The government will increase program spending by $4.2 billion in 2024/25 and $3.5 billion in 2025/26.
ontario government spending
From 1968 to 2023, Ontario ran 48 deficits—or deficits 87 per cent of the time.
In 2017-18, Ontario government program spending was 17.3 per cent of GDP compared to 17.9 per cent this fiscal year.
By the end of this fiscal year, deficits under the Ford government will total a projected $41.7 billion over six years.
Over the last 15 years, the province has run 14 budget deficits.
The government can hold nominal spending flat for one year without creating any management challenges.
The province's post-1990 average per-capita annual income growth rate was barely one-quarter that of its 1960 to 1990 rate.
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.