In 2023/24, the province's net debt reached $408 billion.
ontario government spending
This year the government plans to run a $9.8 billion deficit followed by a $4.6 billion deficit next year.
For the 2024/25 fiscal year, the budget projects a $6.1 billion increase in program spending.
Municipal government spending in the province has grown 2.5 times faster than general inflation and two times faster than population.
Government-sector employment in the province is up 18.5 per cent compared to only 11.7 per cent for the private sector.
The government will increase program spending by $4.2 billion in 2024/25 and $3.5 billion in 2025/26.
From 1968 to 2023, Ontario ran 48 deficits—or deficits 87 per cent of the time.
In 2017-18, Ontario government program spending was 17.3 per cent of GDP compared to 17.9 per cent this fiscal year.