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Ontario 2025 Budget includes real measures with tangible support to weather the tariff storm
May 19, 2025
Madam Speaker, these are some of the many actions being taken by our government to protect Ontario from tariffs, and we are not stopping there. Madam Speaker, the defense of Ontario's economy has already begun. We have introduced real measures with real, tangible support that will help us weather the storm while we work with our partners in federal, provincial and territorial governments to build the strongest economy in the G7.
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[Applause] i recognize the Minister of Finance
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thank you Madam Speaker
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it's like Christmas in Toronto and Ontario everyone's got their
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budget well thank you Madam Speaker
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today Ontario and Canada face challenges unlike anything we have ever faced
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before our closest ally and trading partner our neighbor the United States
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has overturned an economic relationship we once saw as unshakable madam Speaker I lived in the
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United States for 15 years my wife is American my children were raised there i remember those days fondly and working
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for a Canadian financial institution i also served as the president of the Canadian Association of New York and
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Madam Speaker when the tragedy of 911 occurred the Canadian Association of New York rallied to support our American
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friends by hosting a massive Canada Loves New York campaign thousands of Canadians flocked to New York to show
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their support madam Speaker I know Americans would do the same for us we
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are not only friends but we are family and that is why this trade war hurts but
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as families go through bumps we too will go through these bumps and come out
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stronger my father arriving in Canada in 1951 as a refugee chose this country he
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came to Canada with nothing and Canada gave him everything so I dedicate this
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speech to him and the 41 million others who call this land of ours home
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madame Speaker I would like to also congratulate you for being the first
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woman speaker of Ontario since confederation [Applause]
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and before I begin I would like to paint a brief picture of the time and place our province finds itself first and
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foremost we need to face the facts ontario and all of Canada are at a
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precipice and we need to take serious steps to make sure we do not find ourselves anywhere near the bottom these
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tariffs imposed by the United States have been a wakeup call for Canadians
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these tariffs imposed by the United States have been a wakeup call for Canadians economy and as a
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nation he met
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a wakeup call that highlights the underlying issues we face an economy as a nation of tariffs and uncertainty
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but now is not the time to fear the tariffs and uncertainty growth in our
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real GDP and growth in our wages with bigger paychecks
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we need to achieve this reality because future generations depend on it and we
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need to leverage every tool at our disposal to make that happen whether it is our competitive advantage in critical
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minerals in energy technology talent and our workers or any other area we will
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need to bolster our economy by investing in our powerful and promising industries
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by building more by building faster and by protecting jobs and creators and by
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doing so we achieve long-term prosperity after all a strong economy provides the
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necessary revenues to invest in education housing and healthcare and so
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the next question is how how will Ontario stand to face the challenges
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before us and deliver the economy that our future depends on madam Speaker I
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come here before you today with a proposal a plan
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on behalf of the premier and of all the government of Ontario today I would like
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to introduce the budget 2025 uh plan in order to protect Ontario and our entire
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government of Ontario it is my honor today to present to you the 2025 Ontario
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provincial budget a plan to protect Ontario
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in my time as Ontario's Minister of Finance I've had the honor of introducing four different provincial
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budgets and four fall economic statements successive budgets that since
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2018 have helped create 1 million more jobs grown our GDP to over 1.2 trillion
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attracted new investments in key sectors and have the most ambitious capital plan in our history with over 200 billion
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over the next 10 years
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madam Speaker this did not happen by accident and it did not happen by chance
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these accomplishments came as the result of hard work from the people and businesses that make up Ontario's
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economic engines engine the workers who build our infrastructure manufacture our
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goods and extract our natural resources because Madam Speaker it is they the
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great people of this province who for generations have led the way for Ontario to become the economic engine of
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Confederation madam Speaker these sweeping tariffs have taken aim at our most critical industries but make no
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mistake Canadians have never been more united than we are right now united in pride and purpose with a
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common goal to stand up for one of one another and help us through these tough times united in rejecting threats to our
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sovereignty and Madam Speaker let me be clear as I echo the words of the premier
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canada will never be the 51st state canada is not for sale
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it is amazing to witness the burst of patriotism across our province and our great country our people and businesses
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are already out there supporting the local economy in every way they can putting their money in Ontario made and
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Canadianmade and just like that them our government's plan to protect Ontario is designed to strengthen and support not
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only Ontario's economy but Canada's economy as a whole by positioning us for
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long-term prosperity and growth ontario must make a decision that will not only
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shape the future of our province but the future of all of Canada madam Speaker if
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not now when as Ontario goes Canada goes
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our leadership during this period of uncertainty demands that we get the big decisions right and so we are left with
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an important choice to make a choice between the old economy and a new
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economy a choice between an economy of uncertainty and vulnerability or an
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economy of growth prosperity and resilience the choice between the
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economy of yesterday and the economy of tomorrow a future where Ontario enjoys
