Canada. Ottawa, February 10, Immediate release. Notes for an address
|
|
- Brooke Mosley
- 7 years ago
- Views:
Transcription
1 Immediate release Ottawa, February 10, Notes for an address by the Honourable Don Mazankowski Minister of Finance to the 50th annual conference of the Canadian Home Builders Association Toronto, Ontario February 10, 1993 CHECK AGAINST DELIVERY Canada
2 Introduction I want to say how pleased and honoured I am to address the Canadian Home Builders Association as you celebrate your 50th anniversary. As my colleague, Perrin Beatty, said on Monday, it is a very different world today compared to 1943, when the National House Builders' Association (as you were first known) was founded. But one thing has not changed - the fundamental role that residential construction plays in the Canadian economy and in the social fabric of our wonderful country. Last year~ the value of residential construction and renovation activity in Canada was nearly $33 billion. That was almost 6 per cent of our entire national economic output. And it was a major factor in providing jobs to almost 700,000 Canadians in the construction sector. But the home-building industry represents much, much more than billions of dollars and hundreds-of-thousands of jobs. Homes are nothing less than the starting point of any community -- the primary infrastructure of any nation. Owning a home is the goal that every family works towards. It is a basic foundation for personal security. When people own their own homes, they can look to the future with more confidence. And when they buy homes, they also buy home furnishings and other services that contribute to our national economy. For all these reasons, the home building industry is a vital engine for economic renewal and growth. That is why our government has taken a number of steps to stimulate the housing industry directly. We have also taken wide-ranging action to put in place solid fundamentals for longterm sustainable growth for the entire Canadian economy. This is action that also benefits your industry, because sustained national growth -- and the new jobs and increased incomes this delivers -- is the key to your industry's enduring success.
3 - 2. Today I want to talk about some of these initiatives we've taken -- and about the importance of continuing to strengthen Canada's economic fundamentals. Refonning Canada's economy The fact is, as we look towards the 21st Century, the landscape is clearly marked with both challenges and terrific oppo~ties. We must never forget that these challenges and opportunities will determine nothing less than the well-being of individual Canadians -- the construction worker in Toronto, the student in Halifax, the widower in Victoria. In other words, economic challenges and opportunities are meaningful because they affect people. What is most affecting all Canadians today - and the prospects our children face - is the fast evolving global economy. It is a new world order where Canada's main street now runs from Singapore to Stockholm; and where brain power and competitive muscle -- not just natural resources -- are the keys to economic prosperity. Our opportunities depend on how we respond to those global challenges. And if we build on the foundations for renewal that we have already put in place, Canada will be uniquely positioned to be one the world leaders in economic growth, not just this year and next, but well into the next century. Let me highlight some of the policy thrusts our government has taken to deliver that success: In a world where market needs and technologies can change almost overnight, businesses must be flexible. That is why our government has moved to reduce regulation and eliminate barriers that prevent firms from adapting swiftly and innovatively. In an environment where businesses must be more competitive than ever before, firms need governments that work with them - not compete against them. That's one of the reasons our government has privatized over 20 Crown corporations.
4 - 3 - At a time when finns and jobs are increasingly mobile, a nation's tax system can play a critical role in attracting or driving away business. We've met this challenge by refonning Canada's tax system to bring it more in line with our major competitors. For a country that more than almost any other depends on trade to preserve jobs and create new ones, we've taken concrete steps - through the Canada-U.S. and North American free trade agreements, and our role in the GATT. These actions have given Canadian companies and products more secure access to global markets. And in an era where the nature of work itself is changing -- and skills and education are the key to good jobs -- we are increasing support for worker adjustment and training to $3.8 billion this year. That's over 50 per cent more than it was just three years ago. Inflation and interset rates There is another area of structural change that is of priority importance to your industry -- and to the well-being of Canada's people. That is the firm action we have taken - by setting clear public targets, and restraining public service wages -- to bring down inflation. Inflation is a hidden tax on every citizen, on our children, and on our ability to compete in a global marketplace. It eats up savings -- making it harder for young Canadians to enter the housing market. And it costs us jobs, by pushing up the cost of doing business here -- and making it harder for us to export products abroad. But inflation today is no longer stealing Canadians' savings and killing jobs. For 1992, the annual average rate of inflation in Canada was 1.5 per cent -- the lowest level in 30 years. It was also the lowest rate among the world's seven largest economies. And bringing down inflation has been a success that you can take to the bank -- and walk away with a cheaper mortgage. The simple fact is, lower inflation is the key to lower interest rates.
