Ontario Chamber Network: Federal Budget Must Address
FOR IMMEDIATE RELEASE
April 4, 2022
Canada’s Competitiveness Problem
Sault Ste. Marie, ON / Toronto, ON - Canada is facing a competitiveness problem. Inflation, supply chain constraints, and labour shortages risk undermining a swift and robust economic recovery. Meanwhile, recent domestic and international events have renewed the spotlight on energy security and affordability. Today, the Sault Ste. Marie Chamber of Commerce (SSMCOC) joined the Ontario Chamber of Commerce (OCC) and Ontario’s Chamber network in releasing their 2022 Federal Budget Submission focused on public policies that increase Canada’s economic resilience to ongoing and future threats.
“Businesses across Sault Ste. Marie and Algoma are continuing to feel the effects of the pandemic,” says SSMCOC President, Patricia Porco. “Budget 2022 must lay the groundwork for a strong, inclusive recovery with policies that support the sectors and demographics hardest hit by the pandemic, building the infrastructure and workforce of the future, and modernizing regulation to ensure Canada can attract investment and nurture entrepreneurship.”
Some key highlights from the budget submission include recommendations for the Government of Canada to:
- Promote Canada’s energy sector on the global stage and recognize nuclear power as a clean and necessary energy resource in the fight against climate change.
- Expand immigration and express entry of skilled workers to address labour shortages.
- Increase the Canada Health Transfer Payment to meet the current and future pressures facing Ontario’s health care system.
- Modernize transportation infrastructure to address bottlenecks along supply chains and facilitate the decarbonization of the transportation sector.
- Reform the federal tax system to attract foreign direct investment, drive domestic business growth and innovation.
- Develop a sustainable path to reduce the federal debt-to-GDP ratio and wind down other pandemic-related supports to ensure long-term fiscal balance and the capacity to address future economic shocks.
The OCC’s 2022 Ontario Economic Report, released earlier this year, found that a staggering 62 percent of sectors face labour shortages in Ontario and expect to continue facing them over the next year. Together with supply chain disruptions, these shortages impact the cost of living, service delivery, and product availability.
“As the indispensable partner of business, we call on the government to resolve long-standing structural issues, including barriers to interprovincial trade and skilled labour shortages, to drive entrepreneurship, investment and long-term economic growth,” adds Rocco Rossi, President and CEO of the OCC.
The recommendations outlined in the budget submission were developed together with businesses, associations, post-secondary institutions, chambers of commerce, and boards of trade from across the province.
READ THE 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 700 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
For more than a century, the Ontario Chamber of Commerce (OCC) has been the independent, non-partisan, indispensable partner of Ontario business. The OCC’s mission is to support economic growth in Ontario by defending business priorities at Queen’s Park on behalf of its network’s diverse 60,000 members.
SSMCOC Media Contact:
Chief Executive Officer
Sault Ste. Marie Chamber of Commerce