WEBVTT 00:00:00.240 --> 00:00:03.080 Welcome to Drumbeats, the must -listen -to podcast 00:00:03.080 --> 00:00:05.780 which explains why Indigenous partnerships are 00:00:05.780 --> 00:00:08.759 the key to securing successful outcomes in natural 00:00:08.759 --> 00:00:11.119 resource and infrastructure investment in Canada. 00:00:13.259 --> 00:00:16.559 I'm Mark McNacca, and my co -host Robert Branton 00:00:16.559 --> 00:00:18.960 and I are here today to discuss Canadian Prime 00:00:18.960 --> 00:00:22.100 Minister Mark Carney's first budget as he sets 00:00:22.100 --> 00:00:26.039 a new direction for the country. And what a direction 00:00:26.039 --> 00:00:29.160 it is. This budget signals something we've been 00:00:29.160 --> 00:00:32.520 talking about on drumbeats for months now. Indigenous 00:00:32.520 --> 00:00:35.659 partnerships are no longer on the periphery of 00:00:35.659 --> 00:00:38.899 Canada's economic strategy. They're central to 00:00:38.899 --> 00:00:42.420 it. Carney's laid out specific mechanisms, legislative 00:00:42.420 --> 00:00:45.799 changes, and funding programs that embed Indigenous 00:00:45.799 --> 00:00:49.939 participation into Canada's investment future. 00:00:50.880 --> 00:00:54.820 In this conversation, you'll discover three game 00:00:54.820 --> 00:00:58.500 -changing Indigenous economic initiatives. How 00:00:58.500 --> 00:01:01.880 the First Nations Finance Authority is now working 00:01:01.880 --> 00:01:06.000 to be able to use special purpose vehicles. Why 00:01:06.000 --> 00:01:08.439 new bonding programs open defence procurement 00:01:08.439 --> 00:01:12.000 to Indigenous contractors. And how First Nations 00:01:12.000 --> 00:01:15.200 can monetize future revenues for immediate capital 00:01:15.200 --> 00:01:18.640 investments. We'll also explore why Canada's 00:01:18.640 --> 00:01:21.560 fiscal position gives it competitive advantages. 00:01:22.379 --> 00:01:26.299 against nearly all G7 countries, and that investors 00:01:26.299 --> 00:01:29.439 in the UK and continental Europe should certainly 00:01:29.439 --> 00:01:33.980 take notice of. The opportunity is clear. CAN 00:01:33.980 --> 00:01:36.319 needs over a trillion dollars in private capital 00:01:36.319 --> 00:01:39.500 over the next five years, and the pathways for 00:01:39.500 --> 00:01:42.000 Indigenous partnerships are now being systematically 00:01:42.000 --> 00:01:46.959 built into policy. Join us as we discuss Prime 00:01:46.959 --> 00:01:51.750 Minister Mark Carney's first budget. So here 00:01:51.750 --> 00:01:56.489 we are, the morning after the night before. Good 00:01:56.489 --> 00:01:58.909 morning, Mark. Great to be here. Nice to see 00:01:58.909 --> 00:02:00.969 you. Bright and early, I'm coming to you from 00:02:00.969 --> 00:02:05.469 beautiful Susina Nation, Treaty 7 territory, 00:02:05.629 --> 00:02:08.110 just outside of Calgary this morning. It's a 00:02:08.110 --> 00:02:11.430 very early morning, a bright start, but it's 00:02:11.430 --> 00:02:14.330 an important topic. Yes, it is, and it's great 00:02:14.330 --> 00:02:17.909 to have a Western perspective on Prime Minister 00:02:17.909 --> 00:02:22.860 Mark Carney's first... budget as he sets a new 00:02:22.860 --> 00:02:27.099 direction for the country. And it is a new direction. 00:02:27.180 --> 00:02:30.199 I mean, there's a lot of detail in there. We 00:02:30.199 --> 00:02:33.400 are just hours from the budget being released, 00:02:33.580 --> 00:02:36.000 but there's some really interesting initiatives 00:02:36.000 --> 00:02:41.099 that Indigenous people will find encouraging. 00:02:41.319 --> 00:02:45.900 There's also a little bit of pain in that budget 00:02:45.900 --> 00:02:50.129 too. Let's unpack it. So it's not the budget 00:02:50.129 --> 00:02:53.430 anyone's expected from the most recent liberal 00:02:53.430 --> 00:02:56.409 governments we have. I'm sure there's many members 00:02:56.409 --> 00:03:00.909 of the conservatives or what was partly the progressive 00:03:00.909 --> 00:03:04.550 conservatives before they allied with reform 00:03:04.550 --> 00:03:07.590 who would think, OK, maybe there's some things 00:03:07.590 --> 00:03:10.250 that have been addressed correctly. But maybe 00:03:10.250 --> 00:03:13.409 we should have seen it with coming with Mark 00:03:13.409 --> 00:03:16.389 Carney, one of the reasons he got elected. is 00:03:16.389 --> 00:03:19.030 he knows how to run a business. He knows how 00:03:19.030 --> 00:03:22.610 to run big organizations. And on one hand, we're 00:03:22.610 --> 00:03:25.930 seeing massive infrastructure spending proposed. 00:03:26.110 --> 00:03:28.210 And on the other hand, they're cutting tens of 00:03:28.210 --> 00:03:31.969 thousands of public service jobs. And this unusual 00:03:31.969 --> 00:03:35.949 combination of austerity and ambition that they 00:03:35.949 --> 00:03:39.069 had talked about before was going to happen. 00:03:39.270 --> 00:03:41.550 But it's kind of new for Canadians because they 00:03:41.550 --> 00:03:43.590 haven't used to being seen something like this 00:03:43.590 --> 00:03:47.259 for... many, many years. Now, they still need 00:03:47.259 --> 00:03:50.340 the votes to pass it for our listeners, certainly 00:03:50.340 --> 00:03:52.900 over in the UK. Carney leads a minority government. 00:03:53.259 --> 00:03:56.020 He must have been a very happy man yesterday 00:03:56.020 --> 00:04:01.060 because he needs three people, three more MPs 00:04:01.060 --> 00:04:03.479 to have a majority government. And there was 00:04:03.479 --> 00:04:07.180 a Conservative member from the Maritimes who 00:04:07.180 --> 00:04:10.080 switched before the session yesterday. So now 00:04:10.080 --> 00:04:14.050 there's only two. Again, there's, I think, seven 00:04:14.050 --> 00:04:17.810 NDP members, the New Democratic, the Socialist 00:04:17.810 --> 00:04:23.730 Party of Canada, and maybe they'll abstain. But 00:04:23.730 --> 00:04:25.930 I think we're in an interesting time. There'll 00:04:25.930 --> 00:04:27.730 be a confidence vote later. We can talk about 00:04:27.730 --> 00:04:30.970 that. But let's talk about what's going on. Yeah, 00:04:30.990 --> 00:04:33.990 because there was a big build -up to this budget, 00:04:34.029 --> 00:04:37.930 if you recall. It was postponed from the spring, 00:04:38.050 --> 00:04:42.319 right after the federal election. And so we've 00:04:42.319 --> 00:04:45.079 been waiting for some time, and there's been 00:04:45.079 --> 00:04:48.500 a lot of rhetoric about generational change. 00:04:49.740 --> 00:04:55.740 I'm not sure there is as big a change some people 00:04:55.740 --> 00:04:59.779 wanted to see in this first budget, but I think 00:04:59.779 --> 00:05:04.740 there's only so much you can do in a budget like 00:05:04.740 --> 00:05:07.319 this. So it's definitely a pivot from recent. 