You're not just paying $160 for a passport that costs under $10 to produce, you're paying for the administration of an entire government department to process the applications and manage the entire system.
For comparison's sake, 10-year passports cost:
- Irish are €75-€105 ($110-$153 CAD) if applied for online (more if by other means),
- UK £82.50 ($140 CAD) if applied for online (£93 [$158 CAD] if by paper form),
- New Zealand are $206 NZD ($171 CAD),
- US first-time applicants $165 USD ($222 CAD); renewals are $130 USD ($175 CAD),
- Australian are $346 AUD ($305 CAD) (!!!)