[Fall Economic Statement]
[October 22, 2009]

[Hon. Dwight Duncan]
[Minister of Finance]

In the past year, the recession has had a significant impact on the global economy and mister speaker, on Ontario. Many jurisdictions are facing sharp declines on revenues and increasing expenses as people turn to governments for support. Due to the impact to the global economy in Ontario and our governments desire to invest in the people of Ontario, the projected deficit is twenty four point seven billion dollars in 09/10. Almost all other Canadian provinces are forecasting larger deficits this year. The economic downturn is had a very negative impact on all of us, in recent months we have seen signs of economic recovery.

Financial markets have started to stabilise, equity markets and housing markets have improved. And most important, Ontario's labour market has shown modest job gains in each of the past four months. Though these signs are positive, the impact of the global economic reception is still considerable. We must continue to invest in job creation, in infrastructure, in skills training. Mister speaker, we will continue to invest in the people of Ontario.

Our focus has been on positioning Ontario for long term growth; the single most important thing we can do to make Ontario's economy more competitive is to modernize our tax system mister speaker. Our proposed tax cuts and the harmonized sales tax would give our businesses and families an important advantage in the global economy, and at the same time mister speaker ninety three percent of Ontarians would get a permanent income tax cut, our most modest income earners would have the lowest provincial income tax rate in Canada. These and other measures, introduced in the '09 Ontario budget are helping families weather the global economic storm, and prepare for solid economic growth, as we emerge from the recession. Ontarians know that this is the right course during tough economic times when we come out of this recession and we will, Ontario will be bigger, Ontario will be better, and Ontario will be stronger. Thank you mister speaker.

[Ontario.ca/finance]

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