Thank you for listening to De Pictures Media Radio. Welcome to Policy and Rights, the show about the government policy and human rights. Welcome back to the Policy and Rights. Here in Depiction is Media Radio. I am your host,
Michael Cloggs. We're going to hear a press conference from Christia Friedland and none as they're talking about the state of economy for Canada and the wonderful things that and programs that the Liberal government has put in place to stabilize the economy here in Canada and what they continue work that they're going to do to ensure that Canada has a stable economy. So why don't we do this at this
point? Why don't we listen to what the ministers and is in the and the press actually the press questions are to the ministers and hear what they actually have to say, and then we'll come for some final parts about affordability in came. Good afternoon, everybody, and welcome to this afternoon's press conference. I'm Stephanie Leavits at the Toronto Star. I'll be moderating today. Thank you
to our ministers and the Deputy Prime Minister for being here. I understand you each have short remarks to make with us and then we'll open the floor to questions. Thank you so much, go ahead, Minister Okay, dabo visa guarana de la on sweet. Minister Champagne rade me on plus box concurrence sector lei seri qui le ministra an quip rade examine de de pancerient gueil se for domine appien avant les don publique semata. Inflation in 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 Bank of Canada's measures of core inflation also eased in September. The trend is in the right direction, and that is good news for Canadians. When it comes to ensuring that Canadians are treated fairly by their banks, we're taking
action in four ways. First, just over a week ago, I met with the CEOs of Canada's largest banks and I told them that it is my firm expectation that they abide by our government's mortgage guidelines as published by the Financial Consumer Agency of Canada. Our objective is to protect Canadians by ensuring their financial institutions treat them fairly and provide them with the tailored mortgage relief they need.
All with the goal of helping Canadians who are today struggling with higher mortgage payments on their principal residents. For Canadians with mortgages who are stressed and feeling squeezed, I want you to know that you are entitled to options and flexibility from your financial institution. Our government will be closely monitoring compliance with these mortgage rules in the coming weeks. We understand it's a challenging time for Canadians and we
want them to know we are there for them. Second, to make banking more affordable, I have instructed the Financial Consumer Agency of Canada to work on making no and low cost bank accounts more readily available to more Canadians. Charges can rack up, for example, when it comes to online payments, debit transactions, E transfers or digital banking services, which have become central to how
so many 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 of banks offer enhanced and modernized no and low cost accounts to a greater number of canadianspren desire end bar le fre sent provision could les banc pouve fracture canadin sefre quipu se leve a fessant di proportion agin again les blue, vulnerable,
parme le guel certain, vive dunechek dubai altre man minister de terminer de combien sefre pouve etre redui a new do'tremesiur do en economic de la pour severe, contre le free in desirable, a just and fourth. In order to ensure Canadians can count on always being treated fairly when dealing with their financial institution, I am designating the Ombudsmen for Banking Services and Investments as Canada's single, independent,
transparent, not for profit external complaints body for the banking sector. For too long, banks have been able to choose who adjudicates complaints from Canadians. Canadians have asked for and deserve better, and with an independent, transparent and not for profit on boods person, that is what they will receive. I also want to quickly address the BC government's new legislation to regulate the short term rental market. This is a positive and important step in the right direction in
an area of provincial jurisdiction. We know that short term rentals through sites like Airbnb and Verbo mean fewer homes for Canadians to rent and live in full time, especially in urban and populated areas of our country. That is why our government is actively examining what options and tools exist at the federal level to ensure more short term rentals are made available as long term rentals as permanent homes for Canadians to live in. Have more to announce on that in the weeks to
come. Thank you very much for your attention and let me now pass it over to fran Merci Madame Levis Prez. Good afternoon, everyone, permetem to the about Kennedy continued that or two par Le Prix Alipisri come Canadian curly. We need concrete actions from all the actors across the food chain. Already we have seen the dairy farmers recommend that 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 an Opendente Grocers. This is the type of action we want to see and that Canadians need to make sure that we stabilize prices in Canada. Yes, Canadians want to see action in the weeks and months ahead, but they also want a long term solution to high food prices, and that long term solution is to have more competition. It's really that simple.
