John Yakabuski, Renfrew-Nipissing-Pembroke MPP, says Ontario’s economic statement shows the province is on track to address issues such as housing and prepare for growth, even though it’s projecting a deficit.
On Thursday, Premier Doug Ford’s government unveiled the statement, which signals the beginning of pre-budget consultations.
The report says Ontario is projecting a deficit of $5.6 billion in 2023-24, but expects to have a surplus by 2025-26.
Yakabuski says that deficit is necessary given increased wage demands from public sectors workers and spending programs that have helped Ontario recover from the pandemic.
He says the Conservative government feels okay about carrying a deficit in the short term, for the sake of not cutting services.
“We’ve always taken the measured approach and the prudent approach,” he says. “We’re going to ensure we do everything possible to bring Ontario back into balance, where it should be, in as reasonable a time as possible, but we’re not going to do it at the expense of services people require and deserve.”
Yakabuski says he particularly likes Ontario’s launching of an Infrastructure Bank, a program announced in the economic statement that will allow big investors to participate in large building projects.
He also touted the province’s commitment to housing. The statement says Ontario will remove the provincial portion of the Harmonized Sales Tax for those building rental units.