Chamber Welcomes Investments in Economic Update, Calls for Further Action to Fuel Competitiveness

(Toronto – October 30, 2024) – Today, Daniel Tisch, President and CEO of the Ontario Chamber of Commerce (OCC), issued the following statement in response to the Government of Ontario’s 2024 Economic Outlook and Fiscal Review.

“The Ontario Chamber commends the government’s prudent approach to fiscal management, highlighted by the lowest debt-to-GDP ratio in a decade—which underscores a commitment to stability,” said Daniel Tisch, President and CEO of the OCC. “In addition to attracting investment across key sectors, we urge the government to focus on strengthening our post-secondary institutions and talent pipeline to secure Ontario’s long-term economic resilience.”

Today’s announcement included several measures that Ontario’s business community welcomes, notably:

• Healthcare Access: A $150M investment to expand the Ontario Fertility Program, a new fertility tax credit, a $17.7M commitment to the expansion of the Learn and Stay Grant, and a commitment to prioritizing Ontario residents for medical school seats.
• Support for Manufacturing and Innovation: A $94M boost in Phase 2 of the Life Sciences Strategy (bringing total investment to $146M), $100M to the Invest Ontario Fund, an additional $40M for the Advanced Manufacturing and Innovation Competitiveness Stream, and $4M to support Project Arrow 2.0.
• Critical Infrastructure and Municipal Sustainability: Over $19B earmarked for transit and road infrastructure over the next decade, and a $100M increase to the Ontario Municipal Partnership Fund.
• Long-term Energy Strategy: Introduction of the Affordable Energy Act to shape Ontario’s energy future, with investments in clean energy and measures to cut construction costs for new homes and businesses by streamlining “last mile” connections.

While the OCC appreciates the direction of these investments, it recommends additional action to unlock Ontario’s economic potential fully:

• A Modernized Tax System: Building on recent tax adjustments and the government’s work to lower the cost of doing business, the OCC calls for a comprehensive review of Ontario’s tax structure to drive growth, reduce business burdens, and support a robust economic environment.
• Investment in Talent Development: Building on the government’s initial $1.2 billion investment, the OCC urges immediate, enhanced financial support for post-secondary institutions to address mounting fiscal pressures, intensified by recent federal policy shifts that have placed the sector in a precarious and unsustainable financial position. Strengthening support will foster a globally competitive education system that equips Ontario’s workforce with skills aligned to the province’s evolving economic demands.

The Ontario Chamber of Commerce looks forward to working closely with the Ontario government to sustain fiscal and economic momentum, supporting policies that foster a prosperous, innovative, and inclusive economy for Ontario’s businesses and residents.

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About the Ontario Chamber of Commerce
The Ontario Chamber of Commerce (OCC) is the indispensable partner of business and Canada’s largest, most influential provincial chamber. It is an independent, non-profit advocacy and member services organization representing a diverse network of 60,000 members. The OCC’s mission is to convene, align and advance the interests of its members through principled policy work, value-added business services and broad engagement to drive competitiveness and sustainable, inclusive economic growth.

For more information, please contact:
Andrea Carmona
Senior Manager of Public Affairs
Ontario Chamber of Commerce
andreacarmona@occ.ca | Mobile: (647) 234-0255