00:05:08.269 --> 00:05:12.949 budget focuses, and like I said, some really 00:05:12.949 --> 00:05:17.009 interesting Indigenous initiatives. Great. I 00:05:17.009 --> 00:05:18.990 think, though, from a historical perspective, 00:05:19.209 --> 00:05:23.050 when Prime Minister Jean Chrétien and his finance 00:05:23.050 --> 00:05:27.050 minister, who were also liberals, they came in, 00:05:27.089 --> 00:05:30.810 which was a completely radical budget, challenging 00:05:30.810 --> 00:05:34.689 times for Canada way back when that was, and 00:05:34.689 --> 00:05:38.920 really took the bull by the horns. So for myself, 00:05:39.040 --> 00:05:43.220 I'm a little bit surprised that perhaps it wasn't 00:05:43.220 --> 00:05:47.120 as transformative as one could expect. But that 00:05:47.120 --> 00:05:49.180 comes back into this issue, is Canada in good 00:05:49.180 --> 00:05:52.100 shape or bad shape? And just before we get into 00:05:52.100 --> 00:05:54.660 some of the details, let me quote some of the 00:05:54.660 --> 00:05:57.459 headlines from the newspapers. Since we're on 00:05:57.459 --> 00:06:00.139 a UK -based podcast here, we're going to talk 00:06:00.139 --> 00:06:03.019 about newspaper headlines. Yes, yes. Which is 00:06:03.019 --> 00:06:05.620 a great tradition over here. So Global Mail. 00:06:06.430 --> 00:06:09.610 Global Mail is Canada's national newspaper. Some 00:06:09.610 --> 00:06:12.329 can dispute that, but let's go with that. Carney 00:06:12.329 --> 00:06:15.730 earmarks billions in new spending to counter 00:06:15.730 --> 00:06:19.170 US protectionism. The opinion analysis section, 00:06:19.290 --> 00:06:21.149 we had Andrew Coyne of the Global Mail saying, 00:06:21.250 --> 00:06:23.750 after all the hype, the budget fails to meet 00:06:23.750 --> 00:06:27.069 the moment. Shannon Proudfoot, Carney's budget 00:06:27.069 --> 00:06:30.730 is a manifesto of no. Campbell Clark, when the 00:06:30.730 --> 00:06:33.449 big day came, it wasn't quite as advertised. 00:06:34.469 --> 00:06:37.750 And Adam Rawonsky said, budget signals Carney's 00:06:37.750 --> 00:06:40.569 new tone on climate, but little substance. So 00:06:40.569 --> 00:06:45.610 not exactly overwhelming. Wow, this was what 00:06:45.610 --> 00:06:49.149 Canada needed. The Financial Times has Canada's 00:06:49.149 --> 00:06:53.490 Mark Carney pledges 141 billion Canadian to counter 00:06:53.490 --> 00:06:57.230 Donald Trump's trade war, giving an interesting 00:06:57.230 --> 00:07:00.949 perspective for those from the UK. And nothing 00:07:00.949 --> 00:07:03.600 has shown up in The Economist yet. But the Wall 00:07:03.600 --> 00:07:06.740 Street Journal says Canada plans wider deficits 00:07:06.740 --> 00:07:10.879 to jolt the economy to get things going. So a 00:07:10.879 --> 00:07:14.860 lot of outsiders have been looking at what's 00:07:14.860 --> 00:07:19.579 going on in Canada to see what is going to be 00:07:19.579 --> 00:07:22.139 the future. Yeah, and for me, Mark, one of the 00:07:22.139 --> 00:07:25.779 interesting parts of this budget, and I saw Goldie 00:07:25.779 --> 00:07:29.420 Heider, the head of the Business Council of Canada. 00:07:30.199 --> 00:07:32.600 comment that you know some good steps but not 00:07:32.600 --> 00:07:36.980 enough uh and uh so business business may have 00:07:36.980 --> 00:07:39.680 been hoping for more but one of the interesting 00:07:39.680 --> 00:07:43.860 uh aspects of it i was or that i saw was the 00:07:43.860 --> 00:07:49.620 the focus on uh trading partners outside of north 00:07:49.620 --> 00:07:54.759 america uh and uh the target to double exports 00:07:54.759 --> 00:07:59.790 outside of north america uh over the next few 00:07:59.790 --> 00:08:04.810 years. And there's talk in the budget about needing 00:08:04.810 --> 00:08:08.649 more reliable partners, which I think is a dig 00:08:08.649 --> 00:08:12.850 at the US, but there's definite outward focus. 00:08:13.110 --> 00:08:17.790 Do you think so? A definite outward focus in 00:08:17.790 --> 00:08:21.050 this budget too, which is nice to see. Yes, it 00:08:21.050 --> 00:08:24.269 is. And prior to the budget, when Prime Minister 00:08:24.269 --> 00:08:27.129 Carney, along with other of the leaders were 00:08:27.129 --> 00:08:30.459 in Southeast Asia, The Prime Minister of Canada 00:08:30.459 --> 00:08:35.179 met with President Xi of China, and it's been 00:08:35.179 --> 00:08:38.620 a long time since the Canadian Prime Minister 00:08:38.620 --> 00:08:42.139 has met with him. And Carney had led a North 00:08:42.139 --> 00:08:44.159 American business delegation, I think, a couple 00:08:44.159 --> 00:08:46.700 of years ago, but that's kind of given a reset. 00:08:46.840 --> 00:08:49.980 And China has announced early on that they will 00:08:49.980 --> 00:08:55.039 increase the number of group tourism that can 00:08:55.039 --> 00:08:57.480 go to Canada, which is obviously always a carrot. 00:08:58.120 --> 00:09:00.600 The Chinese government has to say we can direct 00:09:00.600 --> 00:09:05.120 a lot of consumer spending your way. So I think 00:09:05.120 --> 00:09:09.340 that was an early sign of a warming relationship. 00:09:10.220 --> 00:09:13.720 And it's been in a deep freeze, right? For sure. 00:09:14.240 --> 00:09:18.659 The Saudi investment minister was through Toronto 00:09:18.659 --> 00:09:21.460 just the other day. And again, that relationship 00:09:21.460 --> 00:09:28.610 is thawing. Trying to encourage foreign investment, 00:09:28.870 --> 00:09:32.509 talk about infrastructure gaps and the billions 00:09:32.509 --> 00:09:35.889 of dollars of investment that are needed. And 00:09:35.889 --> 00:09:39.990 it's pretty clear that Canada alone can't fund 00:09:39.990 --> 00:09:43.870 that gap and we're going to need financial partners 00:09:43.870 --> 00:09:46.570 from all over the world. So yeah, you're seeing 00:09:46.570 --> 00:09:51.889 a reset in China, Saudi, a new focus on Europe. 00:09:53.850 --> 00:09:56.750 all culminating, I'm sure, at our summit next 00:09:56.750 --> 00:10:01.389 April. Yes, I'm sure. So let's look at where 00:10:01.389 --> 00:10:04.029 Canada is just before we get into the budget 00:10:04.029 --> 00:10:06.070 and the impact on the Indigenous Nations and 00:10:06.070 --> 00:10:09.509 what that means for the foundational peoples 00:10:09.509 --> 00:10:13.789 of Canada. So on a per capita basis, GDP has 00:10:13.789 --> 00:10:16.529 been declining. From 2020 to 2024, it's declined 00:10:16.529 --> 00:10:20.070 2%, which according to the Fraser Institute, 00:10:21.080 --> 00:10:23.919 well -known institute in Canada, is the worst 00:10:23.919 --> 00:10:26.720 five -year performance since the Great Depression. 00:10:26.960 --> 00:10:29.779 For those of us who are old enough to know, the 00:10:29.779 --> 00:10:31.360 Great Depression was something our grandparents 00:10:31.360 --> 00:10:34.299 went through, okay? So that's a long, long time 00:10:34.299 --> 00:10:37.720 ago. Average Canadian worker is less machinery 00:10:37.720 --> 00:10:39.720 and equipment to work with, lower productivity, 00:10:40.059 --> 00:10:42.879 right? Fewer raw materials, ideas, and inputs 00:10:42.879 --> 00:10:46.000 being transformed into goods and services. And 00:10:46.000 --> 00:10:49.750 while the total GDP looks bigger on paper, It's 00:10:49.750 --> 00:10:51.889 because the population grew so significantly. 