Madam Speaker, I will be sharing my time with the member for Davenport.
I am thankful for this opportunity to take part in today's conversation and debate.
To say Canadians are living in a turbulent world would be an understatement. Right now, it is clear the rising cost of living is one of Canada's most significant economic challenges, and the last three years have been hard. Canadians, like most people around the world, have been unable to avoid the financial pain caused by the last few years, but despite all these challenges, the Canadian economy represents resilience and stability amid the tumult.
In so many ways, we are faring much better than our international peers. Our government is tireless in its drive to build an economy with stable prices, consistent growth and abundant good-paying jobs for middle-class Canadians, and we have impressive results to show for it.
There are currently more than a million additional Canadians employed today than before the pandemic. Both the International Monetary Fund and the Organisation for Economic Co-operation and Development predict that Canada will see the strongest economic growth in the G7 next year. Despite the global economic headwinds and slowing growth across the world's economies, Canadian growth in July was 3.3% above its pandemic levels. DBRS Morningstar also recently confirmed Canada's AAA credit rating.
Our excellent credit rating proves how responsible our plan is. Through a number of measures that I will describe in detail in a few moments, we have strengthened the social safety net that millions of Canadians rely on. We have implemented these measures while ensuring that Canada maintains the lowest deficit and lowest net debt-to-GDP ratio in the G7. Looking ahead, we will continue to focus on fiscal restraint. The government is strongly committed to reducing the federal debt-to-GDP ratio to ensure that the country's finances remain viable.
It is my pleasure to walk members through some of the powerful steps our government has taken since 2015 to support Canadians and address the cost of living concerns. These actions are having a real impact in terms of putting more money into the pockets of Canadians across the country. Our government has given Canadians a boost through the Canada child benefit, tax cuts for the middle class, a commitment to implement a new dental care plan and affordable early learning and child care right across the country, with six provinces and territories already providing regulated child care for an average of just $10 a day or less, significantly ahead of schedule.
Our affordable Canada-wide early learning and child care system has a record labour force participation rate; earlier this year, this was 85.7% for working-age women. It is also helping to grow the economy and to make life more affordable for families from coast to coast to coast.
The result is that in 2020-21, the most recent years for which we have data from Statistics Canada, close to 2.3 million fewer Canadians were living in poverty compared to 2015. In other words, in 2021, 7.4% of Canadians were living in poverty, a 14.5% decrease compared to 2015. Our government remains committed to reaching its goal of a 50% reduction in poverty by 2030 based on 2015 levels.
I would remind the official opposition that even the central plank of our climate plan, the federal carbon pricing system, is giving Canadian households more money back in climate action incentive payments than they pay in. Since 2019, there has been a price on carbon pollution, a measure that survived two federal elections and that was upheld by the Supreme Court. In April 2023, the price increased to $65 per tonne. The money collected goes straight back into Canadians' pockets, as 90% of fuel charges are returned directly to households through climate action incentive payments. In the provinces where the federal system applies, a family of four can now receive up to $1,500 per year under our plan.
The global economic environment has driven up the cost of far too many necessities, everything from housing to groceries. We know the urgency around affordability is even greater now, and we are responding to it.
In budget 2023, we announced targeted relief for Canadians that was carefully designed to avoid exacerbating inflation. These measures included a one-time grocery rebate for 11 million low- and modest-income Canadians and families; it provided, for example, up to $467 for eligible couples with two children. We also increased the Canada student grants and raised the interest-free Canada student loan limit for the current school year to help post-secondary students pay for their education and pursue their dreams. Budget 2023 also announced a crackdown on predatory lending and hidden junk fees.
Our actions have made an impact. In budget 2023, our government has continued to tackle affordability issues for Canadians. Just last month, we introduced Bill C-56, which would implement powerful measures to foster more competition in the economy, including the grocery sector. The government met with the leaders of Canada's largest grocery chains after calling on the industry to take immediate action to stabilize food prices. Each of the top five major grocery chains have since committed to an initial series of price-stabilizing steps that will be implemented in the coming days and weeks.
We know that we have to boost Canada's housing supply to address the cost of living challenges that Canadians are facing, and we have been doing that. New commitments in Bill C-56 would remove the GST on new purpose-built rental housing. This is one of the many steps that the government is advancing to help get more homes built in a fast way. I hope that all hon. members here today will support the swift passage of Bill C-56, the affordable housing and groceries act, to help us improve the financial footing of all Canadians.
We have recently announced several agreements under the government's ambitious $4-billion housing accelerator fund, which my community has already benefited from. The cuts in red tape fix outdated local policies, such as zoning policies, and ensures that more homes are built in our cities in a fast way. Our agreements include one with the City of London, Ontario, which is my city; the fund will provide $74 million to increase the city's housing supply.
Last month, the Prime Minister also announced the government's housing accelerator fund agreement with the City of Vaughan, to fast-track over 1,700 new housing units and incentivize thousands of additional homes over the next three years. This work in Vaughan, for example, will help spur the construction of more than 40,000 homes over the next decade and help meet the demand in one of Canada's fastest-growing cities. We expect many more agreements to come soon.
In conclusion, we have been dogged in our quest for real, concrete solutions to Canada's affordability challenges, and we will not let up. We have made much progress, while maintaining a robust economy and fiscal responsibility. We have had Canadians' backs all along, and we will continue to do more for them. We also know that more work is needed, and Canadians can stay tuned for more from our government.
Canadians can rest assured that our government has the strong plan to help navigate the stormy economic world, and we will continue to have their backs.