Budget Remains the Same, but Now Governing Liberals will Ensure its Passage
By George Christidis
Director, Government Affairs
Canadian Nuclear Association
On July 14, 2014, Ontario Premier Kathleen Wynne’s government retabled, as promised, its previous budget. This is the same budget that triggered the last Ontario election.
The government had indicated its intention to reintroduce the previous budget, which attracted the support of many labour and union groups.
The budget focuses on strategic investments to enable growth in the Ontario economy while at the same time seeks to review Crown assets as a means of maximizing provincial returns.
Key investments and initiatives include $130 billion in infrastructure investments over 10 years and a mandatory provincial pension plan that will build on the Canada Pension Plan.
The Minister of Finance, Charles Sousa, indicated that the government of Ontario is seeking to move forward with more than 80 per cent of Don Drummond’s recommendations for increasing efficiencies in the public sector.
The political context of the budget’s reintroduction has changed. The governing Liberals now have a majority that will ensure its passage.
However, since the election, some external factors have arisen that the government will be watching closely. This includes the recent credit rating warnings issued by Moody’s bond rating agency. The bond credit rating issues and upcoming labour negotiations will be very important factors in government’s planning moving forward.
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