to update you on this
work. Merciboku, thank you,thank you wonderful. We've agreed amongst us
to make the most time as possible. We know you only have twenty minutes.
It'll just be one question per reporter. In that way, if we
have time for a second round,lightning quick, we'll do it. So
(15:41):
I'll start with Kate from CBC.This is a question for the Prime Minister.
Canada repatriated a woman this year whowas married to an infamous ISIS fighter
serving multiple life sentences in the USfor the deaths of American, British and
Japanese citizens. She's here on apeace bondul Canadians be comfortable with us.
(16:04):
Thanks for the question, and I'mgonna leave comment on that to the responsible
ministers. You don't have any opinion. I I don't have any further information
to share about that. Milan MadameFrielan grand Bank Poky sweetly directs Lizzie with
(16:37):
this. We we usually say uhj der contre comte practic deminist de finance,
uh to in rone contre shaxis moanto Canada Japan in bonn practic qi
(17:06):
permit government part uh no expectac theinstitution financier IQ permet institution and financiers the
part govern no more uh uh quillVOI don't economy and again economy moniard lo
(17:27):
theron contre normal, uh do notcontre dis jour nusavon discute bocu uh la
situac the Canadian a Canadien, themonsieur madame to the monde n Lenk could
(17:48):
not govern no more? Are uhthere lejon key desippotec for loisson sipad uh
could deputy the circumstitution setting Mormon deficilede can again a key on the hypothec
(18:15):
that lttle levee and port the souleset situation immense don't la conversation at the
list in statution and financier a dusulinger curur not cover nomon la prior te
se larvi de jon la priorite sdu sacre cur lesbank cern suple cur lebank
(18:45):
s alequt okays of the amount ofdifficulty like and again, like an again,
I see just as you te indeti hon apubilier lu suier segul do
(19:12):
la chen's uh a uh los dua l l i'm ASRAELA McKenzie with Global
(19:37):
mckendic gray. A few minutes ago, A f P and AP have reported
that the Israeli military has struck ahospital in Gaza, the Gaza Health Ministry
saying five hundred people have died.That's now adding to the thousands of people
who have died in Gaza. Areyou comfortable in the past few days the
actions that the Israeli military have takenin Gaza. So I'm not going to
comment on that specific news report becauseI'm not familiar with it. We've been
(20:04):
focused on the economic issues that wewanted to share with you guys, so
I won't comment on that specifically,but I will say the following the terrorist
attacks by Hamas on the State ofIsrael and the Israeli people were a grave
(20:33):
and terrible violation. Canada recognize thoseattacks as a terrorist attack, and we
support the State of Israel and thepeople of Israel, and we recognize that
the State of Israel has the rightto defend itself within international law. At
(20:59):
the same time, I think itis really important for us to underscore that
Hamas is a terrorist organization which doesnot represent the people of Gaza. That
it is very very important that humanlife, that civilian life be guarded and
(21:25):
preserved, and that international law andthe law of war be followed. Right
we from so Nicola person like theTravai plant dabole Fedam nearly sank with the
(22:03):
res except Premier Canada Pasca to namethe par regular mount allows the expremel frustration,
the carrat minon the can and thenthe voo the favor power for Stebizili
pro Canada, Slo Wulf pa Wulftre Clerk already Musuki is reprice Ptizi pro
(22:23):
Canada. This Pascal weekend, Conradpeer jam to not come prank Pepa ferd
Miraq Malians composed the gest it isjust called cqui voion perscal car sepoc comp
time, Stebi Zilla and fla Stebiziliprin Canada Vaiki pran many more Vu did
(22:49):
the Nike kissam la bon re cdof the constantly the shows about yeah convey
are the zip cysted the Lisa markisthe soil is up. There is the
a Marca saving on the paralle It'scalled the conduit down the man lady montaio
(23:10):
on apparod, then the plus FoSTconnappily Larry for example plus and in medicine
if he does if man like concuranceperscu lade for example, the the pa
so Champagne span div doanced Ma GualdenMarch Britannic Guild, March France. On
(23:34):
the Trois II Canada controlled Marcia danceMike like major Fasson. The step is
really pre le Rizo Canada so lesmotel see that var and what's like conqurancek
p robust the exact Thomas conno perthis simply f shows readily can drink and
un shows lion Lesion Bourgardo Feton showsvertiplust I can say so, but DONI
(24:00):
this uzzi example on the view.Can the concurrence of image now the mill
working, the mandmational company, theSCHM machine to complet dus MA or not
occord name of the review, yourset farmers situation. Look on the leaf,
(24:25):
repeated review son a card, Sola, concurence if mams the review see
Pratt clerk so at compete safe,conant commercial, Come on spar and it's
series three. Yeah, yeah,this is the who does commercial? Book?
