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QUESTION PERIOD — Finance

2024 Fall Economic Statement

December 17, 2024


Hon. Tony Loffreda [ + ]

My question is for the Government Representative in the Senate. The government introduced its Fall Economic Statement yesterday. While I am disappointed the deficit is increasing by $22 billion, there are several new policy initiatives that the business community should appreciate. For instance, I welcome the creation of the red tape reduction office. Canada’s regulatory system, which often includes outdated and overly burdensome regulation, is in dire need of an overhaul. When this new office is launched, can you confirm that it will rely on current research and data to hit the ground running and avoid any delays? Our economy literally cannot afford months and years of further consultation when much work has already been done on the matter.

Hon. Marc Gold (Government Representative in the Senate)

Thank you, senator, for your question. This government has and will continue to make decisions that are data-driven, based upon the most current research and data. I have every confidence that the new office will hit the ground running in order to deliver on the important issues that you underlined.

Senator Loffreda [ + ]

When I think of red tape and excessive government regulations, interprovincial trade barriers come to mind. The government is committing to publishing a list of specific restrictive measures that each province has in place that are preventing trade within Canada. Will the government rely on the good work of our Banking Committee’s 2016 report, Tear Down These Walls, which already suggested measures to eliminate these barriers and promote economic growth?

This government has and will continue to rely on, and be inspired and informed by, the good work of our senate committees. The government has already taken strong action by reducing a third of the federal exemptions, which is providing greater mobility for Canadian businesses and more opportunities to grow and compete anywhere in the country. That work needs to continue at the federal level and certainly at the provincial level. Thank you for your question.

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