The government’s net debt burden this year will reach a projected $408 billion.
ontario's finances
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.
The government can hold nominal spending flat for one year without creating any management challenges.
The province’s $5.6 billion operating deficit is just the tip of the iceberg.
According to the government’s new projections, the deficit will be $5.6 billion—quadruple what it projected earlier this year.
The province plans to spend $14.1 billion on debt interest in 2023/24.
The province's median income increased by just 5.4 per cent—less than half the overall growth rate across Canada.