The province plans to spend $14.1 billion on debt interest in 2023/24.
ontario government debt
The Ford government will spend an estimated $12,405 per person this year compared to the Wynne government's average of $11,784.
No Sign of Significant Debt Reduction or Tax Relief in Ford’s Spring 2023 Budget – It’s All Spend, Spend, Spend!
The budget projects a deficit of $1.3 billion this year.
Ontario's government debt has reached nearly $400 billion.
Ontario is approaching an all-time high in inflation-adjusted per-person spending.
The province's spending is forecasted to be $29.4 billion higher than previously projected for 2022/23.
Under the Ford government, inflation-adjusted per-person spending has increased by 2.4 per cent annually.
Ontario’s net debt increased from $373.6 billion in 2020/21 to $380.4 billion in 2021/22.