Speaker, I move, seconded by the Premier, that this House approves in general the budgetary policy of the government.

If I may, Mr. Speaker, I would like to begin by dedicating the 2024 budget to the story of a 19-year-old who left his home in war-torn Europe in 1949 and found his way to Canada.

With nothing but the shirt on his back, he dreamt of a new life and an opportunity to go to university, to get a job, to raise a family, and feel safe and free in his new country.

Well, Mr. Speaker, that young man was able to work hard and through being industrious, get into engineering at the University of Toronto, marry a beautiful woman, get a job in Montreal, and raise three wonderful children.

That 19-year-old is about to have his 94th birthday.

And while he never saw his parents again, as the Iron Curtain prohibited him from going back to his homeland, he lived the Ontario dream, he lived the Canadian dream.

Mr. Speaker, that young man who came to Canada is my father. And I dedicate this budget to him, and the hope and dream for all 16 million Ontarians, that they can have the same opportunity as my father had.

An opportunity to build a future right here in the great province of Ontario.

On behalf of Premier Ford and our entire government, I am pleased to introduce the 2024 Ontario budget, our plan to build a better Ontario.

Au nom du premier ministre Ford et de l’ensemble de notre gouvernement, je suis heureux de vous présenter le budget de l’Ontario de 2024—notre plan pour bâtir un Ontario meilleur.

Now, Mr. Speaker, as I am sure you are aware, the budget is a forward-looking document.

It’s a road map.

A blueprint.

It’s our plan to rebuild Ontario’s economy.

This budget provides certainty to markets and, more importantly, confidence to people that the government is prepared for whatever lies ahead—regardless of the challenges that the national or global economy might throw our way.

But before I turn my attention to the road ahead, Mr. Speaker, I would like to quickly take us down the road just travelled.

Much of this will not be news to the people of Ontario. It has been a challenging year.

Life has rarely been this expensive.

The Bank of Canada has for months now repeatedly raised interest rates at a big pace.

The pace and frequency of the Bank of Canada rate hikes has been punishing—perhaps most of all on homeowners whose mortgages have in some cases increased thousands of dollars a month.

Making matters worse, the federal government’s carbon tax is making everything more expensive. From groceries to gas, the hard-working people of Ontario can’t escape paying the high cost of the federal carbon tax.

I almost can’t believe I’m about to say this ... the federal government is set to increase its carbon tax.

It’s astonishing. The people of Ontario ... the people of Canada ... cannot afford it. But more on that later, Mr. Speaker.

Our public finances are also not immune to economic uncertainty.

Even so, Mr. Speaker, and it might be an odd thing for a finance minister to say ... but let me say it plainly ... the pressure of managing a government budget pales in comparison to the pressures many families are facing as they manage their family budget in a time when everything is costing more ... or the challenges of a small business owner managing their budget in order to keep the lights on and keeping local workers employed.

These are the real challenges and real problems of real life and real people ... of making rent ... of paying the bills ... of affording groceries.

And the best way to help people is by getting the big decisions right. Making smart investments. Watching the expense line. And most of all, keeping costs on people low.

That’s why our plan to build a better Ontario helps them.

Global economies have slowed, the cost of everything is higher, and so we have two choices.

Put the brakes on, or keep going.

Mr. Speaker, we choose to keep going—to rebuild Ontario’s economy because it is the right thing to do.

Mr. Speaker, we choose to keep going—to rebuild Ontario’s economy, and I think about the leaders who have come before.

It was less than a month ago that our country lost one such statesman in the Right Honourable Brian Mulroney.

Mr. Speaker, there is little left that can be said about Prime Minister Mulroney’s legacy that has not already been said more eloquently by others, including of course by his own daughter, Caroline Mulroney, the President of the Treasury Board, whom I am fortunate to work with every single day.

For the rest of us, I will say this, Mr. Speaker, Prime Minister Mulroney was a consequential leader who never backed down from the big challenges of his time. He was a leader who never shied away from using his time in power to try to accomplish big things for his fellow Canadians.

What a great example for the rest of us. To use our finite time in office to have the courage to implement the big ideas. And try to accomplish big things for our fellow Ontarians. And, in this budget, this is exactly what we intend to do.