5 - 4 - Today, chartered banks' prime lending rate is down by more than half from its 1990 peak of per cent And one-year mortgages are down to 7.7 per cent. This means that a $100,000-mortgage today saves a Canadian family about $470 every month compared to 1990 levels. That's more than $5,600 dollars a year. Further action to spur growth The structural changes I have highlighted are delivering real results. Low inflation has not only reduced interest rates; but has also helped bring the growth of labour costs down sharply. This translates into a Canada that is better able to compete in global markets. But the global economy itself has been struggling under the burden of low growth. And this weakness has slowed our own return to economic health -- because of our position as one of the world's most trade-dependent nations. That is why we introduced further direct action last year to build consumer confidence and spur growth. And this included measures specifically targeted to the vital homebuilding sector. We saw that people were locked out of home ownership --not because they lacked the income to afford a home, but because they lacked the downpayment So we took action to help them get over that hurdle: Just prior to the budge4 the Canada Mortgage and Housing Corporation reduced the downpayment required for its mortgage insurance from 10 per cent to 5 per cent; In the February budge4 I announced that Canadians could make withdrawals from their RRSPs without penalty to use as down-payment funding for home purchases; And in the economic statement I delivered last December, I extended this Home Buyers' Plan for another year.
6 - 5 - Seeing the benefits for housing The actions we have taken -- including inflation reduction, and targeted encouragement for home buyers -- have produced concrete results. And they have establish a firm foundation for continued growth in your sector, and for the Canadian economy overall. By the end of 1992, withdrawals had been made from some 127,000 RRSPs to buy or build a home. The value of those withdrawals was $1.2 billion. Also last year, nearly 69,000 Canadian families purchased a house with the assistance of CMHC-insured mortgages requiring only the 5-per-cent downpayment These results helped boost housing starts last year by 6.6 per cent. And we have also seen a tum-around in housing affordability for Canadians: The sharp decline in mortgage rates has seen the proportion of renters who can now afford to buy a house increase dramatically in most cities. For example, the proportion of renters in Toronto who can afford to buy a home has jumped nearly five times -- from 7.3 per cent in January, 1991 to 35 per cent by October last year. In Edmonton, the number of renters who can now afford to buy a home more than doubled, from 27.3 per cent to 67 per cent over the same period. This progress is also reflected in another measure -- a housing affordability index tracked by the Department of Finance. It shows that average mortgage payments relative to average disposable income are at the lowest level since 1981, when data was :first collected. In other words, Canadians are in the best position in over a decade -- and possibly in a generation -- to undertake home purchases. This is good news for families, for builders and related industries, and for the Canadian economy overall.
7 - 6 - The outlook for housing As you can see, I feel there is good reason for optimism that your sector will enjoy progress this year and beyond. Yesterday's CMHC forecast sees housing starts in Canada increasing by a further 5.2 per cent -- to 177,000 units -- in And the Clayton Housing Forecast has been even more optimistic, forecasting 1983 housing starts of over 181,000 units. I should add that a good sign for future housing construction has been the continued decline in newly completed but unoccupied units. This suggests that a larger proportion of new housing sales in 1993 will be met by new starts. The Canadian economic outlook Underlying the continuing growth in the home building sector, of course, will be growth in the Canadian economy itself. Here, too, the outlook seems positive. In my December economic statement, I said I looked to 1993 national growth of around 2.5 per cent. But other leading international agencies are even more bullish. The OECD, in its December 16th outlook, called for 3.2 per cent growth for Canada this year, and 4.2 per cent in These are levels, the agency says, that will see Canada lead all other G-7 nations. The challenge of debt control I have focused my remarks on some of the actions our government has taken to make Canada more competitive, increase consumer confidence, and spur economic growth - especially those that relate directly to your industry. And I have highlighted the positive forecasts that these actions are helping make possible. But I also want to talk about another key part of the growth equation. That is our government's commitment to making renewed progress at putting the government's fmancial house in order.
8 - 7 - There is no paradox when I say that deficit reduction is our priority and growth is our focus. The fact is, controlling Canada's deficit is one of the essential foundations to make continuing growth and economic progress possible. The simple fact is, deficit-driven borrowing by governments is one of the factors that puts pressure on interest rates. And it is deficits - involving all levels of government -- that continues to impose a tax burden that remains higher than some of our major economic competitors, such as the U.S. and Japan. That is why, in my December economic statement, I announced wide-ranging measures to rein back government spending by some $8 billion over the balance of this and the next two fiscal years. These include freezing cabinet, MP and public service salaries; reductions in government operating budgets; targeted action on unemployment insurance; and a reduction of 10 per cent in federal grants and contributions. This action was necessary because our federal fiscal situation has been hard-hit by the combination of weaker-than-expected growth and lower nominal income. This has meant that government revenues are well below what was forecast in my February 1992 budget -- while the cost of certain programs, such as unemployment insurance, is much higher. If Canada were to sustain conditions for renewed growth -- including the international investor confidence that is an important part of interest-rate reductions -- we could not let our deficit surge out of control. Today's national debt is not just a mortgage on the future: it's become a second-, third- and fourth-mortgage. We simply can't let this continue to grow. That is why we have taken tough restraint measures. But it is important for Canadians to recognize that deficits and growing debt are not just federal problems. Provincial deficits and debt have surged in recent years - particularly in terms of international indebtedness. And it is this international indebtedness that now costs Canada over $22 billion a year in interest payments to foreign lenders. That is money that cannot be used to help promote Canadian growth or support Canada's social safety net.
