I’m going to be sharing my time with the member for Richmond Hill, and I will simply be mindful of the fact that I will begin my remarks now, conclude at 10:15, and continue this afternoon.

In that context, it is my pleasure to join the debate in this House with regard to the Building a Strong Ontario Act, our budget bill. This budget confirms our government’s commitment to invest in Ontario’s future and enhance our competitiveness within a global economy, with a responsible, targeted approach to help people and businesses.

The budget speech that was presented last week to this House by the Minister of Finance outlines this government’s priorities for building a strong economic foundation to provide Ontario’s growing population with highly skilled, well-paying jobs, while at the same time attracting global investments in manufacturing and research. We are exercising fiscal prudence by keeping Ontario’s finances in check as we make the necessary investments in health care, education, infrastructure and transit, while being on track to balance Ontario’s books with a $200-million surplus by 2024-25. This is what Ontarians asked for. This is what Ontarians expect. And we are delivering both on growth and fiscal responsibility. This is our duty. This is our pledge. We are getting it done.

Speaker, this budget is all about people. This budget is about investing in workers, in families and everyday Ontarians who have asked this government to live within its means while investing in the programs that workers and families desperately need to purchase a home, raise a family and save for the future. This government is a citizens’ government that reflects the will and the expectations of the people.

Because of the failed tax-and-spend policies of the previous Liberal government, Ontario lost over 300,000 manufacturing jobs between 2004 and 2018. The previous Liberal government, which was propped up by the NDP for three years, thought they could spend their way to prosperity, and look where that left Ontario—higher debt, lost jobs, and a downgrade of Ontario’s credit rating.

As evidence that nothing has changed, the federal Liberal government, also propped up by the NDP, delivered a budget this past Tuesday which included record spending, tax increases, and zero investments in municipalities, business, or assistance for everyday Canadians.

I wish to thank the President of the Treasury Board, the member for Brampton South, for that kind introduction and for speaking first on the Supply Act.

It is my distinct honour to rise today to further detail the financial situation of the province of Ontario and the expenditures that the government is making through our plan to build Ontario.

I would also like to thank my colleague for detailing the spending in the crucial areas of health care and education.

Speaker, I must echo the minister’s words and sentiments when it comes to health care and education spending. It is fair to say that those expenditures will likely shape the future of the province of Ontario. However, to make those investments, the province has to be in the financial position to do so.

The top-line details of the 2022 budget might be considered dry by some, but it is necessary for members of this House to get an idea of the province’s current financial situation. Only with the latest information can we accurately paint a picture of the province’s financial circumstances. Ontario’s third-quarter finances, which were released last month, give us that information.

My colleague previously mentioned some of the challenges that must be considered when looking at any current economic data, but they do bear repeating. In the face of high inflation, rising interest rates, global geopolitical intrigue and ongoing supply chain disruptions, Ontario’s economy has remained resilient. And it is to the credit of the people of Ontario that the province’s real gross domestic product, the GDP, is estimated to have increased by 3.7% in the last year. Seen in its proper context, this number is impressive.

Speaker, as we are now three months into 2023, we know that Ontario’s economy is not immune to an expected global economic slowdown this year. It is true that reputable forecasters are bracing for an even more challenging year than was faced in 2022. That is why the government is maintaining a reasonable and realistic fiscal plan. Now is the time to double down on fiscal responsibility—that means ensuring fiscal policy that works with a strict and thoughtful monetary policy. Against this backdrop, the government has remained transparent and accountable—and releasing the 2022-23 third-quarter finances is in the service of doing just that.

It should be noted that the next economic and fiscal update, as part of the 2023 budget, will be this Thursday, March 23, 2023.

I’m happy to now get into some of the projections from the third-quarter finances, as it gives us context in terms of where we are financially today as a province.

Ontario’s 2022-23 deficit is projected to be $6.5 billion. While that is significant, it should be noted that it is $13.3 billion lower than the outlook published in the 2022 budget—and that is $6.4 billion lower than the 2022 Ontario economic outlook and fiscal review.

On the other side of the ledger, revenues in 2022-23 were projected to be $196.4 billion. That is $16.6 billion higher than the forecast in the 2022 budget and $9.6 billion higher than projected in the 2022 Ontario economic outlook and fiscal review.

Of course, it is reasonable to ask why revenues were higher than expected. The revenue forecast reflects stronger-than-expected taxation revenues, which were a direct result of higher net tax assessments for 2021 and prior years.

The people of this province should know how much money is being spent on their behalf on the government programs designed to make their lives better.

