Provincial government debt-service costs are set to reach $13.2 billion this year.
ontario fiscal update
Ontario's debt will hit a projected $391.6 billion by 2023/24.
If Queen’s Park reduces spending by $5 billion, it could eliminate two-thirds of the provincial deficit.
The federal deficit is now about $19 billion.
Ontario’s provincial debt nearly doubled from $157 billion in 2007/08 to $301 billion in 2016/17.
On Thursday, Finance Minister Charles Sousa will provide an update for Ontarians on the state of provincial government finances.
Since 1990, Ontario has accumulated nearly $265 billion in net public debt. Put another way, nearly 90 per cent of Ontario’s net public debt has been accumulated over the last 25 years.
The Ontario government's strategy to eliminate the projected $8.5 billion deficit has largely hinged on hoping revenues will grow robustly and eventually catch up to spending increases. This is a risky strategy.
There was an aura of complacency in Queen’s Park as the Ontario government released its update on the state of provincial finances.