More competition meets more options, which leads to downward pressure on prices, and competition is exactly what we're working on with Build C fifty six, which will give us more tools to make sure Canadians get some long term relief at the grocery store. This is how we can keep grocers more accountable. How we would build, how we would do that. Build C fifty six will propose
a number of measures that will be amending the Competition Act. First, we want to give more power to the Competition Brow to investigate when industries are behaving unfairly. It is unacceptable than in twenty twenty three, the Bureau is unable to obtain complete and precise data from in the sh three players, seconds,
the blocky lifusion, the consult the decision pop Solma Commercial. By empowering the Bureau to take action against schemes that stifle competition and reduce consumer choice, including situations where, for example, large grocers prevent 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 pass this bill as soon as possible, and I call on all my fellow parliamentarians to move quickly so that we can start seeing more competition in Canada New Devon rap possibrapin. I think the conference Canada, I can when you talk to a fellow colleagues around the world. Competition is really the way to put a more pressure on the market over the mid to long term. And let me be clear, Canadian must be able
to put food on the table. Canadians must 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 see that, and let me repeat, if we don't see that, we are ready to take more action so that we can get more tools in order to have a more competitive market here in Canada. With that, I will be very happy to ask my colleague
minister and end okay, hi everyone, bonjour toulemonde. Over the last number of years, our government has worked hard to build a strong economy, which is why Canada maintains a triple A credit rating, the lowest debt to GDP ratio in G seven, and low unemployment. However, we also know that during this economic time, we are living through high inflation and high interest rates, along with many other challenges that are forcing everyone, including our government,
to pivot and refocus. Somatin de schifrosu la facion one, tepubier je n dute pas coloposion vud rat couseschifra del flacient sen le rezuza don des pince. On the contrary, just as we did during the pandemic, we have been putting in place programs to support Canadians, bill after bill, law after law. These programs include providing eleven million Canadians with the grocery rebate, four point two million Canadians with the Workers Benefit, and six million Canadians with increased old
age security. Another example is during the pandemic, when our small businesses couldn't keep their lights on, we introduced several measures, including the Siba loone to help them get through dark times. Now, we continue to support small business owners and their workers who are the backbone of our economy through the extension of
the SIBA loan repayment program. In other words, unlike the opposition who vote against initiatives to support Canadians, our government firmly believes in investing in Canadians time after time, because that is how we build a stronger economy and a stronger country. Come voola vejos dui nous saint plan mont angajille re dui le could la ville in neu z a land de ferrett convastire de fascan res fonsble.
Right now, Canadian families and businesses and corporations are all checking their books to see where they can make savings, and the Government of Canada is noted. We are looking for mere cents on the dollar in terms of 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 of fifteen billion dollars over
five years and four billion dollars every year thereafter. I want to be clear this is not the Harper era drap and in fact we have taken key lessons from that experience. For example, we learned that giving flexibility rather than dictating how to allocate savings is more effective. Subjecting microagencies to significant cuts is counter productive, and forcing all savings to come from operating budgets risks program integrity and
future funding issues. Every minister has been tasked with re examining things like outsourcing and executive travel to determine whether there is any waste, and the goal is to refocus that spending towards current priority issues for Canadians like the clean economy and affordable housing and supports overall for the middle class matznon de props de proces dexamer rigor pers government and enampas d'aci dance negative so la prestac de service future ulante
crite de program. We will begin to share the results from this spending review publicly starting next month with supplementary estimates B followed by Maine stimates to be published by March first, twenty twenty four. Nos parti de se revue buje noventre avant le premier Marx de mil Vanka. In this economic time, we must ensure that taxpayer dollars are being used most effectively, and that is the work that we will continue to do and I 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 I'll
start with Kate from CBC. This is for the Prime Minister. Canada repatriated a woman this year who was married to an infamous ISIS fighter serving multiple life sentences in the US for the deaths of America, can British and Japanese citizens. She's here on a peace bond. Should Canadians be comfortable with us? Thanks for the question, and I'm gonna leave comment on that to the responsible ministers. You don't have any opinion on whether or not I I don't have
any further information to share about that. Milan, Madame frielan bank sweetly direct
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just as you te in deti hon apubilier lu s juier u se regul de la chance uh a uhles dug a l lamport I'm Israeli McKenzie with Global McKenzie gray. A few minutes ago, a f P and AP have reported that the Israeli military has struck a hospital in Gaza. The Gaza Health Ministry is saying five hundred people have died. That's now adding to the thousands of people who have died in Gaza. Are you comfortable in the past few days the
actions that the Israeli military have taken in Gaza. So I'm not going to comment on that specific news report because I'm not familiar with it. We've been focused on the economic issues that we wanted 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 of Israel and the Israeli people were a grave