Overall program expense in 2022-23—those expenses were projected to be $188.6 billion, and that number is $3.4 billion higher than the forecast in both the 2022 budget and the 2022 Ontario economic outlook and fiscal review. These increases are due to spending related to reopening of colleges and resulting additional on-campus activity, the government commitment to support the city of Toronto to address a portion of its 2022 operating deficit, and additional funding for prevention and containment of COVID-19 at long-term-care homes. The government feels that these expenses were necessary and appropriate. As well, these expenses have been partially offset by additional third-party revenues from colleges; ministry underspending, particularly underspending for infrastructure projects; and through the drawing down of existing contingencies within the fiscal plan.

Speaker, before I discuss some of the investments associated with Ontario’s Plan to Build, I would like to put a little bow on some of these top-line budget numbers.

Interest on the province’s debt is projected to be $13.4 billion, slightly lower than the $13.5 billion forecast in last year’s budget.

Because of the lower deficit, the net debt-to-GDP ratio is projected to be 38.3% in 2022-23, 3.1% lower than the 41.4% forecast in the 2022 budget.

There is one additional point I would like to make about the overall budget within my allotted time. It is important to remember that the 2022 budget included a $1-billion reserve in 2022-2023. This was to protect the fiscal outlook against any unforeseen changes in the province’s revenue and expense forecasts. This demonstrates this government’s prudent fiscal approach. The reserve was designed to insulate the province from unforeseen expenses of any kind. It also provides additional prudence in the government’s fiscal framework. It should be noted that, if that money is not needed, the reserve is eliminated at year-end as part of the final projection for 2022-23, published in the 2023 budget.

With that context in mind, I’d like to move on to Ontario’s Plan to Build.

The first pillar of this comprehensive plan is rebuilding Ontario’s economy. It is sad but true that Ontario lost 300,000 manufacturing jobs between 2004 and 2018. That was quite a hole to dig out of, but that is what we were up against, and we remain up against that sorry legacy. To deal with this, the government has a plan to help create the environment for jobs and to build prosperity everywhere for everyone. The key to doing this will be leveraging what we already have. An example of this is seizing Ontario’s critical minerals. Our province is rich in the critical minerals that will be key to making sure that the next generation of automobiles are built right here in Ontario. The government’s plan includes up to $1 billion for legacy infrastructure such as all-season roads to the Ring of Fire, building the corridor to prosperity. Over the next three years, the government is investing nearly $107 million to help the province compete with jurisdictions in a global race to develop and own these technologies that will likely define the future of transportation.

The second pillar of Ontario’s Plan to Build is working for workers. This pillar included raising the minimum wage to $15.50 per hour as of October 2022. The government is proud to be able to institute this important increase, largely helping the most vulnerable across our province. Under this crucial pillar, the government also plans to invest $1 billion every single year in employment and training programs. These programs are to help workers all throughout Ontario to retrain and upgrade their skills. The world moves fast, and the skills one may have today might not be the ones needed for the jobs of tomorrow. That is exactly why retraining and upgrading is so important for our skilled workers. Our workforce must be agile and flexible—and the billions of dollars earmarked for this type of training is designed to do just that.

The third pillar of the plan is where the billions of dollars invested in infrastructure can be found. So many people in this province are wasting time, day after day, sitting in traffic or waiting for a train or subway. Bumper-to-bumper traffic, gridlock and transit delays are not only a nuisance, but they also cost this province billions of dollars. This must change, and this will change. We can talk about traffic until we are blue in the face, but nothing will solve the problem until we get shovels in the ground to build highways, transit and other infrastructure projects to fight gridlock, boost the economy and create jobs. To do this, the government is planning one of the most ambitious capital plans in the history of Ontario. Over the next decade, these infrastructure projects will total $159.3 billion, including $20 billion in 2022-23 alone. The government is investing $25.1 billion over the next 10 years to support highway projects across the province, including building Highway 413, building the Bradford Bypass, and enabling the widening of Highway 401 through eastern Ontario. There are many highway infrastructure projects and, frankly, there’s not enough time to mention them all today. But that is the investment we are making to get Ontario moving again. The government is also investing $61.6 billion over 10 years for public transit, including the Ontario Line here in Toronto and GO rail across the greater Golden Horseshoe and into southwestern Ontario.

The fourth pillar is something that any fiscally minded person can appreciate: keeping costs down. The government has a plan to help keep costs down by increasing housing supply, by making it less expensive to drive or take transit, and by providing direct relief on everything from child care to taxes. The government has committed to making it less expensive to drive by eliminating and refunding licence plate renewal fees for passenger vehicles, light-duty trucks, motorcycles and mopeds. The government made transit more affordable across the greater Golden Horseshoe by eliminating double fares for most local transit when using GO Transit services. The government is also working on lowering child care fees for parents by signing a $13.2-billion agreement with the federal government. I know it has been mentioned many times, but it should be noted that the government remains committed to securing an average of $10-a-day child care by September 2025. By putting more money back into the pockets of the parents of Ontario, the government is working toward a more financially secure future for all of Ontario’s families.

