GREATER SUDBURY, November 20, 2018 – The Greater Sudbury Chamber of Commerce released the following statement in response to the Fall Economic Statement, 2018 Ontario Economic Outlook and Fiscal Review, released by the Government of Ontario on November 15, 2018.
“We are pleased to see the Government of Ontario taking reasonable steps to build a more prosperous Ontario with a strong focus on fiscal accountability,” said Michael Macnamara, Chair of the Board of Directors, Greater Sudbury Chamber of Commerce. “Ontario needs fiscal sustainability and this recent Fall Economic Statement is a step in the right direction.”
The government is projecting steady, moderate growth in Ontario’s economy and a deficit of $14.5 billion in 2018-19. The chamber is encouraged by the government taking steps towards fiscal balance. It is important that the government remains committed to the principles of fiscal accountability, sustainability, and transparency.
The chamber agrees with the government’s decision to not move ahead with the previous administration’s initiative to tax “passive” income, an initiative that would have greatly increased taxes and regulatory cost for employers in Greater Sudbury. In light of recent tax cuts in the United States, it is important that Ontario remain a competitive jurisdiction for business investment, and the cancellation of this initiative is the correct step.
The Ring of Fire remains an unprecedented economic opportunity not just for Northern Ontario, but the entire province and country. Estimates suggest that the value of the natural resources in the Ring of Fire area could be upwards of $60 billion. It is important that all levels of government remain committed to creating an investing-environment conducive to the development of the Ring of Fire.
The chamber is encouraged by the government’s renewed commitment to the Ring of Fire, but it is equally important that the government go beyond just a verbal commitment. The chamber calls on the provincial government to increase its investment in the Ring of Fire and expedite the construction of an all-season road to connect the Ring of Fire with the provincial highway network.