The Speech From the Throne: A Foundation for Success

The lynchpin of the new Canadian optimism is a growing economy.

Sound economic management is restoring the nation's finances. For the first time in almost three decades, the Government of Canada will not have to deal with a crushing deficit.

It has created the conditions in which the private sector could create 974,000 jobs since the Government took office in 1993; in which inflation has been lowered, interest rates are low, investor confidence has risen, and Canadians are exporting to the world at record levels.

We have regained the ability to address the priorities of Canadians while living within our means. We can now make strategic investments in our children and our youth, our health, our communities, and our knowledge and creativity.

These are the priorities of Canadians. And they are the priorities of our government.

Our challenge is to ensure that no Canadian is left behind as the country moves forward.

Job creation and economic growth have been, remain, and will continue to be among our highest priorities. We will build on our accomplishments and undertake new initiatives designed to spur new investment, create new jobs and ensure national prosperity.

We will maintain our vigilance about keeping the financial affairs of the country in order.

• We will balance the budget no later than fiscal year 1998-99. The first tine in almost three decades.
• We will put the debt-to-GDP ratio on a permanent downward track.
• We will strive to split our budgetary surpluses on a 50/50 basis over the course of our second mandate. Half will go to investments in social and economic priorities and half will go to a combination of tax reductions and debt repayment.
• We will introduce legislation to implement the proposed changes to the Canada Pension Plan and the new Seniors Benefit in order to ensure Canada's public pension system remains sustainable in the 21^st century.

Team Canada trade missions have generated new opportunities for Canadian businesses and have shown what can happen when governments and the private sector collaborate. We will build on this success with a focused strategy, designed to expand Canada's trade base, makes us a prime location for global investment, and a tourist destination of choice.

We will also continue working with provincial and territorial governments to make the federation better able to serve the differing needs of Canadians across the country.