Newmarket-Aurora MP Tony Van Bynen said the government is ready to do whatever is needed to help businesses recover in the months ahead.
The government released its fall economic update Dec. 14, revealing new programs aimed at addressing the impacts of COVID-19 for the hardest-hit sectors, or those impacted by any future lockdowns.
Van Bynen said he is pleased by the outlook, which factored in the feedback he and others made about the struggling travel and tourism sectors. But as new restrictions come into place due to the omicron variant, he said the government is willing to carry on support programs, however much is needed.
“Continuation of those programs would be extended to the extent that it’s necessary and appropriate,” Van Bynen said. “Whatever needs to be done, I think we got a pretty strong record in terms of how well we’ve recovered.”
The outlook highlighted continuing efforts to address the pandemic, including $1.7 billion to increase rapid testing supplies. It also adds $60 million in support for the live performance industry, a tax credit for businesses to improve ventilation, and more subsidies through a new tourism and hospitality recovery program. The government is also promising a worker lockdown benefit of $300 per week for anyone with employment interrupted by lockdowns, and subsidies for businesses impacted by them.
The update also highlights Canada’s job recovery, recovering 106 per cent of the jobs lost at the depth of the pandemic.
“We now have to start looking at the future,” Van Bynen said. “We need to be surgical about applying support programs moving forward. There have been some industries that have been extremely hard hit.”
But despite jobs recovery, one issue on the minds of local businesses is hiring struggles. Newmarket Chamber of Commerce president and CEO Chris Emanuel said it is a problem.
“That’s created a real challenge, both in the supply chain and just executing day-to-day business,” Emanuel said. “The labour market challenge is going to be a much longer problem to solve.”
He added the federal wage subsidy, now phased out, may need to be reintroduced depending on how restrictions play out.
On labour, the fall economic update notes immigration is getting support with $85 million toward addressing backlogs and speeding up citizenship paths.
“There’s a real commitment to accelerating and streamlining the immigration process,” Van Bynen said. “That’s an important commitment.”
Conservatives have criticized the statement, increased carbon and payroll taxes due to start Jan. 1, and debt levels.
The government projects the deficit to decline from the 2021 budget projection, down to $144.5 billion from $154.7 billion.
Van Bynen said Canada still boasts the best debt-to-GDP ratio in the G7. He said the government has to balance fiscal responsibility with social responsibility.
“I’m quite proud of the way the government has responded from a responsible financial perspective and quality, responsible, social perspective,” he said. “To make sure we get through this.”
