Ontario’s 'responsible' budget will help province face uncertain times, finance minister says
Ontario’s 2023 budget will help the province address “uncertain economic times,” according to the finance minister.
Two days before he is set to reveal Ontario’s fiscal plans for the year, Minister Peter Bethlenfalvy gave a few hints at what families and businesses facing financial pressures can expect.
“Our government's plan is the right plan to navigate these challenges and it is already showing results,” he told reporters at an announcement on Tuesday. “Jobs are being created and we continue to attract manufacturing investments that you haven't seen in decades.”
“I look forward to sharing more details on Thursday—only two more sleeps.”
Bethlenfalvy has shared very little about what will be in the budget publicly, saying only that it will be a “responsible, targeted approach.”
When asked if this will mean further cuts, Bethlenfalvy said “no.”
“I don’t think you can cut your way to prosperity," he said.
The minister hinted that the province will not only invest in infrastructure, but will also ensure a large enough workforce to aid an aging population.
The comments were made at a pre-budget announcement that saw an additional $224 million invested into building and upgrading training centres. The province will also be spending $75 million more over the next three years to “support the operations and programming at new and existing centres.”
Labour Minister Monte McNaughton and Premier Doug Ford were both present at the event.
“Ontario is facing a historic labor shortage,” McNaughton told reporters. “In construction alone, we'll need 100,000 skilled workers over the next decade due to retirements and job growth.”
“That is why our government is pulling out all the stops to help workers gain in-demand skills by improving employment services and investing in training.”
Ontario’s Financial Accountability Office (FAO) said in a report released Tuesday morning that 2021 and 2022 marked “the strongest two-year period of job gains on record,” with unemployment dropping to pre-pandemic levels at 5.6 per cent.
At the same time, it noted that “hiring challenges persisted.”
“Of all job vacancies in Ontario, 36.3 per cent remained unfilled for 90 days or more, reaching a record high in the third quarter of 2022.”
The FAO also said that 2022 was the second consecutive year in which wage growth in Ontario did not keep up with inflation.
Ontario’s 2023 budget will be released on March 23.
CTVNews.ca Top Stories
Robert Pickton to remain in medically induced coma until later this week: police
Serial killer Robert Pickton will remain in a medically induced coma for at least the next few days following an attack in a Quebec prison Sunday, according to police spokesperson Hugues Beaulieu.
Charlie Colin, founding member of the pop-rock band Train, dies at 58
Charlie Colin, bassist and founding member of the American pop-rock band Train, best known for their early-aughts hits like 'Drops of Jupiter' and 'Meet Virginia,' has died. He was 58.
'Five feet nothing': Pickton's safety likely behind Quebec transfer, says ex-prison judge
When serial killer Robert Pickton was transferred from British Columbia's Kent Institution to a maximum security prison in Quebec about six years ago, correctional authorities gave no public explanation or confirmation at the time, citing privacy.
'I feel betrayed': Ottawa-area customers out thousands of dollars warn of bad faith contractor
A group of people from eastern Ontario and western Quebec is issuing a warning about Dennis Walker and his company Vue Windows.
Fancy pigeon outfitted in custom diaper has free rein in B.C. family home
When Chrissy Chin volunteered to take in a fancy pigeon abandoned on a park bench, she never imagined she would one day be ordering custom-made diapers for the bird – who lives in her house and has become a member of the family.
'We'll need all hands on deck': Details emerge after deadly boat crash near Kingston
Police say they have wrapped up their on-scene investigation into a deadly boat crash in eastern Ontario as details of the incident begin to emerge.
WestJet planning new fare category for travellers willing to forgo carry-on bag
WestJet Airlines plans to launch a new cheaper fare category that would be available to travellers willing to fly without a carry-on bag.
5 dead and at least 35 hurt in Iowa tornado: officials
Five people died and at least 35 were hurt as powerful tornadoes ripped through Iowa Tuesday, with one carving a path of destruction through the town of Greenfield, officials said.
Woman found dead in Lake Ontario in 2017 matches identity of missing person in Switzerland
Genetic genealogy has helped Toronto police identify a woman who was found dead in Lake Ontario in 2017.