Ontario Projects Higher Deficits, Launches Infrastructure Bank in 2023 Budget

Ontario forecasts budget deficits of $5.6B in 2023-24 and $5.3B in 2024-25, up from March projections of $1.3B and a $200M surplus. Lower revenue and higher expenses cited.

Province launching $3B "Ontario Infrastructure Bank" to encourage private investment in projects like long-term care, housing, energy.

Gas and fuel tax cut extended to June 2024, costing $320M in 2023-24.

Removing provincial HST on purpose-built rental housing to spur construction.

Slower than expected housing starts projected - 89,500 in 2023-24, below goal of 1.5 million over 10 years.