Ontario Premier Dalton McGuinty announced Wednesday that motorists travelling more than 50 kilometres above the speed limit will be treated as street racers under the law.

As of Sept. 30, excessive speeders will face increased fines up to $10,000, will have their license suspended and their vehicle impounded for seven days.

The new legislation is part of increased efforts introduced in June to cut down on dangerous driving in the province.

"We're also providing police with an additional $2 million to support a new OPP airplane, sophisticated surveillance equipment and 55 additional OPP officers in communities across Ontario," McGuinty announced.

"This funding means more patrols, better surveillance and more crime fighting tools for police."

The new fixed-wing aircrafts will be used to patrol the province's highways for dangerous drivers. Officials say the small planes will cost an estimated $200 per hour compared to helicopters, which cost $1,000 per hour.

Provincial Police Commissioner Julian Fantino said having a surveillance aircraft "is an important step'' in the goal of saving lives and reducing serious injuries on highways, waterways and trails.

"The speeders we've dealt with in my time with the OPP, they've all got an excuse, including `I'm tired,' `my mother-in-law is sick,' `why don't you go and catch some real criminals' -- those are excuses I wouldn't accept,'' Fantino said.

According to the provincial government, there are about 2,500 convictions annually for driving more than 50 kilometres over the speed limit.

If convicted, first-time offenders face a minimum fine of $2,000.

"If you're reckless on our roads, if you choose to break the law, we consider you a threat to our public safety and you're going to face stiff penalties,'' said McGuinty.

Provincial funding will also go towards a new 3-D scanner, which will aid in recreating accident scenes.

"This will also mean faster investigation of collision scenes so we can more quickly re-open our roads and our highways,'' McGuinty said.

Brian Patterson of the Ontario Safety League believes the new initiatives will help make the province's roads much safer.

"What we really have to do is deal with that extreme end of extreme driving: the impaired driver, the excessive speeder, the lane changer who causes traffic problems," Patterson told CTV News on Wednesday.

"This is one tool in the tool box to help do that and it's a good day for safety in Ontario as a result."

With a report from CTV's Matet Nebres and files from the Canadian Press