9 - 8 - If we want to control inflation and bring interest rates down further -- if we want to prevent further increases in our national tax burden -- it is vital that all levels of government take the tough action necessary to stop the deficit surge. And that means tough action to bring down government spending at all levels. I am committed to that tough action. Conclusion Ladies and gentlemen, in concluding my remarks, I want to draw upon the spirit and nature of your industry. Home-building is, by definition, an investment in the future. It is the foundation for family security, community well-being and national confidence. And it is these people-oriented values -- and a total commitment to Canada's future - that have been the driving force behind the policies we have put in place. And just like in any construction activity, you have to lay your foundations and build the framework before the finishing work can take place. I am confident that we have laid those foundations of economic progress: we have put up a structure that can give Canadians and their children real success. And this year and in those to come, the benefits will be real. Canada will continue to be a home to its people that is envied around the world.
êéëé~êåü=üáöüäáöüí House Prices, Borrowing Against Home Equity, and Consumer Expenditures lîéêîáéï eçìëé=éêáåéë=~åç=äçêêçïáåö ~Ö~áåëí=ÜçãÉ=Éèìáíó
êéëé~êåü=üáöüäáöüí January 2004 Socio-economic Series 04-006 House Prices, Borrowing Against Home Equity, and Consumer Expenditures lîéêîáéï The focus of the study is to examine the link between house
More informationHome Builders' President welcomes CMHC mortgage insurance changes
Home Builders' President welcomes CMHC mortgage insurance changes OTTAWA, April 22, 2005 -- The Canadian Home Builders' Association (CHBA) today welcomed Housing Minister Joe Fontana's announcement of
More informationChapter 12: Gross Domestic Product and Growth Section 1
Chapter 12: Gross Domestic Product and Growth Section 1 Key Terms national income accounting: a system economists use to collect and organize macroeconomic statistics on production, income, investment,
More informationPolitics, Surpluses, Deficits, and Debt
Defining Surpluses and Debt Politics, Surpluses,, and Debt Chapter 11 A surplus is an excess of revenues over payments. A deficit is a shortfall of revenues relative to payments. 2 Introduction After having
More informationThe Economic Environment for Business
B. FINANCIAL MANAGEMENT ENVIRONMENT 1. The economic environment for business 2. The nature and role of financial markets and institutions The Economic Environment for Business What are the targets of macroeconomic
More informationAdjusting to a Changing Economic World. Good afternoon, ladies and gentlemen. It s a pleasure to be with you here in Montréal today.
Remarks by David Dodge Governor of the Bank of Canada to the Board of Trade of Metropolitan Montreal Montréal, Quebec 11 February 2004 Adjusting to a Changing Economic World Good afternoon, ladies and
More informationProject LINK Meeting New York, 20-22 October 2010. Country Report: Australia
Project LINK Meeting New York, - October 1 Country Report: Australia Prepared by Peter Brain: National Institute of Economic and Industry Research, and Duncan Ironmonger: Department of Economics, University
More informationCanadian Manufacturers and Exporters
Standing Committee on Finance (FINA) Pre-budget consultations 2012 Canadian Manufacturers and Exporters 1. Economic Recovery and Growth Responses Given the current climate of federal and global fiscal
More informationFinancial Market Instruments
appendix to chapter 2 Financial Market Instruments Here we examine the securities (instruments) traded in financial markets. We first focus on the instruments traded in the money market and then turn to
More informationBetter finances, better lives. Five-Year Tax Reduction Plan. February 28, 2000. Department of Finance Canada. Ministère des Finances Canada
Better finances, better lives Five-Year Tax Reduction Plan February 28, 2000 Department of Finance Canada Ministère des Finances Canada Her Majesty the Queen in Right of Canada (2000) All rights reserved
More informationRetirement Income Coalition
2005 Pre-Budget Submission STRENGTHENING THE VOLUNTARY PILLAR OF CANADA'S RETIREMENT INCOME SYSTEM SEPTEMBER 2004 TABLE OF CONTENTS Page Introduction 1 Unfinished Business 2 Middle Income Canadians Affected
More informationStrategy Document 1/03
Strategy Document / Monetary policy in the period 5 March to 5 June Discussed by the Executive Board at its meeting of 5 February. Approved by the Executive Board at its meeting of 5 March Background Norges
More informationUpdating the Benefits of the GST New Housing Rebate