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free and unfettered trade with every province and ter territory with nothing to stop us from building the most
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powerful nation and economy in our country's history
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a future where a united Canada with Ontario as its largest economy is the most competitive nation to do business
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in all of the
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G7 a future with clean nuclear energy and pipelines that power our economic
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engine and cement our place as a global energy superpower
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a future with critical minerals minerals unique to Ontario's north that make us the envy of the
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world madam Speaker these are the economic drivers that will ultimately dictate whether a nation is in or out
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who holds the cards and who the major players are and here in Ontario we have
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all the cards we need to make sure we find ourselves at the table the natural resources the talent the ingenuity
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ontario has everything we need to seize our place in the world as an economic powerhouse that will span generations
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ontario must embrace this newfound opportunity to embark on nationbuilding projects that will kickstart the next
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economic age like the critical mining projects in the Ring of Fire building nuclear energy generation including the
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first modular reactors in the G7 right here in Ontario
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a new deep seapport in James Bay to serve as a gateway to bring Canadian resources to new
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markets tunneling the 401 to ease congestion as the busiest highway in North
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America and building GO 2.0 know the next generation of go passenger chair
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train service in the greater golden horseshoe
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our government was reelected with a strong mandate from the people of Ontario to protect the economy and jobs
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and we expect the f federal government to come along with us we will continue to use every tool in our toolkit not
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only to defend the jobs and industries of this province but to guide us through one of the greatest economic challenges
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this province has seen in a generation as John F kennedy once said
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about big bold ideas we choose to go to the moon in this decade and do the other
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things not because they are easy but because they are hard madam Speaker if
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not now when now is not the time to ease up now is the time to be bold now is the
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time to do hard
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things the economy of tomorrow is at the door and I'm here to tell you that our
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government is ready to answer that call
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first and foremost Madam Speaker is the work our government must do to defend our economy from the immediate impacts
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of tariffs these are the measures needed to protect jobs and job creators alike
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by providing them with certainty at a time when uncertainty threatens their well-being like the 11 billion that we
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are rolling out as direct support to help our most impacted businesses and their workers first we are deferring
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around $9 billion dollar worth of provincial taxes for 80,000 businesses
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this is providing a tremendous amount of liquidity and financing relief for our businesses and it will give them
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certainty where there is uncertainty then secondly there is a new $2 billion
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rebate through the WSIB that has flowed directly to safe employers to help keep
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workers on the job and on top of that Madam Speaker our government is also
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proposing to create the all-new Protecting Ontario account one that will help us support impacted businesses and
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our economy to weather the storm but we are going to need the federal government to step up and do their part as well
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tariffs have created an economic challenge right across Ontario and it is our communities who are hurting the most
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Madam Speaker but our government is there for them too through the new trade
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impacted communities fund we will provide $40 million in tailored flexible
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grants to help communities respond to disruptions in their local industries this funding will go to municipalities
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economic development and other industry associations to help them source locally
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and find new markets and Madam Speaker protecting our economy is about more
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than just ensuring our workers and businesses have given being given the tools they need to weather the storm it
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is also about protecting the gains we have made since 2018 gains that include more than $46
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billion in new investments we attracted since 2020 from global automakers part suppliers and manufacturers of EV
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batteries and battery materials this is why we are doubling down on initiatives that we know are working
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like the $1.4 billion Ontario made manufacturing investment tax credit we
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launched back in 2023 and I'm proud to announce that we are sticking to our commitment by
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proposing to temporarily enhance and expand that tax credit
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if approved this would increase the rate of support to 15% and make even more
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manufacturers eligible including public corporations operating in Ontario
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altogether this would mean an additional $1.3 billion in support to attract
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capital investment help lower costs and most importantly protect Ontario
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madam Speaker in thinking about our economy and the work needed to safeguard it we must not only look to the past and
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progress thus far we must also account for the growth we all want to see tomorrow make concerted efforts to
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foster growing innovative and a strong future economy and that is why as part
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of our efforts to stimulate entrepreneurship and economic growth for our young Ontario companies our
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government through Venture Ontario is providing an additional $90 million in
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venture capital funding to strengthen competitives at the earliest stages of growth
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this funding will have a major impact on a number of sectors focused on industries like defense technologies
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like AI cyber security life sciences biio manufacturing and many others all
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of which will have a growing part to play not only for today but in the economy of tomorrow
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so Madam Speaker these are some of the many actions being taken by our government to protect Ontario from
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tariffs and we are not stopping there madam Speaker the defense of Ontario's
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economy has already begun we have introduced real measures with real
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tangible support that will help us weather the storm while we work with our partners in federal provincial and
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territorial governments to build the strongest economy in the G7