00:10:51.889 --> 00:10:54.629 Like many countries, a lot of immigrants were 00:10:54.629 --> 00:10:57.330 let in thinking that was a solution or lack of 00:10:57.330 --> 00:10:59.929 control of borders. Who knows? But now we're 00:10:59.929 --> 00:11:03.730 dealing with consequences. And as a result, Canada 00:11:03.730 --> 00:11:05.710 and Canadians are not generating more economic 00:11:05.710 --> 00:11:10.309 value per person. And Canada ranks last in G7 00:11:10.309 --> 00:11:14.720 per capita GDP growth over this period. So that 00:11:14.720 --> 00:11:17.179 is really something. And it's interesting being 00:11:17.179 --> 00:11:19.700 on this side of the pond because the UK government 00:11:19.700 --> 00:11:21.980 is also talking, how are we doing against our 00:11:21.980 --> 00:11:26.840 G7 frenemies? So there's a lot going on on that. 00:11:27.019 --> 00:11:30.659 And when we talk about the low productivity issue, 00:11:30.759 --> 00:11:33.639 which has been an issue here as well as in Canada, 00:11:34.779 --> 00:11:38.100 okay, people generate less tax revenue and that 00:11:38.100 --> 00:11:43.090 affects the deficit, right? This budget deficit, 00:11:43.350 --> 00:11:46.429 the headline numbers, $78 billion. It's nearly 00:11:46.429 --> 00:11:50.970 doubled. Whereas the prior year deficit was $62 00:11:50.970 --> 00:11:54.850 billion, which was a 77 % jump from the prior 00:11:54.850 --> 00:11:58.750 year. So deficits are accelerating. And why are 00:11:58.750 --> 00:12:01.470 we having the deficits increase? Revenue loss 00:12:01.470 --> 00:12:03.870 from scrapping the retaliatory tariffs on the 00:12:03.870 --> 00:12:07.080 U .S. expected about $20 billion. relief measures 00:12:07.080 --> 00:12:10.120 to tariff industries, huge increase in defense 00:12:10.120 --> 00:12:12.379 spending to meet our NATO commitment, which Canada 00:12:12.379 --> 00:12:17.039 has consistently been a low performer. And it's 00:12:17.039 --> 00:12:19.200 always been embarrassing. And Rob, I know you've 00:12:19.200 --> 00:12:21.299 supported the military through your work with 00:12:21.299 --> 00:12:24.559 veterans for a number of years, but to see Canada 00:12:24.559 --> 00:12:28.059 always at the bottom, that has been an ongoing 00:12:28.059 --> 00:12:29.980 concern. Yeah, and that's one area in this budget 00:12:29.980 --> 00:12:34.360 where you see clear increase. in real spending 00:12:34.360 --> 00:12:38.120 and investment. Part of it is... Which is great 00:12:38.120 --> 00:12:41.840 to see. Yeah, yeah. I think most people agree 00:12:41.840 --> 00:12:46.320 it's long, long overdue. And there's money for 00:12:46.320 --> 00:12:52.679 new hires, but as well to raise some of the standards 00:12:52.679 --> 00:12:57.840 of our service, men and women, be able to pay 00:12:57.840 --> 00:13:00.940 higher salaries. But investment in technology, 00:13:01.000 --> 00:13:05.789 investment in the North, That is a clear focus, 00:13:05.909 --> 00:13:10.490 and that is partly why you see sustained deficit 00:13:10.490 --> 00:13:13.669 spending for a while. There's an investment needed. 00:13:14.570 --> 00:13:18.070 Great. So you mentioned earlier Canada has to 00:13:18.070 --> 00:13:23.750 attract foreign capital. We always have needed 00:13:23.750 --> 00:13:27.250 it, but more so today. But now Canada has this 00:13:27.250 --> 00:13:30.429 reputation as being a difficult place to deal 00:13:30.429 --> 00:13:32.759 with. So now we're going to get into it. What's 00:13:32.759 --> 00:13:35.220 going on? Our World Bank ease of doing business 00:13:35.220 --> 00:13:38.539 rankings. Canada fell from number four globally 00:13:38.539 --> 00:13:46.419 in 2006 to 23rd by 2020. And it's taken three 00:13:46.419 --> 00:13:49.500 to six years just for a regulatory review. We 00:13:49.500 --> 00:13:51.879 had Michael McPhee on last week or a couple of 00:13:51.879 --> 00:13:54.580 weeks ago, and he talked about 15 years to get 00:13:54.580 --> 00:13:58.620 a mining project going is kind of standard. This 00:13:58.620 --> 00:14:01.419 is regulatory accumulation. It's a factor everywhere 00:14:01.419 --> 00:14:04.679 in all countries. But it looks like it's been 00:14:04.679 --> 00:14:07.240 out of control, especially with federal, provincial 00:14:07.240 --> 00:14:10.620 levels, the ping pong going back and forth. And 00:14:10.620 --> 00:14:13.440 then Indigenous nations have a right to be consulted. 00:14:13.799 --> 00:14:17.080 So why don't we, that's the bad news. Here's 00:14:17.080 --> 00:14:19.139 where we are. The great news is the future is 00:14:19.139 --> 00:14:23.440 bright, right? So why don't you take us out of 00:14:23.440 --> 00:14:26.139 this bleak picture that I've... Paint it from 00:14:26.139 --> 00:14:29.000 London. You're on the ground in Calgary, right? 00:14:29.440 --> 00:14:32.860 Well, I will pass on some positive news. I had 00:14:32.860 --> 00:14:36.820 a breakfast last week with four of the CEOs of 00:14:36.820 --> 00:14:41.799 some of Canada's biggest pension funds. And it 00:14:41.799 --> 00:14:47.919 was a breakfast with 100 or more people. But 00:14:47.919 --> 00:14:50.299 the CEOs were in conversation about their outlook 00:14:50.299 --> 00:14:54.279 on the Canadian economy and the global economy. 00:14:54.750 --> 00:15:01.009 in general. And long term, even medium term, 00:15:01.090 --> 00:15:04.450 they're very bullish on where Canada is headed 00:15:04.450 --> 00:15:08.850 and its place in the global economy. We just 00:15:08.850 --> 00:15:13.009 have too much going for us. And they are encouraged 00:15:13.009 --> 00:15:17.429 by some of the recent attempts to streamline 00:15:17.429 --> 00:15:21.710 approvals, processes, some of the focus on capital 00:15:21.710 --> 00:15:27.149 investment. And, you know, they said things like 00:15:27.149 --> 00:15:32.830 in the short term, there is some pain and there's 00:15:32.830 --> 00:15:37.990 some adjustment as we reduce and try to reduce 00:15:37.990 --> 00:15:40.409 regulatory burden while still coping with the 00:15:40.409 --> 00:15:43.669 different rights holders and stakeholders who 00:15:43.669 --> 00:15:46.750 have an interest in everything that's happening. 00:15:46.830 --> 00:15:50.309 But there's an adjustment that is happening and 00:15:50.309 --> 00:15:56.620 there's... A prime minister who, if he understands 00:15:56.620 --> 00:16:01.179 one thing, it's economic issues and foreign investment 00:16:01.179 --> 00:16:04.580 requirements. And so they were encouraged about 00:16:04.580 --> 00:16:09.639 our long -term prospects and our place in the 00:16:09.639 --> 00:16:14.360 world. They would like to invest more in Canada 00:16:14.360 --> 00:16:19.259 themselves. So they're quite eager and they were 00:16:19.259 --> 00:16:23.519 anticipating some of the budget moves. they're 00:16:23.519 --> 00:16:27.759 ready to open up their checkbooks again. Good 00:16:27.759 --> 00:16:29.820 news, because for a long time, they've just been 00:16:29.820 --> 00:16:33.100 primarily focused overseas. So that's really 00:16:33.100 --> 00:16:35.639 positive feedback. And coming back to Prime Minister 00:16:35.639 --> 00:16:38.379 Carney, he knows how to make money, right? He 00:16:38.379 --> 00:16:41.720 knows what you have to do to succeed. And, you 00:16:41.720 --> 00:16:45.720 know, with his international background and experience, 00:16:46.139 --> 00:16:49.019 you know, Governor of Bank of Canada, Governor 00:16:49.019 --> 00:16:51.799 of the Bank of England. And the work that he's 00:16:51.799 --> 00:16:56.179 done globally, he knows the importance of competing. 