The last pillar of Ontario’s plan to build is a plan to stay open. It’s true that Ontario fared better than many jurisdictions during the COVID-19 pandemic, and that is owing to the resilience of the people of Ontario. It is now the government’s duty to make sure that Ontario is prepared to face any future challenges. The government is doing this by making historic investments in our hospitals, with an additional $3.3 billion in investments in 2022-23. Over the next three years, the government is also investing $3.5 billion to support the continuation of over 3,000 hospital beds put into place during the pandemic. As well, the government is investing $1.1 billion over three years to support the continuation of hundreds of new adult, pediatric and neonatal critical care beds added during COVID-19.

Speaker, the people of Ontario deserve a government that has a real plan to build. Furthermore, the people of Ontario deserve to know for sure that the money that is being spent in their names is being spent in a transparent and accountable way.

The government is proud of Ontario’s plan to build and proud of its five pillars detailed today. The plan demonstrates how we are continuing to make essential investments to support the people and the businesses of this great province.

It should be noted that this supply bill, if passed, would formalize the investments I have outlined today. And at the risk of repeating myself, it is also important to note that the Supply Act, if passed, is not about approving new spending; the Supply Act is instead about providing legislative approval for the spending to which the government has already committed.

The review of the province’s fiscal position as of the third-quarter finances and the detailed rundown of the government’s Ontario’s Plan to Build hopefully served as a reminder to all members of this House of the transparency and accountability that informs all government spending.

With that said, Speaker, I encourage all members to support this important piece of legislation.

I am pleased to rise this morning to discuss the importance of the procedural process specific to concurrence in supply and how it relates to the government’s estimates for the 2022-23 fiscal year.

Mr. Speaker, I think it is useful for all members of this House and the public in general to appreciate what concurrence is and how the estimates process works. It is so very important because every dollar spent throughout the fiscal year comes out of the pockets of this province’s hard-working taxpayers, those same citizens who are facing very challenging economic times and who have entrusted us to deliver on the priorities of the people of Ontario.

It is true that the economic climate right now is challenging. Interest rates are higher than they have been for years and inflation remains high presently. There are also geopolitical conflicts that are adding to the general feeling of unease and economic pressure. As well, Mr. Speaker, supply chains have not yet had the time to be fully recovered from the global pandemic.

Now, when seen in this context, it is easy to understand the additional importance of the government’s fiscal responsibility and transparency and the essential importance for all members and for the public to understand the full fiscal process. To explain and clarify this process is exactly what I will endeavour to do today.

On September 8, 2022, volume 1 of the 2022-23 expenditure estimates was tabled. A few months later, on December 5, 2022, volume 2 of the 2022-23 expenditure estimates was tabled. This second set detailed the spending plans of the legislative offices. Seen as a whole, the expenditure estimates provide details of the operating and capital spending needs of ministries and the legislative offices for the fiscal year. This constitutes the government’s formal request to the Legislature to approve spending requirements.

Mr. Speaker, this is an annual process that every Ontario government must complete. This process constitutes the government’s annual formal request to the Legislature to approve spending requirements. Should it pass, the estimates provide each ministry with the legal authority to spend their operating and capital budgets.

Once expenditure estimates were introduced, they were then referred to the relevant standing committee for review. The standing committees then select ministries to appear and answer specific questions as to their respective expenditure estimates. This was the first time that we used this new approach and it resulted in a comprehensive review of almost all ministry estimates. This general oversight is invaluable.

Should the Supply Act pass, it signifies the final approval by this House of expenditures proposed by the government in the expenditure estimates. It is important to note that our government is not proposing any new spending today, but rather the government is simply looking to approve the spending already outlined in the 2022-23 estimates.

As a brief reminder for all members of this House, the latest projection as per the quarter 3 finances is that overall program expenses in 2022-23 were projected to be $188.6 billion. That is money that is going into building an Ontario that is prepared for the future, an Ontario that embraces innovation and prioritizes health and safety, an Ontario that is fiscally secure and ready to take the next step forward.

Mr. Speaker, in the face of hard economic times, the people of Ontario have proven their resilience and strength, and it is the government’s duty as stewards of the public purse to support the families, the workers and the businesses of this entire province. It is an awesome responsibility to be entrusted with their hard-earned tax dollars, the hard-earned tax dollars of the citizens of Ontario. It is not to be taken lightly.

Our government made a promise to be responsible and to be transparent with the province’s economic and fiscal realities. We have made a promise to the people of Ontario to deliver better jobs and bigger paycheques; to build highways, transit and hospitals; and to lower the cost of living for families. Mr. Speaker, that is exactly what we are doing.