and terrible violation. Canada recognize those attacks as a terrorist attack, and we support the State of Israel and the people of Israel, and we recognize that the State of Israel has the right to defend itself within international law. At the same time, I think it is really important for us to underscore that Hamas is a terrorist organization which does not represent the people of Gaza, that it is very very important that human life, that civilian life be guarded and
preserved, and that international law and the law of war be followed. Ray Web from so Nicola. Like the Travai, the type of core long term a core term, the present plan tabarole fed that nearly sank with the films
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permit pot about the compete c C and sausage. May Fastney and Can President said, the poly part the position that is present reforming a continuity alive. Look at the concuit for Lippirie of a continent the pratzi. He's problem met sic for example, that the quality not two debut MEVA continuits, abaasc le compact Mede grass continuent with the exactly what's offer, Ryan pat Hi, Minister Freeland, Brian with Bloomberg, Brian Bloomberg, I wanted to ask about this.
I wanted to ask about the short term rentals piece. You said you're looking at all federal all tools and options available to the federal government, and looking at how to ensure more short term rentals are made available as long term. But that seems like something that is pretty squarely up to the provinces. So is there anything directly any direct federal tools you're looking at here, tax treatment or mortgage rules or is this all about putting conditions on federal funding to
provinces. Thanks for the question and thanks for noticing I do think the action BC has taken is very important, and you are quite right that this is an area of provincial jurisdiction, but it is so important that we are examining whether there are any tools in the federal jurisdiction that we could use that would
make a difference in this space. And the reason we're so focused on it is we really do understand that housing is a very challenging issue for Canadians and we believe that the core challenge is there just aren't enough homes available for people to buy or for people to rent. And so we're kind of, you know, reviewing the space, and we're thinking what can we do both in
the medium 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 is in Bill C fifty six that Franzwafa Liep has been talking about, and I'd like to take this opportunity to encourage all parties to support that measure. You
know, it has been you know, widely widely supported in Canada. The fact that we put that on the table, and I think there was a story in the Globe and Mail yesterday saying that people are already seeing more purpose built rental being built because of that measure, that is a very good thing. But even if people you know, started building the day after the PM announced it in London, Ontario, it takes a while for those new apartments
to be built. So we are looking around and are saying, what can we do right away that makes more homes available for Canadians and the short term rental is one of those spaces. Some estimates that I've seen suggest that in Toronto, Montreal and Vancouver alone you could get up to thirty thousand 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 provincial jurisdiction, we are taking a very careful look at whether there are any tools in the federal toolbox we could use as well. But if other provinces want to follow VC's lead, that would be great for Canadians. To varie b the sup the saucepan scama, uh, your primumnist lugu comes some Minister Robert, this is
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j treuvan a lemnist Gerard uh to les A federal provincial Francois Felippe uh uh a t C. Moir on a fe in Grand industrism on North boart In investis mont Federal provincial j prem Ministre fier de sactism don't list wear u q beck Sesta may Lulu Grand invest St Investi, Lu federrad lu federral uh new Contra and treve loqucn vont de Montre could Greg Quinn, good afternoon, mister
Freeland. At IMF meetings last week, you were there and staff economists urged center banks and make sure they don't lower interest rates too soon, to make sure soborn inflation doesn't take hold. Is that global backdrop going to make your own domestic commitments more difficult when it comes to, you know, setting conditions for lower boring costs for families, or even maintaining fiscal responsibility. Yeah,
thanks for the question. I was hoping someone would ask about the IMF World Bank meetings and I'll tell you, guys why Because in the IMF World Economic Outlook that was published last Tuesday, I hope that every financial and economic journalist will turn to page one hundred and thirty two uh with which I actually carry it in my notebook with me and I look at it a few times every day, because that is the comparative table of the debt and deficit positions of
the major industrialized economies. Not published by the Government of Canada. This is published by the IMF. And when you look at that table, as I hope you will all do as soon as this press conference is over, I think you will see that Canada is the leader of the pack, certainly the leader of the pack of the G seven by a long way. And I emphasize that because you know, as Anita was saying, we recognize that fiscal
responsibility is important for Canadians. I think culturally it's something we care about, maybe more than people in other countries. And looking at that table, I think should provide some very important reassurance to Canadians that we are in a good place. Now. As to your question, look, my own view, which Frank Swaffleep and Anita have been talking about, you know, from different aspects, is these are tough times for Canadians. They are tough times in
the lives of 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 hear versions of the same thing. That things cost a lot. So prices are a concern for people. And the impact of interest rates, which regular Canadians feel most through their mortgages, is the other big pressure.