Is in the permit part about thecompete and sus Sasney and President said
(24:53):
the part to the position deputs thepresent reform and the concurrence continued. We
see alive. Look at the concuitlip of a consument. Pratzi. He's
(25:15):
problems, for example, the equaldebut, the continents as compad grass continents.
Bryan pat Hi, Minister Freeland,Brian with Bloomberg. Brian Bloomberg.
(25:37):
I wanted to ask about I wantedto ask about the short term rentals piece.
You said you're looking at all federalall tools and options available to the
federal government, and looking at howto ensure more short term rentals are made
available as long term. But thatseems like something that is pretty squarely up
to the provinces. So is thereanything directly, any direct federal tools you're
(26:00):
looking at here tax treatment or mortgagerules or is this all about putting conditions
on federal funding to provinces. Thanksfor the question, and thanks for noticing.
I do think the action BC hastaken is very important, and you
are quite right that this is anarea of provincial jurisdiction, but it is
(26:25):
so important that we are examining whetherthere are any tools in the federal jurisdiction
that we could use that would makea difference in this space. And the
reason we're so focused on it iswe really do understand that housing is a
(26:47):
very challenging issue for Canadians and webelieve that the core challenge is there just
aren't enough homes available for people tobuy or for people to rent. And
so we're kind of, you know, reviewing the space, and we're thinking
(27:07):
what can we do both in themedium term and immediately to relieve some of
the pressure. The medium term measures, we've been talking about lifting the GST
on purpose built rental, which isin Bill C fifty six that Franz Swaffa
Liep has been talking about. Andi'd like to take this opportunity to encourage
(27:27):
all parties to support that measure.You know, it has been you know,
widely widely supported in Canada, thefact that we put that on the
table, and I think there wasa story in the Globe and Mail yesterday
saying that people are already seeing morepurpose built rental being built because of that
measure. That is a very goodthing. But even if people, you
(27:52):
know, started building the day afterthe PM announced it in London, Ontario,
it takes a while for those newapartments to be built. So we
are looking around and are saying,what can we do right away that makes
more homes available for Canadians, andthe short term rental is one of those
spaces. Some estimates that I've seensuggest that in Toronto, Montreal and Vancouver
(28:15):
alone you could get up to thirtythousand more units available right away for people.
So that would make a big difference. And that's why, recognizing as
we do that this is within provincialjurisdiction, we are taking a very careful
look at whether there are any toolsin the federal toolbox we could use as
(28:41):
well. But if other provinces wantto follow VC's lead, that would be
great for Canadians to Bali and thesasmen scam. You're a promunist lugus so
I mean it's for Robert. Thisis my La Quebec and Roi the compass
(29:07):
and what the gerantis as usual youprod to Quebec programme la premier mont Mont
College not a college. Minister LandTravai sur uh a uh la park on
(29:30):
a disputeste Laosi and dicabin a jebuthe conference come to savon on Minister Land
the uh the la Bondois concern nowLoquebec Japans cannot covert no more demontre uh
please your moment prove the lean solution. Poor Canada a poor loo Quebec on
(29:59):
la fe legerie dupden France on ajust conclude you know concern l logement j
uh uh judesque je Treuan acleminist Gerarduh to les A federal provincial Francois Felippe
(30:22):
uh uh a t c moir ona fe in Grand Industrism on North boart
In investis Mont federal provincial j prememnistfer de sac Investism don't list wear du
q beck cesa may Lulu Grand investset Investi, lu Ferrad lu federral uh
(30:49):
New comprend and travel QUBC von deMontre don on a Capablo de la Ferre
the film. Greg Quinn, Goodafternoon, mister Freeland. At at IMF
meetings last week, you were thereand staff economists urged center banks and make
(31:14):
sure they don't lower interest rates toosoon, to make sure sobborn inflation doesn't
take hold. Is that global backdropgoing to make your own domestic commitments more
difficult when it comes to, youknow, setting conditions for lower boring costs
for families, or even maintaining fiscalresponsibility. Yeah, thanks for the question.
