Chamber: We need a plan for fiscal balanceMay 25, 2022
(TORONTO- May 25, 2022) –Today, Rocco Rossi, President and CEO, Ontario Chamber of Commerce (OCC) released the following statement calling on all parties to introduce their plans for fiscal balance:
“The continued challenges of COVID-19 have necessitated significant government spending to support businesses and individuals, resulting in a significantly larger provincial budget deficit and debt level. Ontario continues to face high inflation and supply chain challenges and while increasing interest rates are intended to curb inflation, it also means borrowing costs are higher for both governments and businesses. The Province needs to have a transparent debt management strategy that balances the short-term needs with equally important long-term investments that will support economic growth and productivity.
“While support for those in the hardest-hit sectors should remain a priority, policies that improve economic efficiencies in Ontario’s public sector must be explored. The OCC encourages Ontario’s next government to adopt value-based procurement and alternative service delivery, continue to digitize government services, reduce administrative burdens, pursue lost revenue from untaxed and illegal economic activity, and adopt a formal policy on asset recycling.
“These measures will improve value for public spending, encourage innovation, and support sustained economic growth.”
About the Ontario Chamber of Commerce
For more than a century, the Ontario Chamber of Commerce (OCC) has been the independent, non-partisan, indispensable partner of Ontario business. The OCC’s mission is to support economic growth in Ontario by defending business priorities at Queen’s Park on behalf of its network’s diverse 60,000 members.
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Backgrounder: Vote Prosperity
As outlined in OCC’s election priorities document, Vote Prosperity, parties should be focused on policies that result in more prosperous communities, improved business confidence, high-quality jobs, and a more resilient economy. This requires:
- Boosting confidence and predictability by modernizing regulation, committing to meaningful consultations, and developing a long-term plan to tackle Ontario’s debt without increasing taxes or cutting valuable programs and services.
- Implementing pro-growth policies through helping businesses access the capital, markets, and talent they need to grow.
- Building resilient communities by bolstering health care capacity, addressing climate change, and bridging our infrastructure gaps, including housing.
- Supporting entrepreneurship and innovation with targeted supports and a bold approach on technology adoption and data innovation.
The recommendations outlined in OCC’s Vote Prosperity were developed together with businesses, associations, post-secondary institutions, as well as chambers of commerce and boards of trade from across the province.
As the indispensable partner of business, we look forward to putting our members’ issues front and centre this election. To ensure the next provincial election addresses the most important issues, we have developed Vote Prosperity. Read the full plan.