And this is important, Mr. Speaker, for the global and national challenges facing our public finances are real.

Just as families and businesses are not immune to economic uncertainty, neither is any government.

Despite these challenges, we are delivering on our plan to build by investing to attract better jobs, build roads, highways and public transit, while keeping costs down for families and businesses.

As you know, we consult widely with leading public and private sector economists in establishing our projections for future economic growth and inflation.

These projections now show that while economic growth is expected to significantly slow in the coming year, private sector forecasters are cautiously optimistic that it will not drop into negative territory before rebounding in subsequent years.

Likewise, we project inflation, as measured by the consumer price index, to remain under 3% this year before settling around 2% in the following two years. As inflation returns to the Bank of Canada target, we expect and continue to urge that interest rates should also decline.

In fact, the people of Ontario are counting on it.

The encouraging data is there, Mr. Speaker. There is a light at the end of the tunnel. We can see it. But, that said, we are not out of the tunnel quite yet.

The question is therefore straightforward ... what are we to do today with the hand we’ve been dealt?

And there are options. There are choices.

One choice would be to put the burden on taxpayers. To raise taxes, tolls, tuition or fees.

Well, we are not going to do that, rest assured.

A second choice would be to tighten our belts. To cut investment in housing, roads, or better public services. In short—to retreat—and do less.

We are not doing that either.

A third choice, Mr. Speaker, might be to throw our hands up, retreat, and expect municipalities to fill in the gaps.

We are not doing that.

Instead, here’s our choice: We are going to follow through on a plan that is working—knowing that the higher deficits, compared to what we projected last year, will be time-limited while the return on investment will be felt for decades and for generations to come.

And we will continue on a path to a balanced budget.

We told the people that we were going to invest more in roads and highways.

And does this budget invest more in roads and highways, I ask you?

Thank you, Mr. Speaker. Merci beaucoup, monsieur le Président. I would like to note that I will be sharing my time with the member from Bruce–Grey–Owen Sound, who I see right behind me, and the member from Oakville, who I also see right there, in that order.

Today, it gives me great pleasure to speak to the second reading of Building a Strong Ontario Act (Budget Measures), 2023. Last week, I introduced the 2023 budget: Building a Strong Ontario. The budget and this spring budget bill before us today move our plan forward to build a strong province. It is a plan for building a strong economy for today and tomorrow. It is a plan for more roads, more highways, more transit, more broadband, right across the province.

Our plan profiles support for employers. It provides more training opportunities for skilled workers. It’s a plan that sees us moving forward the critical minerals sector in Ontario’s north and connecting the north and its minerals with our globally competitive manufacturing sector in the south. It is a plan to make life more affordable for those that need it the most, with better health care and public services for everyone who calls Ontario home, a plan that makes streets safer and protects you and your family.

C’est un plan qui nous permet de faire progresser le secteur des minéraux critiques dans le nord de l’Ontario; un plan pour relier le Nord et ses minéraux à notre secteur de fabrication de classe mondiale dans le Sud. Il s’agit d’un plan pour rendre la vie plus abordable pour ceux qui en ont le plus besoin, avec de meilleurs soins de santé et services publics pour l’ensemble de la population ontarienne, un plan qui rend les rues plus sûres et qui vous protège, vous et votre famille.

It is a plan to do all of this while at the same time returning Ontario to a balanced budget.

The plan is rooted in strong fundamentals, a long-term vision on real actions, actions not only in the face of the current turbulence we see around us in the global economy, but actions that will help us tomorrow and, from this period of turbulence, to emerge stronger than ever. I know we can and we will do it. I say this confidently because we have the discipline to stay true to a plan that is working, that maintains flexibility to navigate the ongoing economic uncertainty.

The numbers are so important. For government, just as for a family, a business or an individual, the numbers mean everything. I’m pleased to report that in the 2022-23 fiscal year, the deficit is projected to shrink to just $2.2 billion. This is thanks to robust revenue growth, our disciplined and prudent planning, and setting very clear priorities. In 2023-24, we plan to further reduce the deficit to $1.3 billion.

And, Madam Speaker, I have some more good news. I’m pleased to stand here today and say that, starting in 2024-25, we project Ontario returning to the black, with a surplus of approximately $200 million. But it gets better: We have anticipated surpluses into future years.

