Ontario Finance Minister Peter Bethlenfalvy says the vision he will set out Thursday afternoon will be a plan to attract jobs and build
Ontario’s budget is set to be tabled Thursday amid both surging revenues and a potential economic slowdown, and while the finance minister has been signalling “restraint,” he says that doesn’t mean program cuts.
In the third-quarter finances released last month, the province cut its deficit projection for this year in half from that fall update – down to $6.5 billion. It also revised its revenue projections for the year by nearly $10 billion, just in the span of a few months since the fall update. “Irresponsible spending today will only make inflation more painful and drag out an economic downturn,” he said late last year.
“We seem to also be seeing signs of weakness in the Ontario economy. The housing market, of course, has weakened more significantly than most of the rest of the country and in fact, if you look at household consumption in Ontario, it fell by almost four per cent in the third quarter of last year, which was – excluding the pandemic – the worst quarterly decline since the early 1990s.”
The Ontario Chamber of Commerce, in its prebudget submission, urged the government to not put too much focus on quickly balancing the budget. Baldauf said he will be watching for what strategic investments the government plans in order to stimulate economic development in the face of the risk of a recession, including in the critical minerals sector and building a long-promised road to the Ring of Fire.
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