00:16:57.000 --> 00:17:00.080 And to have a high level of compete is what Canada 00:17:00.080 --> 00:17:04.220 needs to succeed. So that's great. And 800 companies 00:17:04.220 --> 00:17:08.220 chose Canada last year. Right? They decide to 00:17:08.220 --> 00:17:12.079 invest in Canada. So those are good numbers. 00:17:12.880 --> 00:17:16.500 Absolutely. And some of the fine print in that 00:17:16.500 --> 00:17:22.259 budget. But from an Indigenous economy perspective, 00:17:22.619 --> 00:17:26.279 I was encouraged to see quite a few things, actually. 00:17:26.339 --> 00:17:28.480 For example, our friends over at First Nations 00:17:28.480 --> 00:17:34.980 Finance Authority, Ernie Daniels and the gang 00:17:34.980 --> 00:17:39.380 have been working hard for a while to get a change 00:17:39.380 --> 00:17:42.440 to legislation that would allow FNFA to lend. 00:17:43.130 --> 00:17:46.109 to special purpose vehicles, the way their governing 00:17:46.109 --> 00:17:49.109 legislation works at the moment. They're only 00:17:49.109 --> 00:17:52.549 permitted to lend directly to their members. 00:17:52.950 --> 00:17:55.369 If you recall, their members are First Nations 00:17:55.369 --> 00:17:58.470 who've been certified by the First Nations Financial 00:17:58.470 --> 00:18:04.690 Management Board. And so up to this point, FNFA 00:18:04.690 --> 00:18:08.930 is only permitted to lend directly to First Nations 00:18:08.930 --> 00:18:11.910 who are their members. But more and more with 00:18:11.910 --> 00:18:14.230 these projects, there are special purpose vehicles 00:18:14.230 --> 00:18:17.849 that are set up. And this change in legislation, 00:18:18.069 --> 00:18:20.130 which will now have to come, so the budget just 00:18:20.130 --> 00:18:23.170 announced that they will be tabling legislation 00:18:23.170 --> 00:18:25.970 to make this change, which will free up FNFA 00:18:25.970 --> 00:18:30.490 to lend directly to SPVs instead of having to 00:18:30.490 --> 00:18:34.990 circumvent and do indirectly financed projects. 00:18:35.029 --> 00:18:38.450 This will allow... more projects to be financed 00:18:38.450 --> 00:18:43.930 by FNFA, who seem to have insatiable demand for 00:18:43.930 --> 00:18:47.690 their bonds. They just raised almost $500 million 00:18:47.690 --> 00:18:51.650 more a couple of weeks ago in the debt capital 00:18:51.650 --> 00:18:55.170 markets. They say they can raise more if the 00:18:55.170 --> 00:18:58.950 projects are there, and this change will allow 00:18:58.950 --> 00:19:02.849 them to lend to more projects, and it will allow 00:19:02.849 --> 00:19:06.859 First Nations who take advantage of this SPV 00:19:06.859 --> 00:19:10.740 route to not necessarily put their assets at 00:19:10.740 --> 00:19:14.039 risk. If they've got a government guarantee, 00:19:14.380 --> 00:19:18.180 then they won't have to put their assets at risk. 00:19:18.240 --> 00:19:20.039 And that'll be another feature, I think, of this 00:19:20.039 --> 00:19:23.640 change in legislation. Anyway, very encouraging. 00:19:23.859 --> 00:19:26.299 And I'm sure our FNFA friends are happy this 00:19:26.299 --> 00:19:30.140 morning to see that. Yes, that is good news. 00:19:30.200 --> 00:19:32.200 And it builds on the work, as you said, Ernie 00:19:32.200 --> 00:19:35.039 Daniels and his team have been doing. over the 00:19:35.039 --> 00:19:37.380 past number of years now. We've been talking 00:19:37.380 --> 00:19:40.539 a bit about Canada and deficits and it's a larger 00:19:40.539 --> 00:19:44.539 deficit. But when we look at our debt to GDP 00:19:44.539 --> 00:19:47.740 ratio in Canada, there's a lot of fiscal capacity 00:19:47.740 --> 00:19:51.880 because Canada at the federal level, the debt 00:19:51.880 --> 00:19:57.079 sits around 42 % of GDP, right? Size of the economy. 00:19:57.220 --> 00:20:00.420 The US is 95 to 100 and every day they shut down. 00:20:00.519 --> 00:20:03.299 I'm sure that number is pushing up. How can you 00:20:03.299 --> 00:20:05.940 be out of business for 30 days? How can a country 00:20:05.940 --> 00:20:09.599 prosper in those situations? The UK is around 00:20:09.599 --> 00:20:12.099 100%. We all know the challenges the UK has. 00:20:12.539 --> 00:20:18.140 France is 110 % plus. Italy is 140 % plus, but 00:20:18.140 --> 00:20:20.400 coming down. Maloney seems to be doing a good 00:20:20.400 --> 00:20:24.700 job. And Japan's at 260 % plus. So for all the 00:20:24.700 --> 00:20:28.240 challenges that Canada has. The great thing, 00:20:28.279 --> 00:20:32.200 going back a lot to Prime Minister Chrétien and 00:20:32.200 --> 00:20:35.039 his finance minister, Paul Martin, and under 00:20:35.039 --> 00:20:39.160 the Stephen Harper Conservatives, there's a solid 00:20:39.160 --> 00:20:43.279 fiscal foundation in Canada. And now with Prime 00:20:43.279 --> 00:20:45.220 Minister Carney, as we've talked about his knowledge 00:20:45.220 --> 00:20:48.579 and experience, to build on that, he has the 00:20:48.579 --> 00:20:52.319 capacity to do things. So Canada has real borrowing 00:20:52.319 --> 00:20:56.059 capacity that peer countries simply don't have. 00:20:56.569 --> 00:21:00.589 That's a great point, Mark. And I think that's 00:21:00.589 --> 00:21:03.450 part of the point that the CEOs at the breakfast 00:21:03.450 --> 00:21:05.650 or the pension funds were making, that all of 00:21:05.650 --> 00:21:09.130 this is relative. We've got our issues, but other 00:21:09.130 --> 00:21:13.549 countries have bigger issues. And when you look 00:21:13.549 --> 00:21:16.049 around, I think Canada's in a great spot for 00:21:16.049 --> 00:21:18.990 a lot of reasons. I was reading a quote just 00:21:18.990 --> 00:21:22.410 this week from one of my old professors at Western. 00:21:23.500 --> 00:21:26.640 economics professor Peter Howitt, who just recently 00:21:26.640 --> 00:21:31.220 was awarded the Nobel Prize in Economics this 00:21:31.220 --> 00:21:34.799 year. Oh, fantastic. That was something, wasn't 00:21:34.799 --> 00:21:37.000 it? It was. It was great. And you were one of 00:21:37.000 --> 00:21:39.980 his students. So hopefully some of this rubbed 00:21:39.980 --> 00:21:41.980 off on you, Ralph. I was one of his students. 