Highlights of Ontario’s 2023 Fall Economic Statement

  • Global Risk Institute

About this Report

Ontario Finance Minister Peter Bethlenfalvy presented the province’s fall economic statement on November 2, 2023. Titled “Building a Strong Ontario Together”, the statement reaffirmed the government’s commitment to balancing the provincial budget. It projects deficits of $5.6 and $5.3 billion for the next two years before returning to a small surplus in 2025-26.

The government expressed its support for a number of federal initiatives targeting the financial sector, including working with the RCMP to combat financial crimes; establishing an open banking framework to bolster the digital economy; and modernizing digital payment systems.

A further major focus was infrastructure, highlighted by the government announcement of the launch of the Ontario Infrastructure Bank, with initial funding of $3 billion. The bank will enable investment by public sector pension plans and other institutional investors in projects like long-term care homes, energy infrastructure, affordable housing and transportation.