Productivity, economic growth and affordability should anchor the federal government’s fall session, says Calgary’s business community
Calgary, AB, September 16, 2024 – As Canadian MPs head back to Parliament today, the Calgary Chamber of Commerce calls for a clear and critical focus on improving productivity and economic growth in the session ahead. Specifically, we call for the federal government to incentivize investment by reducing regulatory and red tape barriers; support business and economic growth by improving access to capital and affordability; and rethink punitive policies such as changes to the capital gains inclusion rate, the emissions cap, Clean Electricity Regulations and the amendment to the Competition Act.
“Economic conditions are stabilizing: inflation is close to target, interest rates are trending downward and businesses are optimistic. We need to capitalize on this momentum and invest in the initiatives to build an innovative, diversified and productive economy — and one that supports a high quality of life for all Canadians,” says Ruhee Ismail-Teja, Vice President, Policy & External Affairs at the Calgary Chamber of Commerce. “The federal government needs to focus on policy that prioritizes productivity, investment and economic growth.”
To that end, we encourage the federal government to focus on:
- Provide greater affordability support for small and medium-sized businesses as they struggle with rising costs, labour constraints and persistent supply chain challenges. This should include withdrawing the changes to the capital gains inclusion rate made in Budget 2024.
- Work with all levels of government to advance affordable housing initiatives such as direct support for market and non-market housing starts, and for both labour markets and supply chains.
- Ensure affordability, reliability and predictability for all Canadians are central to policy development, particularly for decarbonization-related policies, including the Clean Electricity Regulations and the Greenhouse Gas Emissions Cap for the Oil and Gas Sector. Further to this, Amendment 236 to the Competition ActCompetition Act introduced in Bill C-59 should be withdrawn, given that it has put Canadian companies engaged in decarbonization initiatives at a significant disadvantage relative to their peers in other jurisdictions.
- Action the recently announced Indigenous Loan Guarantee Program, ensuring that funding is sector-agnostic, extends beyond the natural resource sector, and remains available for proponents in decarbonization, clean-tech and traditional energy spaces.
- Establish a Canadian Infrastructure Revitalization Fund to identify, quantify and address the critical infrastructure gaps that exist across the country in a timely and orderly manner.
We encourage the federal government engage with the business community across the country to understand the needs and challenges within businesses of all sizes and sectors and implement policies that create a stable investment and policy environment, are fiscally prudent and focused on supporting the growth and success of Canadian business.
– 30 –
About the Calgary Chamber of Commerce
The Calgary Chamber of Commerce exists to help businesses reach their potential. As the convenor and catalyst for a vibrant, inclusive and prosperous business community, the Chamber works to build strength and resilience among its members and position Calgary as a magnet for talent, diversification and opportunity. As an independent, non-profit, non-partisan organization founded in 1891, we build on our history to serve and advocate for businesses of all sizes, in all sectors across the city.
Media opportunities
For media inquiries, please contact
Brittany Brander, Manager, Public Relations & Communications
media@calgarychamber.com
