Following the turbulence of the last few years, now is the time to see federal budget measures that provide businesses with predictability and spur productivity, according to the Ontario Chamber of Commerce. PHOTO by Pexels.
With the economy facing global headwinds, Canada needs competitive investments in innovation, productivity, and sustainable economic growth, says the Ontario Chamber of Commerce.
However, growth cannot occur without significant and sustained investments from the private sector – and those dollars will flow where productivity is highest, the OCC added in releasing its 2023 Federal Budget Submission to lay the path for business predictability and competitiveness.
“We would like to see the federal government present a clear strategy for economic growth in their 2023 budget. Following the turbulence of the last few years, now is the time to see measures that provide businesses with predictability and spur productivity,” said Rocco Rossi, President and CEO, OCC. “Ontario business confidence dropped to a record low in 2023 according to OCC’s 2023 Ontario Economic Report primarily due to labour shortages, inflation, health care system vulnerabilities, and fears of a potential economic contraction. The federal government has a role in rebuilding confidence and making Canada competitive on the world stage.”
The OCC’s 2023 Federal Budget Submission includes recommendations to:
- Drive economic growth by fast-tracking talent into Canada, reforming employee insurance to reflect the needs of today’s workforce, eliminating barriers to growth such as unfair taxes, and expanding access to procurement opportunities to small and diverse businesses.
- Build resilient communities by delivering on the promised Canada Mental Health Transfer to support access to urgently needed mental health and addictions supports and services, accelerating investments in digital and broadband infrastructure, building affordable housing, and taking meaningful action on economic reconciliation.
- Modernize regulation and fiscal policy by removing barriers to interprovincial trade and labour mobility, reforming the tax system, and introducing common-sense regulations for a variety of industries, including cannabis, hospitality, and tourism.
- Unlock the green economy by incentivizing investments in clean technologies, promoting Canada’s energy on the world stage, recognizing nuclear power as green infrastructure, developing critical minerals supply chains, and supporting clean transportation options.
The recommendations outlined in the OCC’s federal budget submission were developed with businesses, associations, post-secondary institutions, and chambers of commerce and boards of trade from across the province.