For Immediate Release
March 27, 2023
Canada’s 2023 Budget Must Address Declining Productivity
(Sault Ste. Marie) With the economy facing global headwinds, Canada needs competitive investments in innovation, productivity, and sustainable economic growth. However, growth cannot occur without significant and sustained investments from the private sector – and those dollars will flow where productivity is highest. Today, the Sault Ste. Marie Chamber of Commerce (SSMCOC) and the Ontario Chamber of Commerce (OCC) released the Ontario Chamber network’s 2023 Federal Budget Submission to lay the path for business predictability and competitiveness.
“Businesses across Sault Ste. Marie and Algoma continue to face challenges as a result of labour shortages, health system vulnerabilities, inflation, and the phaseout of temporary government support programs,” said SSMCOC CEO Rory Ring. “Canada’s 2023 Budget must focus on creating a competitive business environment by eliminating barriers to growth, building growth-enabling infrastructure, modernizing fiscal policy, and unlocking the potential of key sectors such as clean technology.”
The 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.
“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.
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.
READ THE 2023 FEDERAL BUDGET SUBMISSION HERE.
About the Sault Ste. Marie Chamber of Commerce
The Sault Ste. Marie Chamber of Commerce is a not-for-profit organization comprised of 600 plus businesses and agencies in Sault Ste. Marie and has been serving the needs of this community since 1889. The Sault Ste. Marie Chamber of Commerce will lead the way as the voice of business, advancing economic prosperity for its membership and the business community. Learn more about the SSMCOC at www.ssmcoc.com
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. 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.
SSMCOC Media Contact:
Chief Executive Officer
Sault Ste. Marie Chamber of Commerce