Housing Affordability and Choice for Canadians: Building on Success Updating the Benefits of the Introduction: When the Goods and Services Tax (GST) was introduced in 1991, the federal government recognized
More informationJarle Bergo: Monetary policy and the outlook for the Norwegian economy
Jarle Bergo: Monetary policy and the outlook for the Norwegian economy Speech by Mr Jarle Bergo, Deputy Governor of Norges Bank, at the Capital markets seminar, hosted by Terra-Gruppen AS, Gardermoen,
More informationHousing Market Predictions for 2014
H o u s i n g M a r k e t I n f o r m a t i o n HOUSING MARKET OUTLOOK Canada Edition C a n a d a M o r t g a g e a n d H o u s i n g C o r p o r a t i o n Date Released: First Quarter 2013 Canadian Housing
More informationMBA Forecast Commentary Joel Kan, jkan@mba.org
MBA Forecast Commentary Joel Kan, jkan@mba.org Weak First Quarter, But Growth Expected to Recover MBA Economic and Mortgage Finance Commentary: May 2015 Broad economic growth in the US got off to a slow
More informationWhat Drives the Economy? Key Economic Variables
Vegetable Industry Development Program What Drives the Economy? Key Economic Variables This fact sheet provides a brief explanation of four key economic variables, how these variables interact and what
More informationA layperson s guide to monetary policy
1999/8 17 December 1999 A layperson s guide to Executive Summary Monetary policy refers to those actions by the Reserve Bank which affect interest rates, the exchange rate and the money supply. The objective
More informationForecasting Ottawa s Economic Future
Forecasting Ottawa s Economic Future Never Assume that the Ottawa-Gatineau Economy is Down and Out Mario Lefebvre Director, Centre for Municipal Studies Chateau Laurier, Ottawa October 31, 2012 Uneven
More informationTHE FINANCIAL CRISIS: Is This a REPEAT OF THE 80 S FOR AGRICULTURE? Mike Boehlje and Chris Hurt, Department of Agricultural Economics
THE FINANCIAL CRISIS: Is This a REPEAT OF THE 80 S FOR AGRICULTURE? Mike Boehlje and Chris Hurt, Department of Agricultural Economics The current financial crisis in the capital markets combined with recession
More informationIntroduction on monetary policy
Introduction on monetary policy Riksdag Committee on Finance 6 March Governor Stefan Ingves Today's presentation The Swedish economy and monetary policy - where are we heading? The Swedish economy has
More informationEconomics 101 Multiple Choice Questions for Final Examination Miller
Economics 101 Multiple Choice Questions for Final Examination Miller PLEASE DO NOT WRITE ON THIS EXAMINATION FORM. 1. Which of the following statements is correct? a. Real GDP is the total market value
More informationTHE ECONOMIC IMPACT OF CORPORATE TAX RATE REDUCTIONS
THE ECONOMIC IMPACT OF CORPORATE TAX RATE REDUCTIONS Leadership makes the difference January 211 The Economic Impact of Corporate Tax Rate Reductions January 211 Canadian Manufacturers & Exporters Author:
More informationa) Aggregate Demand (AD) and Aggregate Supply (AS) analysis
a) Aggregate Demand (AD) and Aggregate Supply (AS) analysis Determinants of AD: Aggregate demand is the total demand in the economy. It measures spending on goods and services by consumers, firms, the
More informationIMF Country Report No. 11/365
The mortgage finance system in Canada is quite strong, as evidenced by its performance during the recent financial crisis. Home buyers who cannot make a 20 percent down-payment are required to insure their
More informationA Continuing Record of Tax Relief
A Continuing Record of Tax Relief JUNE 2009 A Continuing Record of Tax Relief JUNE 2009 Government of Canada Gouvernement du Canada Her Majesty the Queen in Right of Canada (2009) All rights reserved All
More informationTransformation of the Role of the Canada Mortgage and Housing Corporation
Transformation of the Role of the Canada Mortgage and Corporation Pierre David Canada Mortgage and Corporation Canada Overview of CMHC The Canada Mortgage and Corporation (CMHC) is the national housing
More informationNOVA SCOTIA HOUSING DEVELOPMENT CORPORATION. Business Plan 2012-2013
NOVA SCOTIA HOUSING DEVELOPMENT CORPORATION Business Plan 2012-2013 Table of Contents Message from Nova Scotia Housing Development Corporation..2 1.0 Mission / Mandate... 3 2.0 Strategic Goal... 3 3.0
More informationUnderstanding the Student Loan Explosion. Implications for students and their families. Sponsored by:
Understanding the Student Loan Explosion Implications for students and their families Sponsored by: Understanding the Student Loan Explosion: Implications for students and their families True wisdom is
More informationhelping you build your business
helping you build your business The Canadian Home Builders Association Membership in the Canadian Home Builders Association (CHBA) helps you build your business. The CHBA is one organization operating
