Munk Dialogue with Andrew Coyne: Carney opens Canada for business and courts a new European alliance
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What were the headline announcements from Prime Minister Carney’s investment summit?
This is uh the the best single thing they have done or any government's done in recent times. To improve the likelihood of higher rates of investment, higher rates of productivity growth, higher rates of GDP growth. So if I was gonna borrow for anything Uh i it it would be f to to pay the cost of something like this.
Rudger Griffiths here, chair of the Monk Debates, with the latest installment in our monk dialogues with Global Mail journalist Andrew Coyne. Hey Andrew. Good to be with you. So much to catch up with you on since our last chat. We've had uh more turmoult out of the White House, a bond market in revolt. But I gotta start with the news the last twenty-four hours, the big investor conference. Hosted by uh Prime Minister Carney um What do you take away from this event? How should Canadians be thinking about this summit? What it says about his premiership? uh as we barrel towards a consequential fall budget with the resumption of parliament starting next week.
Yeah, I you know, we should beware of of falling too much for the hype of this thing. It's useful to get people together in a room. Um To some extent. I mean, there's no shortage of capital out there.
How does the new marginal effective tax rate on new investment compare internationally?
There is perhaps a shortage of investable opportunities in Canada because we made it so difficult to invest here. Um, to the extent that the investors in that room can impress upon the authorities here uh the necessity to make things uh more attractive for investment, that's probably useful. But you know, there's no shortage of people out there looking for investment. Investments. There's no reason to think that the people promoting investments in Canada are unable to find them themselves. So I I I do think there was a bit of a hype uh around the summit itself. Now coming out of the summit. Um there's been some very useful announcements. Um, particularly uh the the uh full deductibility in the first year of expenses for a much broader range of investments than have previously been allowed.
That's m major. That's a huge step. They've cut the the marginal effective tax rate on new investment to something like six point four percent, which is the lowest in the G seven. Uh every economist has looked at this as this is this is a this is the kind of thing we've really needed to see. Uh and of course the the opening of uh of airports to investment. That's giving people assets they can invest in this country. Um, that's helpful as well. It's helpful because I think we'll get better airline air airport service out of it as well. So it it the package of things all together has, I think, an important signaling device quite beyond the policies themselves, which is uh this government is very aggressively courting uh domestic and foreign investment.
Um I don't think it's fair to say it's all talk. We're seeing the the policies now. Uh I mean that that deductibility, for example, applies to pipelines. I don't think you would have seen the Trudeau. government have have done that. Uh so th th I think it's it's there's more of a sense of the government seizing the moment here. Add to that of course, and I'm sure we're gonna want to talk about this, the the um possibility of a tighter agreement with Europe, whatever that means.
Why is opening Canada’s airports to private investment considered a game‑changer?
We already have A free trade agreement which is effectively in place but still requires formal ratification by uh ten countries in Europe. But whatever it is that we're gonna find out what they're exactly talking about, it's I think it's way short of membership in the EU, which is it's impossible, nobody wants. Um, but it may be something uh quite significant in terms of defense and uh that kind of thing. Um so the it You know, the the the the uh this is the this is the walking the walk after the talking the talk of Davos, the Davos speech. Um and it's a it's it's a pretty significant week in the life of the country.
Yeah. Um yeah, a few things. Uh you know, just for the sake of some friendly debate. Um we've got uh you're right, this this rapid uh write-off for uh Ba basically hopefully investments in productivity. It it makes us more competitive vis a vis the United States.
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Chapters
8 chapters
1
What were the headline announcements from Prime Minister Carney’s investment summit?
0:00–1:19
2
How does the new marginal effective tax rate on new investment compare internationally?
1:19–3:16
3
Why is opening Canada’s airports to private investment considered a game‑changer?
3:16–5:04
4
What are the concerns about Canada’s deficit, debt and future budget plans?
5:04–7:04
5
How might a tighter trade agreement or associate EU membership affect Canada?
7:04–9:05
6
What strategic benefits could deeper Canada‑Europe ties bring amid global geopolitical shifts?
9:05–11:15
7
How is the government balancing increased defense spending with tax‑cut proposals?
11:15–12:41
8
What are the key take‑aways and next steps for Canada’s economic reform agenda?
12:41–13:50
Speakers
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