00:21:42.019 --> 00:21:45.099 You know I'm a failed, frustrated business student, 00:21:45.160 --> 00:21:49.200 but I did economics at Western, and law was always 00:21:49.200 --> 00:21:55.589 a plan B for me. That's okay. Okay, well, aren't 00:21:55.589 --> 00:22:00.269 we lucky. But to quote Peter Howitt, and I'll 00:22:00.269 --> 00:22:02.490 read from what he said, they were asking him 00:22:02.490 --> 00:22:06.130 about how you think Canada is set up to absorb 00:22:06.130 --> 00:22:11.470 the fallout from the AI bubble that everybody 00:22:11.470 --> 00:22:14.250 thinks is a bubble, just don't know when it's 00:22:14.250 --> 00:22:17.779 going to burst. And he says, Canada is particularly 00:22:17.779 --> 00:22:20.359 fortunate in having a conservative kind of financial 00:22:20.359 --> 00:22:23.740 system, which is quite sensibly regulated. And 00:22:23.740 --> 00:22:26.400 it's generally thought amongst economists that 00:22:26.400 --> 00:22:28.720 Canada has the worst financial system of all 00:22:28.720 --> 00:22:33.859 until there's a financial crash. And then it's 00:22:33.859 --> 00:22:37.119 the best of them all. So I think Canada is probably 00:22:37.119 --> 00:22:40.799 going to do as well as anybody when that AI bubble 00:22:40.799 --> 00:22:46.039 crashes. Wow. Great quote, and from a Nobel Prize 00:22:46.039 --> 00:22:49.559 winner, which I haven't heard of any big names 00:22:49.559 --> 00:22:54.160 from the US winning a Nobel Prize. Certainly, 00:22:54.299 --> 00:22:57.279 if you're listening, Canada got that one, right? 00:22:57.460 --> 00:23:00.319 And of course, other advantages. Canada has political 00:23:00.319 --> 00:23:03.880 stability, which is increasingly rare around 00:23:03.880 --> 00:23:06.180 the world. And when you think of that, we have 00:23:06.180 --> 00:23:09.779 a parliamentary democracy plus a written constitution. 00:23:10.339 --> 00:23:14.000 So we have something very unique. that other 00:23:14.000 --> 00:23:17.880 parliament democracies don't necessarily have. 00:23:18.059 --> 00:23:20.380 So I think that's important. Rule of law obviously 00:23:20.380 --> 00:23:24.519 functions due to people like you, Rob. We don't 00:23:24.519 --> 00:23:26.779 have too many lawyers, but we got enough to make 00:23:26.779 --> 00:23:29.660 sure the rule of law still functions. Canada 00:23:29.660 --> 00:23:31.920 has the most highly educated workforce in the 00:23:31.920 --> 00:23:38.579 G7. And of course, Canada is endowed with natural 00:23:38.579 --> 00:23:45.329 resources for energy. Oil, gas, uranium, hydro, 00:23:45.650 --> 00:23:48.750 wind, solar potential, the Bay of Fundy off the 00:23:48.750 --> 00:23:50.710 East Coast. If we could ever crack that one, 00:23:50.910 --> 00:23:54.069 we'd be lighting up the Eastern seaboard, right? 00:23:54.130 --> 00:23:56.410 Critical minerals for batteries and clean tech 00:23:56.410 --> 00:23:59.789 and supply chain and defense security, agriculture. 00:24:00.390 --> 00:24:02.589 The prairies are a breadbasket for the world. 00:24:02.890 --> 00:24:06.569 Fresh water. I think Canada has the largest reserves 00:24:06.569 --> 00:24:11.049 of fresh water around the world. We grow up with 00:24:11.049 --> 00:24:13.490 that. We don't really appreciate. what that means. 00:24:13.970 --> 00:24:19.569 So Canada has so much going for it. So why don't 00:24:19.569 --> 00:24:25.789 we talk, Rob, about Carney's vision and what 00:24:25.789 --> 00:24:27.670 you've seen from the budget and how it comes 00:24:27.670 --> 00:24:30.549 back to the opportunity by working with Indigenous 00:24:30.549 --> 00:24:34.190 nations to make Canada that energy superpower. 00:24:35.210 --> 00:24:38.529 Yeah, there's some other interesting initiatives 00:24:38.529 --> 00:24:42.380 aimed at the Indigenous economy. They're going 00:24:42.380 --> 00:24:46.440 to table legislation and I think a pilot project 00:24:46.440 --> 00:24:53.880 to help First Nations contractors get bonded. 00:24:54.119 --> 00:24:57.539 So at the moment, there's a problem under the 00:24:57.539 --> 00:25:01.279 Indian Act with First Nations businesses and 00:25:01.279 --> 00:25:06.059 people using assets on reserve. for collateral 00:25:06.059 --> 00:25:09.119 and if you're a construction company your contractor 00:25:09.119 --> 00:25:11.180 and you want to get bonded because you have to 00:25:11.180 --> 00:25:14.519 do for these big jobs but you can't use your 00:25:14.519 --> 00:25:17.579 collateral uh your assets that you've got on 00:25:17.579 --> 00:25:21.700 reserve you can imagine how that uh crazy yeah 00:25:21.700 --> 00:25:23.880 how that restricts you so there's a proposal 00:25:23.880 --> 00:25:27.559 uh again i think this is something that ffa have 00:25:27.559 --> 00:25:32.599 been pushing for for a while but uh to take money 00:25:33.160 --> 00:25:36.420 uh and i think they're going to do a pilot project 00:25:36.420 --> 00:25:41.539 uh sell a bond in the market and then use that 00:25:41.539 --> 00:25:44.619 money to fund different first nations contractors 00:25:44.619 --> 00:25:47.900 to allow to make it easier to for them to get 00:25:47.900 --> 00:25:53.740 bonded to compete for construction projects procurement 00:25:53.740 --> 00:25:57.160 is a huge opportunity when you talk about defense 00:25:57.160 --> 00:26:00.920 and all the procurement possibilities that are 00:26:00.920 --> 00:26:03.970 coming there If you're a First Nations business 00:26:03.970 --> 00:26:06.890 and you want to participate in that, you'll need 00:26:06.890 --> 00:26:09.109 to get bonded. And this program hopefully will 00:26:09.109 --> 00:26:12.650 help make that easier to do. Well, it has to. 00:26:12.710 --> 00:26:14.690 How can you compete when you can't get bonded? 00:26:14.849 --> 00:26:16.809 And you can't get bonded because of the Indian 00:26:16.809 --> 00:26:18.930 Act, if that's not tying your hands behind your 00:26:18.930 --> 00:26:22.990 back. The Inuit now, luckily, weren't covered 00:26:22.990 --> 00:26:26.470 by the Indian Act. Okay, I think it was too cold 00:26:26.470 --> 00:26:29.839 and most people just didn't think about it. They're 00:26:29.839 --> 00:26:32.099 ready and set to go for opportunities in the 00:26:32.099 --> 00:26:35.519 Arctic. But you have Canada going to have 12 00:26:35.519 --> 00:26:38.039 submarines. We haven't had that many, I think, 00:26:38.039 --> 00:26:40.519 in history. And certainly, I'm not even sure 00:26:40.519 --> 00:26:43.220 if the Canadian Navy has 12 ships today. But 00:26:43.220 --> 00:26:46.000 at the end of World War II, we had the third 00:26:46.000 --> 00:26:49.960 largest navy in the world. And for that contract 00:26:49.960 --> 00:26:52.960 of 12 submarines, and they're diesel, not nuclear, 00:26:53.559 --> 00:26:57.259 we are talking, Canada is talking to German shipyards. 00:26:57.930 --> 00:26:59.549 Prime Minister Karim was visiting there. And 00:26:59.549 --> 00:27:01.869 when he was over, he was talking to the South 00:27:01.869 --> 00:27:06.549 Koreans who have a very strong shipbuilding program. 00:27:06.930 --> 00:27:10.349 So both those countries and those companies in 00:27:10.349 --> 00:27:14.230 those countries will be looking, how do we succeed 00:27:14.230 --> 00:27:18.849 with Indigenous nations to help win those contracts? 