More informationA PLAN FOR A DEBT-FREE ALBERTA
A PLAN FOR A DEBT-FREE ALBERTA Table of Contents Step 1 - Eliminating the Annual Deficit... 139 Step 2 - Eliminating the Net Debt... 139 Step 3 - Creating a Debt-Free Alberta... 142 Repaying Accumulated
More informationNEWS FROM DANMARKS NATIONALBANK
1ST QUARTER 2015 N0 1 NEWS FROM DANMARKS NATIONALBANK PROSPECT OF HIGHER GROWTH IN DENMARK Danmarks Nationalbank adjusts its forecast of growth in the Danish economy this year and next year upwards. GDP
More informationEuro Zone s Economic Outlook and What it Means for the United States
WELCOME TO THE WEBINAR WEBINAR LINK: HTTP://FRBATL.ADOBECONNECT.COM/ECONOMY/ DIAL-IN NUMBER (MUST USE FOR AUDIO): 855-377-2663 ACCESS CODE: 71032685 Euro Zone s Economic Outlook and What it Means for the
More informationEconomic Outlook, November 2013 November 21, 2013. Jeffrey M. Lacker President Federal Reserve Bank of Richmond
Economic Outlook, November 2013 November 21, 2013 Jeffrey M. Lacker President Federal Reserve Bank of Richmond Asheboro SCORE Asheboro, North Carolina It's a pleasure to be with you today to discuss the
More informationMacroeconomics: GDP, GDP Deflator, CPI, & Inflation
HOSP 2207 (Economics) Learning Centre Macroeconomics: GDP, GDP Deflator, CPI, & Inflation Macroeconomics is the big picture view of an economy. Microeconomics looks at the market for a specific good, like
More informationMario Draghi: Europe and the euro a family affair
Mario Draghi: Europe and the euro a family affair Keynote speech by Mr Mario Draghi, President of the European Central Bank, at the conference Europe and the euro a family affair, organised by the Bundesverband
More informationMULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
Chatper 34 International Finance - Test Bank MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) The currency used to buy imported goods is A) the
More informationSUSTAINING PROSPERITY FOR FUTURE GENERATIONS NLEC POSITION ON 2013 PROVINCIAL BUDGET PRIORITIES
SUSTAINING PROSPERITY FOR FUTURE GENERATIONS Approved by the NLEC Board of Directors Jan 16 th, 2013 1 SUSTAINING OUR PROSPERITY FOR FUTURE GENERATIONS INTRODUCTION The Newfoundland and Labrador Employers
More informationIn for a Nickel: Asset Management for Changing Needs
In for a Nickel: Asset Management for Changing Needs HSC Regeneration Forum, February 10, 2014 Social Housing Asset Management Program (SHAMP) SHAMP provides $750,000 over 3 years to 37 Service Managers
More informationINFLATION REPORT PRESS CONFERENCE. Thursday 4 th February 2016. Opening remarks by the Governor
INFLATION REPORT PRESS CONFERENCE Thursday 4 th February 2016 Opening remarks by the Governor Good afternoon. At its meeting yesterday, the Monetary Policy Committee (MPC) voted 9-0 to maintain Bank Rate
More informationCMHC Mortgage Loan Insurance Overview
CMHC Mortgage Loan Insurance view Mortgage loan insurance is typically required when homebuyers make a down payment of less than 2% of the purchase price. Mortgage loan insurance helps protect lenders
More informationTable of Contents. Foreword 3. Introduction 5. What s the strategy? 7. The vision 7. The strategy 7. The goals 7. The priorities 8
Table of Contents Message from Minister Sorenson 2 Foreword 3 National Strategy for Financial Literacy Count me in, Canada 5 Introduction 5 What s the strategy? 7 The vision 7 The strategy 7 The goals
More informationPROVINCIAL OUTLOOK UPDATE February 6, 2015
PROVINCIAL OUTLOOK UPDATE February 6, 2015 Real GDP growth 2015 Annual % change CANADA B.C. 2.4 2.7 2.9 3.1 Several developments have occurred since the publication of our most recent Provincial Outlook
More informationLiving Within Our Means: Affordable Solutions for Canada s Co-operative Housing
Brief to the Standing Committee on Finance 2014 Pre-Budget Consultations Living Within Our Means: Affordable Solutions for Canada s Co-operative Housing Nicholas Gazzard, Executive Director Co-operative
More informationBUILDING TOWARDS BALANCE
Fiscally Responsible Proposals for Economic and Job Growth to the House of Commons Standing Committee on Finance The Canadian Real Estate Association (CREA) is one of Canada s largest single-industry trade
More informationNew Home Market Single starts highest since 1987
Canada Mortgage and Housing Corporation www.cmhc.ca New Home Market Single starts highest since 1987 CMHC is forecasting 850 singledetached housing starts for 2006, the highest number of single starts
More informationPublic Accounts of Canada
Government of Canada Gouvernement du Canada Prepared by the Receiver General for Canada Public Accounts of Canada 2010 Volume I Summary Report and Financial Statements Canada Minister of Public Works and
More informationDO NOT WRITE ANY ANSWERS IN THIS SOURCE BOOKLET. YOU MUST ANSWER THE QUESTIONS IN THE PROVIDED ANSWER BOOKLET.