While uncertainty persists, these numbers demonstrate Ontario is in a position of greater fiscal strength. In fact, as shown in the budget, Ontario’s net debt-to-GDP ratio is now forecast to be 37.8% in 2023-24. This is down 3.6 percentage points from the net debt-to-GDP ratio of 41.4% projected in the 2022 budget. With this progress on the net debt, the people of Ontario can have confidence that tomorrow will be better than today. Measures contained in the spring budget bill support this plan.

Madam Speaker, it is a hallmark of governments that they always face tough choices. The opposition would argue that the only plan to balance a budget is to impose higher taxes, more tolls and fees, or deep cuts to the programs and services people count on. As the Minister of Finance of this government, I say sincerely we reject that way of thinking. In this budget we are showing it is possible to balance a budget while investing more in health care, more in housing, more in highways, more in transit, more in manufacturing, more in the north and more in the skilled trades.

Ontario is facing the day from a position of budgetary strength, but I will be frank: The world today is a more unsettled and uncertain place. Ontario is part of the global economy and it is not immune to the impact of global forces: geopolitical tensions, such as the Russian aggression against Ukraine, China’s economic reopening and the energy transition before us.

L’Ontario fait partie de l’économie mondiale et n’échappe pas à l’impact des forces mondiales : les tensions géopolitiques, telles que l’invasion russe en Ukraine, la réouverture de l’économie chinoise, la transition énergétique and policies that have global trade impacts, such as the United States Inflation Reduction Act.

It is undeniable that more and more global trading partners are pivoting to looking inward. As a result of these realities, supply chains have become disrupted or strained. The wallets of families and businesses have become squeezed by the elevated inflation that defines this post-pandemic environment. People are finding it harder and harder to obtain affordable housing and to pay for groceries and for everyday household goods. In the face of these stresses, our government is doing its part for the people of Ontario. It does this through a responsible, targeted approach that starts with building a more resilient and more competitive economy right here at home.

Take the Ring of Fire, Madam Speaker, one of the most promising mineral deposits in the world—critical minerals that are essential to batteries, electronics, electric vehicles and other clean-tech that are core to the global economy today. The Ring of Fire is our ticket to reducing our dependency on unstable or unfriendly foreign regimes.

Le Cercle de feu est l’un des moyens dont dispose l’Ontario pour réduire sa dépendance à l’égard de régimes étrangers instables ou hostiles.

In particular, we are working hand in hand with the First Nations in northern Ontario to build true partnerships that will ensure Indigenous and non-Indigenous peoples alike can benefit from these untapped riches beneath the surface.

Of course, building the roads to the Ring of Fire is not by itself the solution; we have to get the minerals out of the ground. You’ve got to put your effort into those mines. Our government is once again taking this challenge head on. We are taking a comprehensive approach to accelerate the safe development of the north’s mineral resources. And while we are going ahead with investing $1 billion to unlock the critical minerals in Ontario’s north, we continue to call on the federal government to match our commitment. I’m very hopeful, based on tomorrow’s budget by the finance minister of Canada, because—do you know what, Madam Speaker?—what is good for Ontario is good for Canada.

Et tandis que nous investissons 1 milliard de dollars pour l’exploitation des minéraux critiques du nord de l’Ontario, nous continuons à demander au gouvernement fédéral de nous emboîter le pas, parce que ce qui est bon pour l’Ontario l’est aussi pour le Canada.

One of the pieces of our plan, detailed in this budget, is the proposed new Ontario Made Manufacturing Investment Tax Credit. This credit, if passed, would provide a 10% per refundable corporate income tax credit to help local manufacturers lower their costs, invest in workers, reinvest in their business, innovate and become more competitive, because we’re not an island here in Ontario; we’re part of a global economy.

When combined with other business measures our government has delivered since 2018, we are helping improve competitiveness by enabling an estimated $8 billion in cost savings and support for Ontario businesses in 2023. This includes proposing to expand access to the small business corporate income tax rate, by increasing the phase-out range. This change would provide Ontario’s small businesses with additional Ontario income tax relief of $265 million in 2022-23 to 2025-26.

