Coalition for a Better Future welcomes budget commitments aimed at making life more affordable for Canadians, but calls it a missed opportunity to jumpstart long-term economic growth
OTTAWA, APRIL 16, 2024 - The Coalition for a Better Future welcomes the Government of Canada‘s efforts to make life more affordable for Canadians – especially younger Canadians – through measures in today’s federal budget. However, we are concerned that the budget does not reflect the required urgency to address Canada’s immediate and long-term economic challenges. This failure to lay out a strategy to kickstart productivity jeopardizes the quality of life for Canadians in the future.
“As our latest Scorecard report highlights, fragile economic growth threatens to undermine our future prosperity,” said Coalition co-chair Anne McLellan. “The persistent economic weakness is impacting the well-being of all Canadians. The Coalition’s research reflects an increasing pessimism among young Canadians regarding their economic prospects and their ability to get ahead. We owe it to our youth to take action today so they can have the future they deserve.”
Our Coalition evaluates economic progress using a scorecard of 21 metrics based on three themes: living better, growing sustainably and winning globally. We analyzed the budget through this lens and commend the following initiatives:
Targeted investments to address the country’s urgent housing crisis, but swift collaboration across all levels of government will be vital in solving it.
Expanding Canada’s Disability Benefit.
Investments in AI and post-secondary research in an effort to boost innovation and job creation.
Establishment of the Indigenous Guaranteed Loan Program for major natural resources projects. This program is an important step towards economic reconciliation, enabling First Nations to participate as owners of major natural resource and energy infrastructure projects.
However, increasing the capital gains tax on corporations and high-income earners may be counterproductive to encouraging the investments needed to spur economic growth. We are also concerned about the delayed implementation of regulatory reforms and green transition measures. The further delay in clear details is creating uncertainty for industry in Canada as we run the risk of falling behind our peers in the green transition.
“While today’s budget outlines several measures aimed at addressing the strain Canadians feel day to day, we are concerned it does not create the environment necessary to break Canada out of a slow growth cycle,” said Coalition co-chair Lisa Raitt. “To afford these commitments, we need measures that encourage business investment in areas like research, machinery and equipment and worker training. This is what will allow our workers to be more productive, set our country up to compete on the world stage and drive the economic growth that is essential to succeed.”
On behalf of our members, the Coalition will continue to work with all orders of government to prioritize sustainable economic growth and create policies that benefit Canadians, helping them to live better, win globally and grow sustainably.
The Coalition represents a diverse and growing community of like-minded organizations in the private and not-for-profit sectors. We are unified in our belief that economic growth is necessary for job creation, rising incomes, a cleaner environment, and a better quality of life.
For more information or to set up an interview, please contact:
Tina Romito
Director of Operations, Coalition for a Better Future
operations@canadacoalition.ca
