By 2023/24, debt interest will consume 6.6 per cent of all provincial revenues.
debt interest payments
According to budget forecasts, debt interest payments will reach $3.3 billion by 2023/24.
The government has run budget deficits every year since 2008/09.
Ontario will spend an estimated $13 billion on government debt interest costs in 2020/21.
Ontarians carry the second-largest combined government debt burden among Canadians.
A one percentage point increase in the effective interest rate would increase Ottawa's annual debt interest costs by $13.8 billion.
Government debt interest will cost Albertans a projected $3.0 billion by 2022/23.
The update projects a $21.3 billion provincial budget deficit in 2020/21.