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Finance Minister Highlights Canada's Strengths and Canada-Australia Relationship

Economic Action Plan 2014 will ensure that Canada maintains its hard-earned international economic and fiscal advantage

February 24, 2014 – Melbourne, Australia – Department of Finance

Finance Minister Jim Flaherty told the Australia-Canada Economic Leadership Forum today that the Government of Canada is on track to return to balanced budgets in 2015, with new measures in Economic Action Plan 2014 that will foster job creation, innovation and trade in an uncertain global economy.

He noted that the federal deficit has been reduced by almost two-thirds since 2009–10 and that a surplus of over $6 billion is expected in 2015–16. He also outlined measures in Economic Action Plan 2014 to foster trade and Canadian entrepreneurship, support advanced research and innovation, and promote Canada’s financial sector advantage.

The Minister also praised Australia as a major trading partner and valuable Canadian ally, and encouraged other countries to follow Canada’s and Australia’s examples of responsible economic leadership and fiscal management to secure strong and sustainable global economic growth and long-term prosperity.

Quick Facts

Economic Action Plan 2014 builds on Canada’s strengths and continues to implement the Government’s plan for jobs and growth by:

  • Keeping taxes low to foster job creation, innovation, foreign investment and trade; reducing the tax compliance burden; and continuing to provide Canadian businesses and investors with the market access they need to succeed in the global economy.
  • Creating the new Canada First Research Excellence Fund with $1.5 billion in funding over the next decade to help Canadian post-secondary institutions excel globally in research areas that create long-term economic advantages for Canada.
  • Encouraging competitive financial services and improving the regulation of Canada’s capital markets through the implementation of a cooperative capital markets regulator.

Quotes

“Economic Action Plan 2014 is underpinned by our plan to return to balanced budgets in 2015. This commitment to fiscal responsibility has helped to ensure that Canada maintains its hard-earned international economic and fiscal advantage, which will help foster a growing, healthy economy that creates stable, well-paying jobs for Canadians, while expanding Canada’s trade relationship abroad.”

- Jim Flaherty, Minister of Finance

Additional Links

Media Contacts

Marie Prentice
Press Secretary
Office of the Minister of Finance
613-996-7861

Jack Aubry
Media Relations
Department of Finance
613-996-8080

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