For immediate release March 27, 2023
Canada’s 2023 Budget Must Address Declining Productivity
(MISSISSAUGA – March 27, 2023) – 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 Mississauga Board of Trade and the Ontario Chamber of Commerce (OCC) released the 2023 Federal Budget Submission to lay the path for business predictability and competitiveness.
“Businesses across Mississauga continue to face challenges as a result of labour shortages, health system vulnerabilities, inflation, and the phaseout of temporary government support programs,” said Trevor McPherson, President and CEO of the Mississauga Board of Trade. 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.
About the Mississauga Board of Trade
Since being established in 1961, MBOT has played an important leadership role serving and representing the interests of business of all sizes and sectors in our community.
Mississauga is Canada’s sixth largest city and third largest in Ontario – with a population of over 700,000 residents and more than 50,000 businesses employing over 440,000 people, including 60 Fortune 500 Canadian headquarters. Mississauga is where successful companies choose to do business. MBOT’s large, diverse and active membership has made us one of the most vibrant business associations in Canada.
As the “Voice of Business” we advocate on policy issues that impact local business at all levels of government and are influential in helping to shape policy decisions. MBOT also offers a wide variety of valuable business services and professional development programs, networking events and marketing opportunities, to help business grow, prosper, and get connected.
For more information, please contact:
Anthony Ferreria, Public Affairs Specialist
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.
For more information, please contact:
Manager, Public Affairs