Building Ontario for You: Ontario Fall Economic Statement 2024

Today, Ontario’s Finance Minister Peter Bethlenfalvy released the government’s 2024 Fall Economic Statement Building Ontario for You.

The fiscal update outlines new initiatives to support the government's priorities, including building the economy, infrastructure and transportation, energy, affordability, housing and health care.

What You Need to Know

• The 2024 Fall Economic Statement includes pre-election style initiatives and commitments that provide support for families and businesses.
• The government’s deficit for the 2024-2025 fiscal year has improved by $3.2 billion, and the government is projecting to balance the budget by 2026, possibly balancing early in 2025.
• Ontario’s economy is continuing to grow despite higher interest rates and high cost of living.

Political Analysis

Today’s Ontario Fall Economic Statement (FES) is the latest signal that Ontarians could be headed to the polls in Spring 2025.  While the Fall Economic Statement is intended to be a mid-fiscal update, today’s release resembles more of a “mini-budget” as it was tailored to focus on themes the Ford government views as important to voters.

Next steps

• The legislation will move through the legislative process over the next few weeks and is expected to pass with the government’s majority before the session breaks for the holidays.
• Expect the government to make announcements echoing key initiatives in FES in the coming weeks.
• The Ministry of Finance will be launching the government’s 2025 budget consultations on November 14, 2024.