Coalition for a Better Future acknowledges Fall Economic Statement commitments aimed at growing the Canadian economy but calls for more urgency to implement a long-term plan
OTTAWA - NOVEMBER 21, 2023 - The Coalition for a Better Future today acknowledged the Government of Canada’s efforts through its Fall Economic Statement to grow the slumping economy, but notes that today’s document lacks the sense of urgency required to spur things forward. As a Coalition, we measure progress on a Scorecard built on three key themes - living better, growing sustainably and winning globally - and that is the lens through which we have examined today’s FES.
On core issues aimed at bolstering how Canadians can live better, particularly increasing supply to ensure housing affordability, the Coalition commends the commitment to further investment. That said, given that the housing crisis is both an immediate imperative and the underpinning for longer-term prosperity, today’s FES rightly identifies where we need to move but requires more focus in the upcoming budget, including targeted spending for rural and remote communities.
The Coalition remains firmly in support of efforts to ensure more sustainable and inclusive growth. We are pleased to see today’s FES reiterate commitments to the green energy transition that featured prominently in Budget 2023, including providing more specifics to investors and industry, allowing for more certainty, such as how contracts for differences will be administered. But while this progress is welcome, the continuous delays and on-going consultation processes leave Canada further and further behind in the global green investment race.
“While we are pleased to see there is an acknowledgement that major projects need to be built faster, initiatives including tax credits for clean electricity and clean tech remain stuck in consultation limbo,” said Coalition co-chair Honourable Anne McLellan. “We remain encouraged by the establishment of the Ministerial Working Group on Regulatory Efficiency for Clean Growth Projects to work horizontally across government to advance these initiatives, still, we are not yet seeing enough movement – and there is no time left to waste if Canada is going to win globally.”
The Coalition welcomes today’s reference to the importance of establishing an Indigenous Guaranteed Loan Program for major natural resources projects and calls on the government to ensure that the timeline for launch does not slip beyond today’s commitment to Budget 2024.
“Although the measures announced today are a step in the right direction to address current economic constraints, they are short-term solutions that will not lead to the economic growth required in Canada,” said Coalition co-chair Honourable Lisa Raitt. “To move our economy in the right direction, we need a comprehensive long-term plan that encourages private sector investment in training and capital expenditures here in Canada.”
The Coalition represents a diverse and growing community of like-minded organizations in the private and not-for-profit sectors, 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
