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
What's a Barnacle? It's yellow, sticks and screams if you try to pry it off your car
Barnacles, bright yellow devices used to make sure parking scofflaws pay their tickets, could soon be making their way to cities across Canada.
Verdun Airbnb listing taken down amid complaints, fines and frustration from neighbours
An Airbnb in Montreal's Verdun borough was the source of much frustration from neighbours who say there were constant parties at the location. It has been taken down from the app, but housing advocates remain upset about short-term rentals.
Man who set himself on fire outside Trump trial dies of injuries, police say
A man who doused himself in an accelerant and set himself on fire outside the courthouse where former U.S. President Donald Trump is on trial has died, police said.
They were from different countries and barely spoke each other's languages. More than 20 years later, they're still happily in love
He decided to spend Christmas somewhere that wouldn't involve snowstorm disasters. She was spending the holidays with family, travelling for the first time outside of her native country of Venezuela. 23 years later, they're still in love.
Young people 'tortured' if stolen vehicle operations fail, Montreal police tell MPs
One day after a Montreal police officer fired gunshots at a suspect in a stolen vehicle, senior officers were telling parliamentarians that organized crime groups are recruiting people as young as 15 in the city to steal cars so that they can be shipped overseas.
A Nigerian chess champion plays the royal game for 60 hours - a new global chess record
A Nigerian chess champion and child education advocate played chess nonstop for 60 hours in New York City's Times Square to break the Guinness World Record for the longest chess marathon.
Fire in Labrador town under control, officials tells residents to stay away
RCMP say the fire that prompted a state of emergency in a Labrador town is now under control.
12 students and teacher killed in Columbine school shooting remembered at 25th anniversary vigil
Thirteen victims of the Columbine High School shooting were remembered during a vigil Friday on the eve of the 25th anniversary of the shooting that was the worst the nation had seen at the time.
Israeli airstrike in southern Gaza city of Rafah kills at least 9 Palestinians, including 6 children
An Israeli airstrike on a house in Gaza's southernmost city of Rafah killed at least nine people, six of them children, hospital authorities said Saturday, as Israel pursued its nearly seven-month offensive in the besieged Palestinian territory.