A budget for a prosperous anf fair Ontario
New Ontario Government Helps Create Jobs And Supports People
NEWS May 2, 2013
Ontario¡¦s 2013 Budget ¡X A Prosperous and Fair Ontario ¡X makes smart investments that will strengthen the economy, helps create jobs for youth and takes action to eliminate the deficit by 2017-18.
The 2013 Ontario Budget proposes a prosperous and fair Ontario by:
„X Establishing a Youth Jobs Strategy of $295 million over two years to create jobs and mentorship opportunities for about 30,000 youth and promote entrepreneurship and innovation
„X Creating jobs through investments in infrastructure for public transit, roads, bridges, hospitals and schools
„X Reducing auto insurance rates by 15 per cent on average for nine million drivers
„X Helping 46,000 more people receive home and community care quickly and in the comfort of their own home
„X Providing tax relief to small businesses to create more jobs by increasing their Employer Health Tax exemption from $400,000 to $450,000 of payroll
„X Taking steps to transform social assistance to help more recipients find jobs and improve their financial security.
The deficit for 2012-13 is now estimated to be $9.8 billion ¡X a $5.0 billion improvement compared with the 2012 Budget forecast. The fiscal year just ended marks the fourth year in a row that the province has reported a deficit lower than forecast ¡X the only government in Canada to achieve this level of success. Program spending growth is projected to be less than one per cent for the second year in a row.
In addition to beating the deficit target for 2012-13, the province is projecting an improvement of more than $1.0 billion from the $12.8 billion deficit projected in the 2012 Budget for 2013-14. Program spending in 2013-14 is unchanged from the 2012 Budget projection. Beyond 2013-14, the government is on track to meet the steadily declining deficit targets outlined in the 2012 Budget and achieve a $0.5 billion surplus in 2017-18.
Working with key partners, the government is laying out a six-part economic renewal plan that will help Ontario¡¦s economy seize new opportunities for growth and job creation:
1. competitive business climate ¡X supporting a competitive tax system and effective regulation promotes new business investment for job creation and economic growth
2. modern infrastructure ¡X investing in transit, roads, schools and hospitals is a key foundation for a productive economy
3. highly skilled workforce ¡X investing in skills and education, as well as job creation for youth, ensures the people of the province can work and prosper
4. promoting entrepreneurship and innovation ¡X strengthening Ontario¡¦s ability to transform ideas into innovative goods and services for the global economy
5. going global ¡X working with business to expand market access for goods and services beyond Ontario¡¦s borders to other provinces, the United States and emerging economies
6. vibrant and strong communities ¡X helping all communities and regional economies benefit from job creation and economic growth.
The new government will also continue to take steps to provide more supports for Ontario families. It will improve opportunities for Ontario¡¦s Aboriginal people, protect the most vulnerable, and build safer and stronger communities.
Ontario¡¦s 2013 Budget will build a fair and prosperous Ontario for the benefit of all.
QUOTES
¡§The new government is committed to helping all the people of Ontario and to eliminating the deficit by 2017-18. By beating our fiscal targets, we can continue to invest in the things that matter most to people every day. We are protecting health care and education. We are creating job opportunities for youth. Our balanced approach to strengthening the economy will help create jobs and build a prosperous and fair Ontario for all.¡¨
¡X Charles Sousa, Minister of Finance
QUICK FACTS
„X The government is projecting real gross domestic product (GDP) growth of 1.5 per cent in 2013, 2.3 per cent in 2014, and 2.4 per cent in both 2015 and 2016.
„X The government held pre-budget consultations with more than 1,000 organizations and heard from over 600,000 households in communities across Ontario during telephone town halls.
„X Ontario is currently one of only two governments in Canada that is on track to beat its fiscal target for 2012-13. These results are due to the government¡¦s focus on deficit elimination by 2017-18 ¡X a commitment that is reinforced by the goal of reducing net debt-to-GDP to the pre-recession level of 27 per cent once the budget is balanced.
„X Ontario has created almost 400,000 jobs since June 2009, recovering all of the jobs lost during the recession. The current level of employment is more than 130,000 jobs above the high point before the recession.
„X Ontario¡¦s planned infrastructure investments of more than $35 billion over the next three years would support more than 100,000 jobs on average each year.
„X The government is moving forward with 60 per cent of the 362 recommendations from the Commission on the Reform of Ontario¡¦s Public Services and studying the implementation of the rest.
LEARN MORE
Read the Budget.
Read background information on the budget:
- Ontario¡¦s Economic Outlook and Fiscal Plan
- Helping Ontario Drivers Save Money
- A Fair Society
- The Ontario Trillium Benefit: More Choice For People
- Youth Job Creation
Read highlights of the Budget.
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Mazhar Shafiq 5/3/2013 |
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