Archived - Minister Oliver Discusses the State of the Canadian Economy and Medium-Term Priorities With Provincial and Territorial Finance Ministers
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Meeting focuses on balanced budgets and sustainable financing as basis for supporting job creation and long-term growth
June 18, 2014 – Ottawa, Ontario – Department of Finance
Finance Minister Joe Oliver and Minister of State (Finance) Kevin Sorenson today took part in a telepresence meeting with provincial and territorial finance ministers to discuss concrete options to support job creation and long-term growth for Canadians in the current economic environment.
Minister Oliver encouraged his provincial and territorial counterparts to return to budgetary balance, which the Harper Government will achieve in 2015. He also stressed the importance of keeping taxes low and government spending in check.
- Since the Government first introduced its Economic Action Plan to respond to the global recession, Canada has recovered both more than all of the output and all of the jobs lost during the recession.
- The Canadian economy has posted one of the strongest job creation records in the Group of Seven (G-7) over the recovery, with more than 1 million jobs created since July 2009.
- Over 80% of all jobs created since July 2009 are full-time positions, about 80% are in the private sector and over 60% are in high-wage industries.
- Real gross domestic product is significantly above pre-recession levels—the best performance in the G-7.
- Major federal transfers to provinces and territories have grown by 55% under the Harper Government, and will continue to grow from the current all-time high of almost $65 billion, offering sustainable and predictable support for the provision of health care, education and social services.
“Today Canada’s finance ministers discussed our respective priorities and shared ideas on how best to maximize Canada’s tremendous potential for strong, sustained economic growth that benefits us all. Canada derives its strength from all its regions. I encouraged my counterparts to keep taxes low and return to budgetary balance in order to keep more dollars in the pockets of Canadians, which will support job creation and long-term economic growth. I look forward to working cooperatively with them in building an even stronger, more prosperous Canada.”
- Joe Oliver, Minister of Finance
Director of Communications
Office of the Minister of Finance
Department of Finance