00:27:19.130 --> 00:27:23.210 Because that will be very important. And I think 00:27:23.210 --> 00:27:25.869 sometimes when you're coming from outside of 00:27:25.869 --> 00:27:31.410 Canada. you have a greater respect for the cultural 00:27:31.410 --> 00:27:34.970 differences when you're dealing with the Indigenous 00:27:34.970 --> 00:27:37.009 peoples of Canada because you expect them to 00:27:37.009 --> 00:27:40.829 be different. Whereas sometimes Canadians think, 00:27:40.910 --> 00:27:42.710 oh, well, we're all in Canada, we all like the 00:27:42.710 --> 00:27:46.269 same things and don't really think through what 00:27:46.269 --> 00:27:48.410 it means to be an Indigenous Canadian and the 00:27:48.410 --> 00:27:51.930 barriers. So hopefully that bond issue gets settled 00:27:51.930 --> 00:27:55.900 right away. Yeah, yeah, absolutely. So that's 00:27:55.900 --> 00:27:57.519 encouraging and I'll have to see the details. 00:27:58.019 --> 00:28:02.480 There's another initiative to allow First Nations 00:28:02.480 --> 00:28:07.240 to monetize their transfer payments that they 00:28:07.240 --> 00:28:09.220 would get on an annual basis from the federal 00:28:09.220 --> 00:28:13.259 government to run those programs and to make 00:28:13.259 --> 00:28:16.279 investments in particular on their reserves. 00:28:16.799 --> 00:28:19.619 so this is a new initiative in the budget as 00:28:19.619 --> 00:28:23.279 well excellent uh and so that again will allow 00:28:23.279 --> 00:28:31.859 first nations to secure effectively those future 00:28:31.859 --> 00:28:34.099 revenues that they're going to be getting transfer 00:28:34.099 --> 00:28:36.599 transfers from the federal government but use 00:28:36.599 --> 00:28:41.220 them today to make investments these are long 00:28:41.220 --> 00:28:45.359 -term capital investments so that's encouraging 00:28:46.400 --> 00:28:50.140 There's reference to establishing some tax jurisdiction 00:28:50.140 --> 00:28:53.740 frameworks with more First Nations. So I think 00:28:53.740 --> 00:28:57.460 that's hinting at wanting more to provide more 00:28:57.460 --> 00:29:03.480 tax taxing authorities to Indigenous communities 00:29:03.480 --> 00:29:06.119 to raise their own revenues and give them tax. 00:29:06.980 --> 00:29:10.740 taxing authorities. There's, for example, a resource 00:29:10.740 --> 00:29:12.940 charge that's been talked about. I don't think 00:29:12.940 --> 00:29:14.940 that's mentioned in this budget, but that's one 00:29:14.940 --> 00:29:17.099 of the possibilities when you talk about establishing 00:29:17.099 --> 00:29:20.160 tax jurisdiction frameworks, which would allow 00:29:20.160 --> 00:29:24.200 Indigenous people to tax more directly some of 00:29:24.200 --> 00:29:28.740 the projects in their territories. There's a 00:29:28.740 --> 00:29:33.680 Housing Build Canada Homes initiative, which 00:29:33.680 --> 00:29:38.150 is going to include Indigenous housing as part 00:29:38.150 --> 00:29:41.609 of that. So all of that is encouraging. It is. 00:29:41.690 --> 00:29:45.730 So when you look at Canada, fiscal room, resources, 00:29:45.970 --> 00:29:51.750 and stability, and the clarity now that the Indigenous 00:29:51.750 --> 00:29:55.970 peoples of Canada, through the Supreme Court, 00:29:56.170 --> 00:30:01.950 what's in the Constitution, UNDRIP, there's that 00:30:01.950 --> 00:30:04.150 stability, whereas in the past, it hasn't been 00:30:04.150 --> 00:30:08.740 clear. Right? Now it is. The Indigenous peoples 00:30:08.740 --> 00:30:13.160 are your partners. They are rights holders. That's 00:30:13.160 --> 00:30:16.539 how to achieve things. The old way doesn't work 00:30:16.539 --> 00:30:19.839 anymore. So you have a clear vision. And again, 00:30:19.940 --> 00:30:21.799 we've heard from many of our guests on podcasts, 00:30:21.880 --> 00:30:23.400 when you work with the Indigenous peoples to 00:30:23.400 --> 00:30:26.279 make your projects succeed, you have long -term 00:30:26.279 --> 00:30:28.640 commitment because they're not looking, how do 00:30:28.640 --> 00:30:30.779 I make a buck today? They're thinking seven generations 00:30:30.779 --> 00:30:35.690 ahead. They know how to get things done because 00:30:35.690 --> 00:30:39.130 it's their land and they've navigated the bureaucracy 00:30:39.130 --> 00:30:42.329 that's been imposed on them, unfortunately, successfully. 00:30:42.650 --> 00:30:45.529 So they know how to play it. Yeah, there's talk, 00:30:45.569 --> 00:30:49.289 there's a bit of fleshing out of the first, the 00:30:49.289 --> 00:30:54.130 major projects office and a couple hundred million 00:30:54.130 --> 00:30:56.730 dollars allocated to that and also the Indigenous 00:30:56.730 --> 00:30:59.950 Advisory Council, which will advise that office 00:30:59.950 --> 00:31:03.359 and make sure. indigenous equity participation 00:31:03.359 --> 00:31:08.119 and other indigenous meaningful indigenous participation 00:31:08.119 --> 00:31:11.680 is a part of all of these projects that's reinforced 00:31:11.680 --> 00:31:16.900 in this budget as well so that that all is encouraging 00:31:16.900 --> 00:31:19.839 i like the talk of the arctic infrastructure 00:31:19.839 --> 00:31:26.509 fund there's a Critical Minerals Sovereign Wealth 00:31:26.509 --> 00:31:30.049 Fund that's being established. We've seen a real 00:31:30.049 --> 00:31:33.990 -life example just recently with a graphite miner 00:31:33.990 --> 00:31:40.170 being funded by the Canadian government. Effectively, 00:31:40.170 --> 00:31:42.490 the government has signed an offtake agreement 00:31:42.490 --> 00:31:45.950 guaranteeing a minimum price for the graphite. 00:31:46.329 --> 00:31:48.910 That's excellent. That's a first in a long time. 00:31:51.319 --> 00:31:53.299 Critical Minerals Sovereign Wealth Fund is going 00:31:53.299 --> 00:31:59.299 to make more investments like that to allow this 00:31:59.299 --> 00:32:05.900 miner to get funded and ensure the economics 00:32:05.900 --> 00:32:09.799 work. And then the federal government is going 00:32:09.799 --> 00:32:13.819 to try to get other countries signed up to this 00:32:13.819 --> 00:32:17.000 Critical Minerals Sovereign Wealth Fund. And 00:32:17.000 --> 00:32:23.849 that's all to battle. uh the might of china in 00:32:23.849 --> 00:32:27.309 this in this space and take some of that power 00:32:27.309 --> 00:32:32.829 back and the insecurity of the u .s right canada 00:32:32.829 --> 00:32:35.329 remains your preferred north american partner 00:32:35.329 --> 00:32:40.690 we've always been loyal yeah so with all those 00:32:40.690 --> 00:32:44.650 great assets including its people indigenous 00:32:44.650 --> 00:32:47.930 and non -indigenous it's a place to come and 00:32:47.930 --> 00:32:50.259 do business in I'm sure that's the message Prime 00:32:50.259 --> 00:32:53.599 Minister Carney is out there pushing, and he 00:32:53.599 --> 00:32:58.539 has the reputation to deliver that. What about 00:32:58.539 --> 00:33:01.420 the initial feedback, Rob, from... I know it's 00:33:01.420 --> 00:33:03.380 only morning, and you may have been to the breakfast 00:33:03.380 --> 00:33:08.000 already. Okay. But what's the initial feedback 00:33:08.000 --> 00:33:12.099 from people you've been speaking with after the 00:33:12.099 --> 00:33:15.900 budget? Well, literally got off the plane while 00:33:15.900 --> 00:33:20.000 the budget was being... uh announced and uh have 00:33:20.000 --> 00:33:22.220 been sleeping i have not been to the breakfast 00:33:22.220 --> 00:33:25.339 yet so i don't know what others are thinking 00:33:25.339 --> 00:33:28.819 i've you know i mentioned goldie heider uh who 00:33:28.819 --> 00:33:31.359 is also here uh would have liked to have seen 00:33:31.359 --> 00:33:38.400 more um indigenous reaction uh i i think there's 00:33:38.400 --> 00:33:40.970 there's Those are the encouraging things that 00:33:40.970 --> 00:33:44.170 I see. There's also the 2 % cut to Indigenous 00:33:44.170 --> 00:33:48.210 services, Canada and Indigenous relations. All 00:33:48.210 --> 00:33:51.730 government departments are going to have to work 00:33:51.730 --> 00:33:57.109 with less people and less money. And that's going 00:33:57.109 --> 00:34:01.329 to hit some of the programs. And so when you're 00:34:01.329 --> 00:34:05.230 already talking about being behind and there 00:34:05.230 --> 00:34:08.420 being gaps when it comes to Indigenous... infrastructure 00:34:08.420 --> 00:34:11.800 and services, having to work with even less money 00:34:11.800 --> 00:34:15.019 going forward and fewer people. That's going 00:34:15.019 --> 00:34:19.280 to be a big challenge. And AI won't magically 00:34:19.280 --> 00:34:24.480 solve all productivity issues overnight. That's 00:34:24.480 --> 00:34:29.420 a period of adjustment. Yes. And I think, you 00:34:29.420 --> 00:34:32.019 know, I was surprised when I read that about 00:34:32.019 --> 00:34:35.250 Indigenous services. being cut back and understand 00:34:35.250 --> 00:34:37.230 you know share the pain across all departments 00:34:37.230 --> 00:34:41.289 but indigenous services is not just like all 00:34:41.289 --> 00:34:45.489 departments because the people it's serving aren't 00:34:45.489 --> 00:34:48.010 treated equally and there's still barriers just 00:34:48.010 --> 00:34:49.969 as we're talking about you know how to get a 00:34:49.969 --> 00:34:55.829 bond when you're on a reserve right it just so 00:34:55.829 --> 00:35:00.409 that was that was a surprising move uh but hopefully 00:35:00.409 --> 00:35:03.460 hopefully Some of these others will give the 00:35:03.460 --> 00:35:05.400 compensation because I think some of the most 00:35:05.400 --> 00:35:08.519 competitive businesses today are Indigenous led 00:35:08.519 --> 00:35:10.699 and run. And we've spoken to some of these guys 00:35:10.699 --> 00:35:15.659 and they're hungry. So if Canada becomes an even 00:35:15.659 --> 00:35:18.340 more welcoming business environment, they're 00:35:18.340 --> 00:35:20.380 going to be fighting for their share of that. 00:35:20.539 --> 00:35:22.960 And they've had to compete because they've had 00:35:22.960 --> 00:35:25.849 so many restrictions. You've had so many restrictions 00:35:25.849 --> 00:35:28.250 placed on you. I think they're trying to lay 00:35:28.250 --> 00:35:30.409 the groundwork. If it's not as transformative 00:35:30.409 --> 00:35:33.610 as people would have hoped, I think they are 00:35:33.610 --> 00:35:36.849 trying to lay groundwork for private capital 00:35:36.849 --> 00:35:40.889 to come in within Canada and outside of Canada. 00:35:41.010 --> 00:35:46.309 There's some tax deductions and some other initiatives 00:35:46.309 --> 00:35:49.730 that will make it cheaper to do business in Canada, 00:35:49.889 --> 00:35:54.119 which will be attractive. They're trying to reduce 00:35:54.119 --> 00:35:59.800 the regulatory burden. They were outwardly beyond 00:35:59.800 --> 00:36:04.840 North America, very focused on those places for 00:36:04.840 --> 00:36:08.440 capital. And they're trying to encourage more 00:36:08.440 --> 00:36:13.340 meaningful Indigenous participation and economic 00:36:13.340 --> 00:36:17.300 development. It will be transformative if the 00:36:17.300 --> 00:36:20.260 private sector, private investors take advantage 00:36:20.260 --> 00:36:25.340 of these initiatives. Yes. And Canada depends 00:36:25.340 --> 00:36:29.280 on the private sector. If it's led, our wealth 00:36:29.280 --> 00:36:33.059 is dependent on private enterprise saying this 00:36:33.059 --> 00:36:36.159 is a good place to invest. And it looks like 00:36:36.159 --> 00:36:40.880 they're making Canada more attractive in the 00:36:40.880 --> 00:36:44.000 global competition for capital, whether it's 00:36:44.000 --> 00:36:48.280 money or brains. Canada is back open for businesses, 00:36:48.300 --> 00:36:51.019 what I like to think about. Now, Carney also 00:36:51.019 --> 00:36:53.679 talked when he was in Asia about... Canada being 00:36:53.679 --> 00:36:56.480 an energy superpower. And it's mentioned that 00:36:56.480 --> 00:36:58.619 time and time again, and that's true. And I think 00:36:58.619 --> 00:37:01.739 there's 40 billion available through crown corporations 00:37:01.739 --> 00:37:04.659 for major energy and infrastructure projects, 00:37:04.880 --> 00:37:07.579 right? You've talked about some of the tax changes 00:37:07.579 --> 00:37:10.639 and investment incentives aimed at unlocking 00:37:10.639 --> 00:37:12.760 a trillion in total investment over the next 00:37:12.760 --> 00:37:14.420 five years, which is what they're looking for. 00:37:14.559 --> 00:37:17.219 And, you know, this is mostly private money. 00:37:17.280 --> 00:37:20.840 The government can only go so far. So let's come 00:37:20.840 --> 00:37:23.530 back to the vision for Canada. Reduce reliance 00:37:23.530 --> 00:37:26.269 on the U .S. amid the trade war. And even if 00:37:26.269 --> 00:37:29.769 the trade war ends tomorrow, Canadians are not 00:37:29.769 --> 00:37:33.170 going back to the way it was. There's a big discussion 00:37:33.170 --> 00:37:37.449 about a nuclear energy deal with Westinghouse 00:37:37.449 --> 00:37:40.090 and Cameco. And a lot of people are saying, well, 00:37:40.230 --> 00:37:43.889 why aren't we using Can -Do, Canadian nuclear 00:37:43.889 --> 00:37:46.530 technology? Why are we partnering with that? 00:37:46.610 --> 00:37:48.590 Do we really want to be dependent on the Americans 00:37:48.590 --> 00:37:52.050 for our nuclear reactors? So that will continue. 00:37:53.100 --> 00:37:56.360 Canada is a stable energy and critical minerals 00:37:56.360 --> 00:38:01.360 partner for all nations around the world. Canada 00:38:01.360 --> 00:38:03.760 will continue to position itself as a leader 00:38:03.760 --> 00:38:06.780 in clean energy and the clean energy economy. 00:38:07.840 --> 00:38:10.579 And the infrastructure is being put in place 00:38:10.579 --> 00:38:13.940 to grow the economy faster than the debt. And 00:38:13.940 --> 00:38:16.900 I think everybody's up for the challenge. Canada 00:38:16.900 --> 00:38:20.880 is one of the top five globally in oil, uranium. 