Our budget also includes measures to train more people in the careers that are in the greatest need of workers. This includes providing $224 million in 2023-24 for a new capital stream of the Skills Development Fund. These investments will leverage private sector expertise and expand training centres, including union training halls, so they can provide more accessible, flexible training opportunities for workers.

Our government took action early to help make life more affordable for those who need it the most. We are helping by putting more money back in their pockets, whether it is at the gas pumps or on electricity bills. We’re also eliminating double fares for most local transit services in the greater Golden Horseshoe when commuters also use GO Transit services like Brampton Transit, like MiWay, like Durham Region Transit—I have a colleague who took that this morning and will benefit from the integrated fares. Our government is expanding this initiative to support more people using public transit who come to Toronto, because many, many people in this province rely on public transit.

We are providing financial support to more low-income seniors. We are proposing changes to expand the Guaranteed Annual Income System program—also known as GAINS—starting in July 2024, to see 100,000 additional seniors be eligible for the program and see the benefit adjusted annually to inflation. Madam Speaker, our government will give a hand up to those that need it the most.

Sadly, many around us do not have a roof over their head or a place to call home. That is why we are investing in supportive housing with an additional $202 million each year in the Homelessness Prevention Program and Indigenous Supportive Housing Program. And thank you for the leadership of the Minister of Municipal Affairs and Housing on that. Madam Speaker, this is to help those experiencing or who are at risk of homelessness, those escaping intimate partner violence, and struggling with mental health and additions.

Our government is also investing more in health care. We are investing every single dollar we receive from the federal government’s recent health care funding down payment, and a whole lot more, into better health care services. While we will receive $4.4 billion in additional funding over the next three years from the federal government under the recent agreement in principle, negotiated by our Premier, our government will also invest $15.3 billion into health care over the same period to improve health care in Ontario.

Madam Speaker, this includes accelerating investments in home care to bring funding in 2023-24 up to $569 million, including nearly $300 million to support contract rates increases to stabilize the home and community care workforces. We are also investing over half a billion dollars, including an additional $425 million, over three years in mental health and addictions supports. This includes a 5% increase in the base funding of community-based mental health and addiction service providers funded by the Minister of Health and the Ministry of Health.

Our government also understands that it is a challenging time for Ontario residents in medical school to find residency spots here at home. That’s why we are adding an additional 154 postgraduate medical training seats to give first priority to Ontario residents trained at home and abroad, beginning in 2024 and going forward. We will also see an additional 100 seats for medical undergraduates and continue to prioritize Ontario students for these spots.

Now, Madam Speaker, Ontarians can know they have a provincial government that is determined to get the important things right. Our plan is responsibly investing more for people and businesses while continuing with prudence and planning assumptions that leave us the flexibility for future surprises.

Madame la Présidente, les Ontariennes et Ontariens peuvent compter sur leur gouvernement provincial pour s’occuper de ce qui compte vraiment. Notre plan consiste à investir plus d’argent de façon responsable au profit des particuliers et des entreprises, tout en continuant à faire preuve de prudence et en adoptant des hypothèses de planification qui nous laissent une certaine marge de manoeuvre pour faire face aux surprises dans l’avenir.

Our government never assumes the extremes, the best-case or worst-case scenarios. For example, we are always prudent and a little more cautious than the average private sector views in our economic and fiscal assumptions. And, Madam Speaker, while much has changed since the last budget, economic circumstances have confirmed our plan was, and is, the right one. In fact, our plan is already showing results. When you look at the top-line economic numbers, they offer evidence of how good things are in our province. Manufacturing investment is up. Jobs are up. The population is up. Over 14 million people now call Ontario home. Over 275,000 more people a year are moving to Ontario—over a million people every four years. Madam Speaker, this is all good news. With this growth, we are seeing stronger communities right across Ontario.

I am as confident about the province’s future as I have ever been. And while I do see a brighter future ahead for all of us, success in life is not automatic or guaranteed. And that’s why we have a plan to build a strong, more resilient and more competitive economy right here at home. Building a Strong Ontario Act (Budget Measures), 2023, is an important piece of legislation that will enable to us put this plan in action.

I urge—let me repeat that—I urge all members to vote for this plan to build Ontario’s economy, to build highways and other infrastructure, to work for workers, to keep costs down and to serve the people of Ontario.