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00:00The government will be guided by a new fiscal discipline.
00:05Spend less so Canadians can invest more.
00:11Day-to-day government spending, the government's operating budget,
00:16has been growing by 9% every year.
00:20The government will introduce measures to bring it below 2%.
00:24Transfers to provinces, territories or individuals will be maintained.
00:33The government will balance its operating budget over the next three years
00:38by cutting waste, capping the public service, ending duplication
00:44and deploying technology to improve public sector productivity.
00:54In parallel, the government will take a series of measures
00:58to catalyse new investments to create better jobs
01:03and higher incomes for Canadians.
01:06The scale of the government's initiative will match the challenges of our times
01:12and the ambitions of Canadians.
01:17Honourable Senators, Members of the House of Commons,
01:20When my dear late mother addressed your predecessors seven decades ago,
01:28she said that in that age and against the backdrop of international affairs,
01:34no nation could live unto itself.
01:37It is a source of great pride that in the following decades,
01:42Canada has continued to set an example to the world
01:46in her conduct and values as a force for good.
01:54I wish to express to you and to the people of Canada
02:01my heartfelt gratitude
02:04and that of my wife
02:08for the warmth of the welcome which we have received.
02:11Some reminds us
02:13the true north
02:15is indeed strong
02:16and free.
02:52Members of the House of Commons, you will be asked to appropriate the funds to carry out the services and expenditures authorised by Parliament. May you honour the profound trust bestowed upon you by Canadians. And may God bless and guide you in all your duties.