Tuesday’s federal government update was brief and, in some cases, very pertinent to needs evident in the Okanagan. Overall, it represented balanced targeted measures needed to stabilize the economy. The focus on workforce gaps was timely and welcome. The government’s acknowledgement of the private sector in achieving economic success is essential and again, timely. Finally, priorities for competitiveness – action on internal trade barriers, tax competitiveness and cutting red tape to enable investment and growth are well-timed.
The Kelowna Chamber particularly liked the Canada Strong skilled-trades campaign. This national effort to promote skilled-trades careers and address labour shortages in construction and infrastructure is “more than timely,” says George Greenwood, Chamber CEO. “The tuition and fee barriers to get Canadians trained to Red Seal level are hurting the housing market, builders, Canadian homeowners, and the economy,” says Greenwood.
The serious lack of construction-related skilled trades puts Canada at a long-term disadvantage. This suite of new policies can fix that gap. Coupled with the federal government’s call four weeks ago to reduce Development Cost Charges and find better ways to fund municipal infrastructure “could make a real difference,” says Greenwood. “It’s something we’ve been calling for, for a long time.”
The Chamber also supports cutting modular housing red-tape, while expanding shelters and housing for those experiencing homelessness.
Cuts to CPP contribution rates are seen as positive. And, giving permanent status to employee ownership trusts will help stimulate the economy and increase business sustainability and stability.
Finally, some of the calls to combat money laundering, fraud and financial fraud are positive, so long as set-up costs are controlled. Airport reforms and clearing the air travel complaints backlog are important commitments, again, if executed while keeping a sharp pencil on set-up expenses.
In closing, Greenwood said, “Seeing the nominal GDP Stats Can GDP Level projections improve by $46 billion (2026) and $34 Billion (2027) is also encouraging but we need clear timelines on when we will return to balanced budgets.”