SPECIMEN MATERIAL AS ECONOMICS 713/2 Paper 2 The national economy in a global context Source booklet DO NOT WRITE ANY ANSWERS IN THIS SOURCE BOOKLET. YOU MUST ANSWER THE QUESTIONS IN THE PROVIDED ANSWER
More information2013 2014e 2015f. www.economics.gov.nl.ca. Real GDP Growth (%)
The global economy recorded modest growth in 2014. Real GDP rose by 3.4%, however, economic performance varied by country and region (see table). Several regions turned in a lackluster performance. The
More informationGundlach s High-Conviction Investment Idea By Robert Huebscher December 26, 2012
Gundlach s High-Conviction Investment Idea By Robert Huebscher December 26, 2012 Count Jeffrey Gundlach among those who expect Japan s currency to collapse because it can t service its debt. Japan s challenges
More informationTo download Labour s Business Manifesto: A Better Plan for Business, please click here
To download Labour s Business Manifesto: A Better Plan for Business, please click here Ed Miliband, Leader of the Labour Party, in a speech launching Labour s Business Manifesto, said: Thank you, Margaret,
More informationEcon 102 Measuring National Income and Prices Solutions
Econ 102 Measuring National Income and Prices Solutions 1. Measurement of National Income and Decomposing GDP This question is designed to see if you understand how Gross Domestic Product (GDP) is measured.
More informationSvein Gjedrem: Prospects for the Norwegian economy
Svein Gjedrem: Prospects for the Norwegian economy Speech by Mr Svein Gjedrem, Governor of Norges Bank (Central Bank of Norway), at Sparebank 1 SR-Bank Stavanger, Stavanger, 26 March 2010. The text below
More informationBusiness Outlook Survey Results of the Spring 2016 Survey Vol. 13.1 1 April 2016
Business Outlook Survey Results of the Spring 2016 Survey Vol. 13.1 1 April 2016 Business sentiment in the spring Business Outlook Survey improved but remains subdued overall. The positive impetus coming
More informationGeneral Certificate of Education Advanced Level Examination June 2013
General Certificate of Education Advanced Level Examination June 2013 Economics ECON4 Unit 4 The National and International Economy Tuesday 11 June 2013 9.00 am to 11.00 am For this paper you must have:
More informationI. Introduction to Aggregate Demand/Aggregate Supply Model
University of California-Davis Economics 1B-Intro to Macro Handout 8 TA: Jason Lee Email: jawlee@ucdavis.edu I. Introduction to Aggregate Demand/Aggregate Supply Model In this chapter we develop a model
More informationDeputy Governor Barbro Wickman-Parak The Swedish property federation, Stockholm. The property market and the financial crisis
SPEECH DATE: 17 June 2009 SPEAKER: LOCALITY: Deputy Governor Barbro Wickman-Parak The Swedish property federation, Stockholm SVERIGES RIKSBANK SE-103 37 Stockholm (Brunkebergstorg 11) Tel +46 8 787 00
More informationTHE CPA AUSTRALIA ASIA-PACIFIC SMALL BUSINESS SURVEY 2015 HONG KONG REPORT
THE CPA AUSTRALIA ASIA-PACIFIC SMALL BUSINESS SURVEY 2015 HONG KONG REPORT 2 THE CPA AUSTRALIA ASIA-PACIFIC SMALL BUSINESS SURVEY 2015 HONG KONG REPORT LEGAL NOTICE CPA Australia Ltd ( CPA Australia )
More informationStatement by. Janet L. Yellen. Chair. Board of Governors of the Federal Reserve System. before the. Committee on Financial Services
For release at 8:30 a.m. EST February 10, 2016 Statement by Janet L. Yellen Chair Board of Governors of the Federal Reserve System before the Committee on Financial Services U.S. House of Representatives
More informationWells Fargo s perspective:
Third Quarter Update 2015 Wells Fargo s perspective: Topics in the news We want all our stakeholders customers, communities, investors, and our team members to have the facts on where Wells Fargo stands
More informationThree Way Partnership Leads to Innovative Pilot Project for Spence Neighbourhood
Canadian Mortgage News - National Archive 2000 Three Way Partnership Leads to Innovative Pilot Project for Spence Neighbourhood WINNIPEG, Manitoba, July 4, 2000 Three partners, dedicated to making a difference
More informationMINNESOTA CLEAN ENERGY ECONOMY PROFILE. How Industry Sectors are Advancing Economic Growth
MINNESOTA CLEAN ENERGY ECONOMY PROFILE How Industry Sectors are Advancing Economic Growth OCTOBER 2014 EXECUTIVE SUMMARY Readily available and reliable energy is critical for the economic vitality, public
More informationBOFIT Forecast for Russia 2014 2016
BOFIT Forecast for Russia BOFIT Russia Team BOFIT Forecast for Russia 2014 2016 Bank of Finland BOFIT Institute for Economies in Transition Bank of Finland BOFIT Institute for Economies in Transition PO
More informationDomain House Price Report June Quarter 2015
Domain House Price Report June Quarter 2015 Dr Andrew Wilson Senior Economist for the Domain Group Key findings Sydney market reports remarkable growth over June quarter to reach median house price of
More informationThe U.S. and Midwest Economy in 2016: Implications for Supply Chain Firms
The U.S. and Midwest Economy in 2016: Implications for Supply Chain Firms Rick Mattoon Senior Economist and Economic Advisor Federal Reserve Bank of Chicago Right Place Supply Chain Management Conference
More informationBUILDING EXCELLENCE. Medium-Term Plan. Subtitle. Medium-Term Plan 2013-15. Strength, Stability and Confidence
BUILDING EXCELLENCE Strength, Stability and Confidence ON Medium-Term Plan Subtitle Medium-Term Plan 2013-15 210 120 270 300 30 60 The Bank s Compass 240 150 As a public institution and a workplace, we
More informationChapter 11. International Economics II: International Finance
Chapter 11 International Economics II: International Finance The other major branch of international economics is international monetary economics, also known as international finance. Issues in international
More informationChallenge Melbourne ISSUES IN METROPOLITAN PLANNING FOR THE 21ST CENTURY
Challenge Melbourne ISSUES IN METROPOLITAN PLANNING FOR THE 21ST CENTURY MINISTERS FOREWORD The planning of Melbourne s future presents many challenges and opportunities. We could let matters take their
More informationCanadian Consumer Credit Trends. Q3 2015 Prepared by: Equifax Analytical Services
Canadian Consumer Credit Trends Q3 2015 Prepared by: Equifax Analytical Services About Equifax Inc. Equifax is a global leader in consumer, commercial and workforce information solutions that provide businesses
More informationReality MYTH: PROPERTY TAXES ARE GOOD ENOUGH. Is the Property Tax Adequate?