I was hoping someone would ask aboutthe IMF World Bank meetings and I'll
(31:37):
tell you guys why. Because inthe IMF World Economic Outlook that was published
last Tuesday, I hope that everyfinancial and economic journalist will turn to page
one hundred and thirty two, whichI actually carry it in my notebook with
me and I look at it afew times every day because that is the
(32:01):
comparative table of the debt and deficitpositions of the major industrialized economies not published
by the Government of Canada. Thisis published by the IMF and when you
look at that table, as Ihope you will all do as soon as
this press conference is over, Ithink you will see that Canada is the
leader of the pack, certainly theleader with the pack of the G seven
(32:24):
by a long way. And Iemphasize that because you know, as Anita
was saying, we recognize that fiscalresponsibility is important for Canadians. I think
culturally it's something we care about,maybe more than people in other countries.
(32:45):
And looking at that table, Ithink should provide some very important reassurance to
Canadians that we are in a goodplace now. As to your question,
look, my own view, whichFranzwaffleep and Anita have been talking about,
(33:06):
you know, from different aspects,is these are tough times for Canadians.
They are tough times in the livesof Canadians. And you know, when
we go home to our writings,what do we hear is challenging for Canadians,
and I think all of us hearversions of the same thing that things
(33:29):
cost a lot, so prices area concern for people. And the impact
of interest rates, which regular Canadiansfeel most through their mortgages, is the
other big pressure, and that's whyI spoke about action that we are taking
to ensure that Canadians are treated fairly, that banks, financial institutions leave all
(33:57):
put all the right options on thetable for them and don't take advantage.
So I think those are the twopressures prices, mortgages. Our government recognizes
one hundred percent the independence of theBank of Canada. That is foundational for
the strength of Canada's economy, it'sfoundational for our triple A rating. What
(34:19):
we also recognize is what we needto do as a federal government is use
all the tools in our toolbox tohelp stabilize prices, because we know that
once prices are stabilized, then thatwill create the conditions that allow the Bank
of Canada to move from the currentposition of interest rates, which are intentionally
(34:44):
contractionary, to a more neutral position. So that's really our focus. Yeah,
go ahead, go ahead, anddayah. So in my previous life
before becoming Member of par I taughtcorporate and securities law for about twenty five
years and did a lot of workrelating to the ombudsmen for banking services and
(35:10):
investment that Christia spoke about today,and I want to say that what she
announced relating to the work of ABSYgoing forward is significant because now ABBSY is
going to have an additional purpose androle relating to affordability issues that are at
(35:36):
the very heart of our economy andfamilies way of coping in these economic times.
And so I am very pleased tosee additional roles and responsibilities being given
to ABSI at this time as anindependent and impartial body that will aid be
(36:00):
able to examine affordability issues that areaffecting the middle class and Canadians generally,
so that that we can have anothervoice speaking on their behalf. Just about
out of time, So this hasto be our last question. Michelle Saba
and prilliants web and a music economicuh a on la discute vecnos homologue nacion
(36:44):
uh do phone international mon la posadaon mentor uh on continue the uh the
constructive conversation other class as you need? Are that last secrets it as you
(37:09):
need, madam yell and it's akip for Canada. Uh pour en pres
du trouve in solution uh the novouh and continue to travel may not propose
(37:31):
this the patroon that concludes to thepress conference. M the next door Yeah,
right. The show has been producedby Depictions Media. Please contact us
(38:29):
at depictions dot media for more information.
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