This year’s operating deficit will be “only” $5.7 billion in 2015/16, down from the $8.5 billion projected in last April’s budget.
From 2015 to 2018, interest on Ontario's debt will grow from $11.2 billion to $13.1 billion—an increase of nearly 17 per cent.
There is very little to feel reassured about when it comes to Ontario finance minister Charles Sousa’s latest budget.
The Wynne government estimates it will add $11.5 billion in net debt in 2015/16.
Government spending has grown approximately 47 per cent faster than the provincial economy over a 12-year period.
If interest rates rise faster than expected, Ontario’s annual debt interest payments could increase by up to $857 million in 2017/18.
Ontario’s government is spending more than it takes in each year. This year will represent the province’s eighth consecutive budget deficit.
On Thursday, Finance Minister Charles Sousa will provide an update for Ontarians on the state of provincial government finances.