Today, the Sault Ste. Marie Chamber of Commerce (SSMCOC), in partnership with the Ontario Chamber of Commerce (OCC) released its 2016 Ontario Pre-Budget Submission, which outlines key priorities that address the need to eliminate the deficit and establish some much needed regulatory reforms. According to the most recent OCC membership survey, 92 percent of Ontario businesses believe it is important that the government meet its deficit elimination target by 2017-18.
The province’s debt load has prompted credit rating agencies, most notably Moody’s Investors Service and Standard & Poor’s, to downgrade the outlook for Ontario from stable to negative. This is a growing concern among foreign investors and provincial businesses. The Ontario Chamber Network recognizes that there is an opportunity to address the Province’s fiscal challenge through regulatory reform.
“Eliminating the deficit and reducing the debt should be the government’s top priority,” said Monica Dale, President of the SSMCOC “The provincial debt is now roughly $300 billion – interest payments on that debt are consuming an ever greater portion of the provincial spend. To ensure Ontario’s future competitiveness, we need to get back to fiscal balance without increasing the tax burden on business.”
For example the Pre-Budget submission further calls on the Province to work more closely with business around the development of the proposed cap and trade system. In fact, 35 percent of respondents from the OCC membership survey are unsure as to how the proposed cap and trade system will impact their bottom line. By directing cap and trade revenues back to efforts that facilitate business transition to a lower carbon economy, the government can ensure that businesses will be able to continue to operate and grow in the province.
“Many elements of the Pre Budget submission echo what the Chamber is doing locally” says Rory Ring new Executive Director of the SSMCOC, “Working collaboratively with our political leadership the Chamber will look to reduce the cost of doing business to ensure local economic sustainability and prosperity through job creation.”
“The Ontario Chamber Network applauds the government for demonstrating its commitment to burden reduction through programs such as the Open for Business Initiative. By working together, business and government can ensure that Ontario becomes a global regulatory centre of excellence,” said Allan O’Dette, President and CEO of the Ontario Chamber of Commerce. “With complex issues like cap and trade, for instance, it is important that the provincial government work collaboratively with the business community to ensure a strong economic future for Ontario.”
The OCC’s 2016 Pre-Budget Submission includes 13 forward-looking recommendations designed to help the province create a stable environment for businesses in Ontario to thrive.
The OCC’s 2016 Pre-Budget Submission can be reviewed HERE.
On April 4, 2016 your local Chamber representatives will be travelling to Toronto to bring their message directly to Queens Park. If you are interested in sponsoring this “Day of Advocacy” please contact the Chamber.