MYTH: PROPERTY TAXES ARE GOOD ENOUGH About AUMA AUMA represents 272 urban municipalities including cities, towns, villages, and summer villages. We work on a broad range of issues that impact our members
More informationPractice Problems on NIPA and Key Prices
Practice Problems on NIPA and Key Prices 1- What are the three approaches to measuring economic activity? Why do they give the same answer? The three approaches to national income accounting are the product
More informationImproving Access to Financing
Improving Access to Financing JUNE 2009 Improving Access to Financing JUNE 2009 Government of Canada Gouvernement du Canada On March 18, EDC committed up to USD 40 million to participate in a USD 180 million
More informationWith lectures 1-8 behind us, we now have the tools to support the discussion and implementation of economic policy.
The Digital Economist Lecture 9 -- Economic Policy With lectures 1-8 behind us, we now have the tools to support the discussion and implementation of economic policy. There is still great debate about
More informationFebruary ~, 1992. Mr. Gary Reardon, President, Canadian Home Builders' Association, 200 Elgin Street, Suite 502, Ottawa, ontario.
CMHc Helping to house Canadians Office of the President schl Question habitation, comptez sur nous Bureau du President February ~, 1992 Mr. Gary Reardon, President, Canadian Home Builders' Association,
More informationREVIEW ONE. Name: Class: Date: Matching
Name: Class: Date: ID: A REVIEW ONE Matching Complete the following using these terms. a. outsourcing b. diversity c. entrepreneur d. competitive differentiation e. strategic alliance f. capital g. vision
More informationPromoting the Tax Free Savings Account for Homeownership
Promoting the Tax Free Savings Account for Homeownership October, 2008 for Homeownership Prepared for: Canadian Home Builders Association Prepared by: 1580 Kingston Road Toronto Ontario M1N 1S2 Phone:
More informationCollege costs are rising for a number of reasons: Calculating the decline in State-level support for college education:
I believe that as a nation, we must restore our public commitment to providing an affordable, quality higher education to every student. This is not only a moral issue, but an economic imperative. In a
More informationQuantitative easing explained. Putting more money into our economy to boost spending
Quantitative easing explained Putting more money into our economy to boost spending 2% INFLATION TARGET 1 2 Stable inflation promotes a healthy economy 14 UK money spending 12 Low and stable inflation
More informationWhy profits are important & higher corporate tax rates are a bad idea
Why profits are important & higher corporate tax rates are a bad idea 215 Canadian Manufacturers & Exporters Since 1871, we have made a difference for Canada s manufacturing and exporting communities.
More informationSvein Gjedrem: The economic situation in Norway
Svein Gjedrem: The economic situation in Norway Address by Mr Svein Gjedrem, Governor of Norges Bank (Central Bank of Norway), to invited foreign embassy representatives, Norges Bank, 21 March 2002. Please
More informationJane Londerville on Mortgage Financing
June 2012 Jane Londerville on Mortgage Financing In this instalment of Straight Talk, MLI talks to mortgage finance expert Jane Londerville about government backing for residential mortgages in Canada,
More informationNote: This feature provides supplementary analysis for the material in Part 3 of Common Sense Economics.
1 Module C: Fiscal Policy and Budget Deficits Note: This feature provides supplementary analysis for the material in Part 3 of Common Sense Economics. Fiscal and monetary policies are the two major tools
More informationLecture 2. Output, interest rates and exchange rates: the Mundell Fleming model.
