“We know our members like to hear directly from important policy makers so we are thrilled to welcome the Bank of Canada‘s Deputy Governor to Victoria to deliver the bank’s next Economic Progress Report,” Chamber CEO Bruce Williams said.

Bank of Canada Deputy Governor Paul Beaudry will deliver the report at a Chamber Business Leaders Luncheon on June 8 at the Victoria Conference Centre. Beaudry will discuss recent developments in the Canadian economy and the implications for monetary policy.

The Bank of Canada is the nation’s central bank. Their main role is “to promote the economic and financial welfare of Canada,” as defined in the Bank of Canada Act. Their main areas of responsibility are: Monetary policy, Financial system, Currency, Funds management, and Retail payments supervision.

The Deputy Governor’s speech will be followed by a moderated Q&A.

​Business Leaders Luncheon – Deputy Governor of the Bank of Canada
Thurs., June 8, | 11:30 AM – 1 PM
Victoria Conference Centre – Carson Hall

Yesterday’s budget committed the government to about $43 billion in new spending over six years, said Canadian Chamber Chief Economist Stephen Tapp.

“While there are many ways to break down these moves, I ‘follow the money’ to identify five big-ticket categories,” Tapp said, pointing to $31 billion for health care, $16 billion for tax credits aimed at spurring investment in a clean economy, and about $25 billion for benefit cheques and other new spending. Tapp also noted that new taxes to high-earners will raise about $14 billion while spending cuts will save another $13 billion.

The Greater Victoria Chamber of Commerce has advocated for infrastructure projects in our region, including modernization of Belleville Terminal. It’s not clear yet if there is money in this budget for that.

“On the one hand, The Chamber is a huge proponent of shifting to a green economy and the opportunities that represents for our members. This budget will offer encouragement to chamber members at the leading edge of this shift,” Chamber CEO Bruce Williams said, adding that another positive highlight was a promise to lower credit card transaction fees for small businesses. The government says 90% of businesses that take credit cards will see fees go down by 27%.

Still to be determined is how government spending $2.5 billion on relief cheques for lower-income Canadians will affect inflation.

“On the one hand, businesses will be happy customers have a little more money to spend but will it mean costs keep going up? Time will tell,” Williams said.
“The rising cost of doing business is a major concern. Food prices are up, and life is getting more expensive for everyone. Inflation is a problem and higher interest rates have increased the cost of borrowing money, which reduces business investment.”

The Canadian Forces Housing Differential takes effect July 1 and replaces the current allowance for members of the military living in expensive communities. The new benefit is tied to income to help lower earning members.

The Chamber is also supportive of ongoing efforts to develop more housing for CFB Esquimalt members. The Department of National Defence has previously announced plans for an 84-unit apartment on the base.

“This is a great example of how non-market housing can help add homes to our region’s housing supply that are catered to the needs of a specific employer or sector,” Chamber CEO Bruce Williams said. “This will eventually allow for more market homes to be available to people in other industries.”

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