00:38:21.719 --> 00:38:24.320 hydro and natural gas. We've talked about wind 00:38:24.320 --> 00:38:28.179 and solar. Okay, we have traditional energy and 00:38:28.179 --> 00:38:31.780 clean energy. And you mentioned about critical 00:38:31.780 --> 00:38:36.380 minerals. So I think we're in a very, very strong 00:38:36.380 --> 00:38:40.619 place going forward. And it might not be as transformative 00:38:40.619 --> 00:38:43.400 as we thought, but Canada is certainly becoming 00:38:43.400 --> 00:38:46.360 more investable, right? Let's bring this home. 00:38:46.990 --> 00:38:50.449 Absolutely, Mark. Yeah, one step at a time, but 00:38:50.449 --> 00:38:54.690 we are moving in the right direction and I'm 00:38:54.690 --> 00:38:59.909 encouraged. Yes, record FDI in the past year, 00:39:00.030 --> 00:39:04.030 even with all the mess, right? Canada, record 00:39:04.030 --> 00:39:09.389 FDI in 2024. So Canada is transforming. This 00:39:09.389 --> 00:39:13.010 is a real change. I think it's important to mention 00:39:13.010 --> 00:39:16.179 at this point in time because we've... We've 00:39:16.179 --> 00:39:17.980 covered a lot today, Rob. It's been great to 00:39:17.980 --> 00:39:20.300 catch up with you even before breakfast in Calgary. 00:39:20.800 --> 00:39:24.039 Okay. I skipped lunch for this podcast. Okay. 00:39:24.119 --> 00:39:28.800 So we're both kind of looking for some energy, 00:39:28.900 --> 00:39:32.059 but the conversation itself has been very energetic. 00:39:32.099 --> 00:39:35.679 And, you know, as we're coming into November 00:39:35.679 --> 00:39:40.699 now, it's Remembrance Day. As our viewers can 00:39:40.699 --> 00:39:44.380 see, we have our poppies on. Canada was formed. 00:39:45.389 --> 00:39:48.449 The Canada, what we as Canadians call Canada 00:39:48.449 --> 00:39:52.389 today, Vimy Ridge in World War I and World War 00:39:52.389 --> 00:39:56.050 II were defining moments for Canada as it stood 00:39:56.050 --> 00:40:00.429 on its path. But the history of Canada has been 00:40:00.429 --> 00:40:04.090 fought for by the Indigenous peoples of Canada 00:40:04.090 --> 00:40:06.710 from the get -go. That's where our relationship 00:40:06.710 --> 00:40:11.449 came from, fighting together to be free, not 00:40:11.449 --> 00:40:15.690 to be ruled by a dictator in Washington. which 00:40:15.690 --> 00:40:20.030 has proven itself in recent times. And in World 00:40:20.030 --> 00:40:23.969 War I, even with the constraints that the Indigenous 00:40:23.969 --> 00:40:26.869 peoples had, they were out there fighting for 00:40:26.869 --> 00:40:30.630 the country. Yeah, per capita basis, sacrificed 00:40:30.630 --> 00:40:34.710 more than any other group of people and all on 00:40:34.710 --> 00:40:38.449 a volunteer basis. So it is an important week 00:40:38.449 --> 00:40:46.380 to remember all of our service. people uh and 00:40:46.380 --> 00:40:50.400 all of those who especially gave their lives 00:40:50.400 --> 00:40:55.139 um and we also remember marie sinclair this week 00:40:55.139 --> 00:40:59.320 who died passed away one year ago what a huge 00:40:59.320 --> 00:41:03.400 loss for canada as well as the indigenous peoples 00:41:03.400 --> 00:41:07.420 of canada because he truth and reconciliation 00:41:07.420 --> 00:41:10.800 commission i've said this many times but one 00:41:10.800 --> 00:41:15.110 of those rare individuals who when i heard him 00:41:15.110 --> 00:41:18.269 speak, I stopped whatever I was doing to listen 00:41:18.269 --> 00:41:23.110 and listen intently. So we remember him this 00:41:23.110 --> 00:41:30.789 week and Indigenous Veterans Day coming up. We 00:41:30.789 --> 00:41:33.969 remember especially all those Indigenous veterans 00:41:33.969 --> 00:41:38.469 and also Remembrance Sunday and Remembrance Day. 00:41:39.250 --> 00:41:43.650 A very special week. We shall remember them. 00:41:44.969 --> 00:41:48.289 And just for some of our viewers who didn't know 00:41:48.289 --> 00:41:51.929 you in the UK, and I think many of them did, 00:41:51.989 --> 00:41:53.809 our viewers and listeners, can you talk a little 00:41:53.809 --> 00:41:56.250 bit about the Maple Leaf Trust over here in the 00:41:56.250 --> 00:41:58.349 UK and its work? Maple Leaf Trust was set up 00:41:58.349 --> 00:42:01.909 after World War II to help Canadian veterans 00:42:01.909 --> 00:42:05.469 and their families who were settling in the UK 00:42:05.469 --> 00:42:09.030 and weren't returning to Canada. uh and fell 00:42:09.030 --> 00:42:11.329 between the cracks of government support because 00:42:11.329 --> 00:42:14.050 they weren't in canada they were in the uk but 00:42:14.050 --> 00:42:16.650 they weren't brits and so this charity was set 00:42:16.650 --> 00:42:21.269 up to help support those veterans and families 00:42:21.269 --> 00:42:25.949 that still exist today we still have three spouses 00:42:25.949 --> 00:42:30.269 three veterans on our books not all from world 00:42:30.269 --> 00:42:33.590 war ii we still actually have a spouse whose 00:42:33.590 --> 00:42:37.300 husband fought For the Brits in World War I and 00:42:37.300 --> 00:42:39.940 for Canada in World War II, you can imagine. 00:42:41.519 --> 00:42:45.460 And the Maple Leaf Trust also does many other 00:42:45.460 --> 00:42:48.820 things. Today it funds many scholarships for 00:42:48.820 --> 00:42:53.039 Canadians studying in the UK. We're also associated 00:42:53.039 --> 00:42:56.099 with the Terry Fox Foundation and help raise 00:42:56.099 --> 00:43:00.599 money for cancer research led by a Canadian professor 00:43:00.599 --> 00:43:08.639 in London. And so many great initiatives as well 00:43:08.639 --> 00:43:10.579 as just honoring veterans in different ways. 00:43:11.860 --> 00:43:15.400 So special time, a time to remember all those 00:43:15.400 --> 00:43:19.619 who went before us. So thank you, Rob. Great 00:43:19.619 --> 00:43:21.699 to catch up. Look forward to seeing you next 00:43:21.699 --> 00:43:25.460 week on our podcast. Absolutely. Thanks, Mark. 00:43:25.500 --> 00:43:28.659 It's great talking to you. Enjoy Calgary. Thanks. 00:43:28.800 --> 00:43:33.880 May they win a game. Thank you for joining Rob 00:43:33.880 --> 00:43:36.400 and I today in a special podcast where we discussed 00:43:36.400 --> 00:43:38.420 an issue of critical importance for our listeners 00:43:38.420 --> 00:43:41.480 and viewers. Be sure to share, subscribe, and 00:43:41.480 --> 00:43:43.539 leave a review on your favorite podcast channel. 00:43:44.139 --> 00:43:46.639 Thanks for listening to Drumbeats. Until next 00:43:46.639 --> 00:43:51.059 time. Mark your calendars for the upcoming 2026 00:43:51.059 --> 00:43:54.440 Summit taking place on the 8th of April. Be sure 00:43:54.440 --> 00:43:56.820 to share, subscribe, and leave a review on your 00:43:56.820 --> 00:43:59.480 favorite podcast channel. Thanks for listening 00:43:59.480 --> 00:44:01.360 to Drumbeats. Until next time.