Lecture 2. Output, interest rates and exchange rates: the Mundell Fleming model. Carlos Llano (P) & Nuria Gallego (TA) References: these slides have been developed based on the ones provided by Beatriz
More informationFinance, Saving, and Investment
23 Finance, Saving, and Investment Learning Objectives The flows of funds through financial markets and the financial institutions Borrowing and lending decisions in financial markets Effects of government
More information2015/16 2017/18 SERVICE PLAN
Ministry of Advanced Education 2015/16 2017/18 SERVICE PLAN February 2015 For more information on the British Columbia Ministry of Advanced Education, see Ministry Contact Information on Page 19 or contact:
More informationJoe Debtor: Marginalized By Debt
Joe Debtor: Marginalized By Debt Prepared By: J. Douglas Hoyes, BA, CPA, CIRP, CBV, Trustee Ted Michalos, BAS, CPA, Trustee Hoyes, Michalos & Associates Inc. Trustees in Bankruptcy Principal Office: 204
More informationExam 1 Review. 3. A severe recession is called a(n): A) depression. B) deflation. C) exogenous event. D) market-clearing assumption.
Exam 1 Review 1. Macroeconomics does not try to answer the question of: A) why do some countries experience rapid growth. B) what is the rate of return on education. C) why do some countries have high
More information2015 ANNUAL REPORT. December 31, 2015 President & Chief Executive Officer s Report. Brookfield Residential Properties Inc.
Brookfield Residential Properties Inc. 2015 ANNUAL REPORT, 2015 President & Chief Executive Officer s Report In 2015, Brookfield Residential continued to reinforce our long-term approach to the business
More informationWorld of Work Report 2012
World of Work Report 2012 Better jobs for a better economy Summary INTERNATIONAL LABOUR ORGANIZATION INTERNATIONAL INSTITUTE FOR LABOUR STUDIES How to move out of the austerity trap? The employment situation
More informationCareers Advisory Service
Careers Advisory Service Annual Report 2012/13 First Destination Statistics Careers Advisory Service 2 nd Floor, 7-9 South Leinster Street The University of Dublin, Trinity College Dublin 2 Tel: 01-8961721/1705
More informationService Alberta BUSINESS PLAN 2009-12 ACCOUNTABILITY STATEMENT THE MINISTRY
Service Alberta BUSINESS PLAN 2009-12 ACCOUNTABILITY STATEMENT The business plan for the three years commencing April 1, 2009 was prepared under my direction in accordance with the Government Accountability
More informationSEGREGATED FUNDS. Savings and Retirement PIVOTAL SELECT TM. Investor Profile Questionnaire
SEGREGATED FUNDS Savings and Retirement PIVOTAL SELECT TM Investor Profile Questionnaire Please answer the following uestions by choosing the option best suited to you. There are no right or wrong answers
More informationA Trade Agenda that Gets Results
A Trade Agenda that Gets Results Annex to the Canadian Chamber of Commerce Election Platform June 2015 A Trade Agenda that Gets Results The Canadian Chamber of Commerce 1 Canada s next government should
More informationOBSERVATION. TD Economics ARE CANADIANS PREPARED FOR HIGHER INTEREST RATES?
OBSERVATION TD Economics May, ARE CANADIANS PREPARED FOR HIGHER INTEREST RATES? Highlights With the Bank of Canada recently signalling that interest rates may rise sooner than many were anticipating, the
More informationTHE HOTEL LOBBY 2014. Hotel Association of Canada 1206 130 Albert St., Ottawa, ON K1P 5G4 613-237-7149 www.hotelasociation.ca
THE HOTEL LOBBY 2014 The Hotel Association of Canada represents the 8,500 hotels, motels and resorts in Canada which had revenues of $17.6 billion in 2013, employed more than 290,000 people and generated
More informationENGINEERING LABOUR MARKET
ENGINEERING LABOUR MARKET in Canada Projections to 2025 JUNE 2015 ENGINEERING LABOUR MARKET in Canada Projections to 2025 Prepared by: MESSAGE FROM THE CHIEF EXECUTIVE OFFICER Dear colleagues: Engineers
More informationStatement of. David Hehman President and CEO Federal Home Loan Bank of Cincinnati. Before the. House Financial Services Committee
Statement of David Hehman President and CEO Federal Home Loan Bank of Cincinnati Before the House Financial Services Committee September 25, 2003 Mr. Chairman, Ranking Member Frank, and Members of the
More informationNOVA SCOTIA HOUSING DEVELOPMENT CORPORATION BUSINESS PLAN 2010-2011
NOVA SCOTIA HOUSING DEVELOPMENT CORPORATION BUSINESS PLAN 2010-2011 TABLE OF CONTENTS MESSAGE FROM THE NOVA SCOTIA HOUSING DEVELOPMENT CORPORATION...1 1.0 MISSION/ MANDATE...2 2.0 STRATEGIC GOALS...2 3.0
More information12.1 Introduction. 12.2 The MP Curve: Monetary Policy and the Interest Rates 1/24/2013. Monetary Policy and the Phillips Curve
Chapter 12 Monetary Policy and the Phillips Curve By Charles I. Jones Media Slides Created By Dave Brown Penn State University The short-run model summary: Through the MP curve the nominal interest rate
More informationNORGES BANK TOWARDS 2016
StrategY 2014-2016 Strategy for 2014-2016 laid down by the Executive Board on 4 December 2013 NORGES BANK TOWARDS 2016 plays an important role in society and manages substantial assets on behalf of the
More information