Freeland announces inflation decrease and healthcare boost in economic update

May 21, 2024 | Canadian News, Headlines, News

Deputy Prime Minister Chrystia Freeland announced Tuesday that inflation declined to its lowest level in three years.

“Inflation fell to 2.7 per cent in April from 2.9 per cent in March that is 4 months in a row that inflation has been within the Bank of Canada’s range,” Freeland said, “Wages have outpaced inflation for 15 months in a row.”

Freeland talked about the government’s collaboration with the Bank of Canada, to lower interest rates and stimulate economic growth.

“Today members of parliament are debating the Budget Implementation Act and tomorrow members will vote on this important legislation the budget,” she said.

Freeland said that the Budget Implementation Act provisions guarantee a 5% annual increase in the Canada Health Transfer until 2027 and the Federal government gave the largest amount ever in 2024

“This will be done through annual top-up payments for provinces and territories that are taking steps to improve the collection and management of health data,” Freeland said. “This year alone provinces and territories are receiving $52.1 billion from the federal government through the Canada Health Transfer. This is the largest amount ever.”

The ministry says that the investment in the health care system will mean more Ontario residents will have access to family doctors and nurse practitioners.

“It’s going to mean shorter wait times for surgeries in the emergency rooms,” said Ontario Health Minister Sylvia Jones in a statement on the Ontario website. “It’s going to make it easier to see a doctor or a nurse practitioner so all Canadians can get the care they need when and where they need.”

In the press conference, MP Randy Boissonnault talked about initiatives to streamline foreign credential recognition and foster immigrant integration into the labour force. “Immigrants are the lifeblood of our economy, and it’s imperative that we enact policies that harness their potential,” Boissonnault said.

However, amidst discussions on economic recovery and social reforms, challenges persist. Freeland talked about the government’s stance on tax fairness and called for clarity from political counterparts on proposed tax measures. “Taxation policies must reflect our values of equity and solidarity,” she said.