The Ford government will table its budget on Thursday afternoon, a financial blueprint expected to be printed with its fair share of red ink as the finance minister tells Ontarians to prepare for “tougher times” ahead.
The annual financial plan will outline the government’s expectations for economic growth and debt, as well as offer insights into the cost of its policies, the housing market and how Crown corporations like the LCBO are managing.
In a few brief comments as he bought the tie he will wear to present the budget, Finance Minister Peter Bethlenfalvy acknowledged his plan comes as people struggle.
“It’s tough times for people,” he said. “People are hurting, the cost of everything is very high. That’s why we’ve been focused on affordability, putting more money back into people’s pockets.”
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Bethlenfalvy’s comments echoed those he made earlier this month in a speech revealing the date of the budget.
“The world has changed, and Ontario must be ready for what change may bring, even if that means being prepared for tougher times,” he said during that event.
“As a government, we cannot eliminate uncertainty, but we can mitigate risks with a responsible, balanced fiscal approach that supports public services and infrastructure while maintaining flexibility.”
In that speech, he twice mentioned delivering government programs “efficiently and sustainably,” words that are sometimes used by politicians to signal belt tightening.
The province’s deficit, in the most recent fiscal update earlier this year, stood at $13.4 billion. Bethlenfalvy has been silent on whether the path to balance remains the same as his plan in last year’s budget to get into the black in 2027-28.
As it normally does in the run-up to the budget, the government has already pre-announced several major policies.
A one-year cut to the sales tax on all new homes was unveiled Wednesday, while a cap on the resale price of tickets to concerts and sports games will also be included in the document.
There’s also going to be $325 million for primary care in a budget that will be passed through legislation that also clamps down on transparency rules.
The budget will be tabled in the house around 4 p.m.
— with files from The Canadian Press
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