Madam Speaker, Canadians are out of money and the fall economic statement shows that the Liberals are out of touch. Almost half of Canadians are $200 or less away from bankruptcy, cannot cover their living expenses this year, cannot save for the future and are cutting back on healthy food. A quarter of Canadian households cannot cover monthly bills and debt repayment.

It is appalling that the Prime Minister doubled Canada’s debt and said that the government “took on debt so Canadians wouldn't have to.” Canadians are now paying the staggering price for his reckless decisions, and he has added more debt than all previous prime ministers in Canadian history combined.

He claims that all the new spending was because of COVID, but over $200 billion of it had nothing to do with COVID. All that spending has created record-high inflation that is driving up the cost of everything, and essentials such as gas, groceries and home heating are almost out of reach. The fall statement does nothing to alleviate these burdens on struggling Canadians. With record debt, record inflation and, as it turns out, record taxes, Canadians pay more taxes now than ever before, and actually pay more in taxes than for food, clothing and shelter combined.

The fall statement shows that the Liberals are going to make things worse and will keep racking up debt to fuel their spending. Of course, they plan to triple the carbon tax too. The fall economic statement is an insult to hard-working Canadians struggling just to get by, never mind trying to actually get ahead.

The Conservatives asked the Liberals to commit to tackling inflation and the skyrocketing cost of living by ensuring they would bring in no new taxes and no new spending. They ignored both and will only fuel the skyrocketing cost of living fire they set.

As is the government's pattern, the fall statement undermines Canada's natural resources sector, which bolsters the entire economy and is a leading contributor to GDP, jobs, government revenue and closing the gap between the wealthy and poor in Canada. While the Prime Minister recently said Russia's attack on Ukraine has accelerated his government's effort to phase out oil and gas, the finance minister recently claimed that Canada is ready to “support our allies with energy security”. She claims it will be easier for businesses to invest in major projects in Canada, but the reality is that the Liberal record is one of deliberate policy uncertainty, unpredictability and added red tape and costs that drive businesses, jobs and money out of Canada.

Oil and gas is Canada’s biggest private sector investor and lead export, even now. However, the NDP-Liberals’ anti-energy agenda has already had stark consequences: 300,000 jobs lost, over $150 billion in energy projects and indigenous partnerships cancelled and four pipelines dead. They would have enabled Canadian energy security and self-sufficiency and would have exported more Canadian energy to the world.

Shockingly, under the Liberals, 25 LNG export projects have been stalled or abandoned, risking 100,000 jobs and $500 billion in new investment. In the same time, the U.S. built seven and approved 20 more, while only one in Canada, with the biggest private sector investment in Canadian history and approved under the former Conservative government, has shovels in the ground. In Germany, a major LNG import facility was just permitted and built in 194 days. They wanted Canadian LNG but cannot get it because of the Liberals. How many times was LNG cited in the fall economic statement? It was zero.

The finance minister talks about accelerating project approvals, but her government has actually done everything it can to slow them down or destroy them completely. She even said that Canada must and will fast-track “the energy and mining projects our allies need to heat their homes and to manufacture electric vehicles.” However, this fall statement actually eliminates incentives for small-scale energy start-ups, picks winners and losers in resource development and would make energy in Canada for Canadians more and more expensive.

The fall statement outlines an incoming 2% tax on buybacks of a company’s own stock. That would harm Canadian investment because it is double the rate of the U.S. It would cause Canadian businesses and investments to continue to move south.

The NDP-Liberals will also get rid of flow-through shares, which are a major source of start-up capital for many oil, gas, and predominantly mining projects. Cancelling them only for oil and gas would hurt small businesses, especially those investing in alternative energy and emissions-reduction technology, because 93% of oil and gas companies in Canada have under 100 employees. They face high costs, high uncertainty, high risk and domestic political hostility, so private investment is already a challenge.

Get this. In 2020, the then natural resources minister expanded flow-through shares to help small companies build stronger supply chains, including for critical minerals. However, this fall economic statement cuts them, so by their own admission, it is jeopardizing supply chains that are already severely compromised.

Liberal claims and policies are incoherent, contradictory and hypocritical. The finance minister's delivery of the fall statement mentioned “critical minerals” five times and she claims they are a priority. They should be a key pillar of Canada's resource future, but so far there is only talk. In reality, critical minerals in Canada such as nickel, lithium and uranium will stay in the ground because mining approvals take several years, duplicate provincial and municipal reviews and can be paused or get new conditions at any time. Canada currently produces no phosphate, a key component in electric car batteries. The Liberals say they want all new vehicle sales to be zero emissions by 2035, but phosphate is not even on Canada’s critical minerals list.

The gap between words and actions is not surprising, though. It is the Liberals' modus operandi on almost everything. Instead of actually fixing the regulatory mess they created, the Liberals drive Canada deeper into debt and announce more tax dollars to fund their broken programs. The fall statement seems to admit it because the Liberals plan to pour $1.28 billion into the various resource regulators.

The Liberals should be ashamed that this is necessary, since Canada was consistently world renowned for decades as the most responsible resource producer with the highest standards and performance and a best-in-class regulatory system by all measures. It was literally the best in the world out of the top ten resource-producing jurisdictions on the planet before the Liberals broke it. The only way the Liberals seem to get companies to pursue new major projects is by bankrolling them with tax dollars. Layers of red tape and duplication and an unclear and arbitrary review process cause investors to seek opportunities outside of Canada.

Unlike the Liberals, the Conservatives would remove unnecessary roadblocks and duplication, attract investment and accelerate approvals for resource projects that are crucial to economic and national security, while maintaining the highest global standards. The Conservatives would ensure things can actually get built in this country.

A Conservative government would axe the carbon tax, repeal the anti-energy, anti-business and anti-export bills and get more of Canada’s world-leading environmentally and socially responsible oil, gas and minerals to the world to displace these products from countries with lower environmental, human rights, labour and governance standards.

The Conservatives will put the people first. Instead of government creating cash and making everything more expensive, the Conservatives will make sure Canada creates more of what cash buys: more homes, more gas, more food and more resources here at home—

Shannon Stubbs

$600,400.00