Earlier today, Ontario Finance Minister Peter Bethlenfalvy delivered the government’s Fall Economic Statement (FES). The FES serves as a mini-budget and mid-year checkup on the province’s finances. It gives the government an opportunity to highlight its key priorities and adjust its course.
With uncertainty swirling in the global economy, Minister Bethlenfalvy preached prudence, highlighting his government’s plan to maintain its fiscal flexibility by developing both Faster Growth and Slower Growth scenarios that the economy could take over the next several years.
Large-scale funding initiatives were scarce in the speech, with the government opting instead for small, targeted investments in families, workers and businesses to minimize the impact of inflation. Bethlenfalvy highlighted accomplishments from ongoing investments through the release of the Building Ontario Progress Report.
Highlights of the fiscal update include a revised deficit projection, an extension of the gas tax freeze until December 2023, investments in skilled trades, additional tax relief for small businesses, and increasing the ODSP monthly earnings exemption.
Minister Bethlenfalvy also introduced accompanying legislation to implement measures from the FES which will be expedited in the Legislature.
Click through to view our summary and analysis of today’s Fall Economic Statement