And that's why I spoke about action that we are taking to ensure that Canadians are treated fairly, that banks financial institution leave all put all the right options on the table for them and don't take advantage of them. So I think those are the two pressures. Prices, mortgages, our government recognizes one hundred percent the independence of the Bank of Canada. That is foundational for the strength
of Canada's economy, it's foundational for our triple A rating. What we also recognize is what we need to do as a federal government is use all the tools in our toolbox to help stabilize prices, because we know that once prices are stabilized, then that will create the conditions that allow the Bank of Canada to move from the current position of interest rates, which are intentionally contractionary, to a more neutral position. So that's really our focus. Yeah, go
ahead, go ahead and dayah. So in my previous life before becoming Member of Parliament, I taught corporate and securities law for about twenty five years and did a lot of work relating to the ombudsmen for banking services and investment that Christia spoke about today, And I want to say that what she announced relating to the work of ABSY going forward is significant because now ABSI is going to have an additional purpose and role relating to affordability issues that are at the very
heart of our economy and families way of coping in these economic times. And so I am very pleased to see additional roles and responsibilities being given to ABSI at this time as an in dependent, an impartial body that will be able to examine affordability issues that are affecting the middle class and Canadians generally, so that that we can have another voice speaking on their behalf. Just about out
of time, So this has to be our last question. Michelle Saba Wells web on a musics economic uh a on la discute avec nos homologue all uh duhon international la posada uh mentor on continue dove where the constructive conversation other last as you need a la secrets it as you need madame yell and a son a kid for look ada uh pour on pred trouve in solution uh are that novo uh and continue trave may not propose this passion That concludes to the press
conference m H next door. Yeah all right, akay, final thoughts, Let's get real one. We don't actually know what is the measuring stick that the government is using to determine what is affordable and what is not affordable. When we consider that where our studio is in Surrey, BC, the gvr D where the Greater Vancouver District is listed as one of the most affordable unaffordable
places to live in the world. Matter of fact, to narrow down a little bit further, and I'm gonna leave it, leave this particular statistic that we're in the top ten of the most unaffordable places to live in the world. That's saying something about the Canadian economy in general that when we consider that one of the top ten most unaffordable places in the world exist within the Canadian borders, that's pretty a pretty interesting thought. We keep hearing about we need
affordable housing because affordable housing is going to help in the homeless problem. Well, again, what is the measuring stick for affordable When we consider that the average young person, it may take them almost fifteen to twenty years just to save up a down payment for them to be able to buy their first home, which with on the average mortgage is a thirty year mortgage. Wow, so you have to be retired before you can make that final payment on your
your first home that you bought. Kind of interesting. There's a lot of things out there that with the rates of inflation and fuel and food cost which, by the way, the raised prices in fuel is actually feeding the higher the higher cost of food because hey, it's got to get trucked from one place to the other. The farmers need the fuel in order to harvest the crops. So it at each and every process where there is a machine involved, there's fuel involved, and that costs more money. So there's a lot
going on and we need to figure figure it all out. What does affordable mean? What kind of programs is the government really putting in place to make our lives more affordable and maybe even lower some taxes. So just some thoughts about what is happening with the economy versus inflation and livability so that we all can put some food in her tummies and have a warm home to live in. Thank you for listening today. You've been listening to policy and rates here
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