What should Canada’s 2024 budget prioritize? Productivity, Innovation, Growth, Debt Relief and Better Support for Rural Regions, says Chambers from across Ontario

(April 4, 2024) – As Canada grapples with global economic headwinds and declining competitiveness, the Ontario Chamber of Commerce (OCC), supported by input from the Muskoka Lakes Chamber, has released its 2024 Budget Submission with proposals to support higher productivity, more innovation, and sustainable, inclusive growth.

“Businesses across all regions continue to face challenges as a result of labour shortages, inflation, and economic uncertainty,” said Daniel Tisch, President and CEO of the OCC.  “Canada’s 2024 Budget must rebuild confidence amongst Ontario businesses, supporting sectors that have been disproportionately impacted by economic disruptions, generating predictability, and laying the groundwork for inclusive and sustainable growth.”

The Budget will be announced on April 16th, at approximately 4:00pm ET.

The OCC includes recommendations to:

  • Cultivate competitiveness and inclusive, sustainable growth by building upon existing debt-relief options for small-and-medium sized enterprises in sectors needing it most, attracting competitive investments in low-carbon energy and adaptation, and taking meaningful action on economic reconciliation with Indigenous people, nations, and communities.
  • Invest in resilient, healthy communities by addressing human health resources shortages, collaborating with industry and key stakeholders on plans for national dental care, pharmacare, and the national strategy for drugs for rare disease-modifying treatments, and prioritizing investments throughout the life sciences ecosystem.
  • Empower Canada’s workforce by working with northern, rural, and remote communities to attract and retain workers, addressing uncertainty in Canada’s post-secondary by engaging in productive conversations with provinces, territories, and educational institutions to clarify how the cap on international student enrollment aligns effectively with the established trusted institution framework, and reforming the Employment Insurance system.
  • Build strong foundations through infrastructure by addressing Canada’s affordable housing crisis through partnerships and innovative solutions, recommitting to deeper market and non-market housing affordability along the housing continuum, and taking immediate action on a robust nationwide infrastructure strategy, including investments in clean technologies, supply chains, transit, and broadband.

“Canada’s competitiveness problem can only be solved through increased productivity and innovation,” said Daniel Tisch, President and CEO of the OCC. “This is why the Ontario Chamber of Commerce calls for Budget 2024 to prioritize measures that attract private sector investment, support a healthy and skilled workforce, and build the infrastructure Canada needs for sustainable prosperity.”

Download and read the full Federal Budget Submission 2024 here

About the Ontario Chamber of Commerce
The Ontario Chamber of Commerce (OCC) is the indispensable partner of business and Canada’s largest, most influential provincial chamber. It is an independent, not-for-profit advocacy and member services organization representing a diverse network of 60,000 members, including the Muskoka Lakes Chamber of Commerce. The OCC’s mission is to convene, align and advance the interests of its members through principled policy work, value-added business services and broad engagement to drive competitiveness and economic growth in the province.