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and make no mistake Madam Speaker our colleagues in Ottawa the provinces and the territories are just as in
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determined as we are to propel Canada towards the economy of tomorrow for n
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for months now we have been in close collaboration with our counterparts as a united team Canada to develop our joint
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response to this in increasingly unpredictable situation and as chair of the council of
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the federation Premier Ford or Captain Canada as I like to call him and many others do as
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well premier Doug Ford has been an incredible leader in the coordination of our plans with our Canadian partners and
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in the negotiations with Washington premier thank you for your leadership
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and I myself as chair of the provincial and territorial finance ministers have had the privilege to of working with my
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counterparts to build provincial and national solutions cooperation is key Madam Speaker but as a leader amongst
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the provinces Ontario has a responsibility to set the tone for the rest of the nation that is why this
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government under Premier Ford is leading the way in tearing down interprovincial
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trade barriers once and for all
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we have taken steps to become the first province in Canada to remove all barriers under the Canadian Free Trade
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Agreement with no exceptions these measures have the potential to boost the
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nation's GDP by $200 billion and Madam Speaker when all of Canada wins Ontario
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wins
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we hold our relationship with all the provinces and territories in incredibly high regard our relationship with the
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federal government is no exception including with our new prime minister and his new cabinet congratulations to
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you all and I'm here to reinforce what our government and our premier have been saying all along that we will work with
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anyone to protect Ontario and all of Canada all All that was
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close all levels of government need to work together to tackle the most pressing issues facing Ontario and
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Canada today issues that we know are holding us back from delivering on the
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nation building projects to become the most competitive economy in the
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G7 our government is ambitious Madam Speaker what we have in store for
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Ontario's economic future is nothing short of revolutionary and while I know
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we are ready to kickstart these ambitious initiatives we will need the help of partner our partners and the
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federal government to ensure that it happens without delay our government
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made a commitment to the people of Ontario that we would spare no expense to protect jobs businesses and families
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and we fully expect the federal government to do the same by reinvesting every cent of tariff revenues back to
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impacted workers and
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businesses and just as importantly we're going to need to work closely with our federal counter count
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counterparts to deliver on nation building projects such as reactors
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seapports railroads pipelines and refin refineries but historically Madam Speaker this has taken time
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so much time that in fact that in 2020 Canada ranked 188th out of 28 economies
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in the number of days businesses spent dealing with construction permits for new projects wow but it doesn't have to
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be that way with the right mindset and the right team we can fasttrack permitting to get nation building that
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can be team Canada Madam Speaker and that partner can be the federal government it is reassuring to hear that
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the federal government has already made commitments to defer to the provinces on issues like environmental assessments by
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July 1st and Madam Speaker we will be holding them to account
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the federal government must work with us to do everything in its power to clear the maze of bureaucracy and red tape
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barriers like Ottawa's bill C69 here because nothing says don't build in
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Canada like Bill C69
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that is why we continue to call on Ottawa to put an end to this legislation and to work with us and it is why our
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government recently introduced legislation to get approvals in in Ontario done in months not years through
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a one project one approval model
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this would this would cut review timelines uphold robust environmental standards and help us get nation
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building projects going for example there are countless billions in economic
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power held in underground held underground in Ontario's north Madam Speaker but 15 years to open a mine is
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not acceptable we need to send a clear message to the world and to from Ontario and all of
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Canada that Ontario and Canada is open for
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business and it all starts by approving projects like the unlocking of the Ring of Fire that is why I'm pleased to
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announce that as part of our government's plan to protect Ontario we are proposing the creation of the
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all-new 500 million critical minerals processing fund
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this Madam Speaker this investment will help ensure we can dig here process here
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and sell those critical minerals to new markers markets here at home and all abroad
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but we're going to need an all hands- on deck to help to unleash the economic potential of these critical minerals and
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we will work alongside indigenous partners in the north to do it it is important that we use this opportunity
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to deliver unprecedented economic development in Northern Ontario that is
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why we are working to create partnerships with First Nations that offer economic opportunities and that
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will span generations bringing prosperity to the north and we will do
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this through our new $3 billion indigenous opportunities financing program
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this expansion will support indigenous participation in more sectors including
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electricity critical minerals resource development offering generational
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economic opportunity for these communities and we are building those partnerships through a new indigenous
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partner participation fund Madam Speaker an investment of $70 million to enable
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meaningful consultation to better equip indigenous communities with skills training in mineral exploration and mine
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development and we are also investing 10 million over three years to create new scholarship opportunities for indigenous
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students
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speaker we must leverage every resource and every partner so that we can attract even greater investments strengthen our
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supply chains and support critical job growth in the north and of course fuel the economy of tomorrow we will continue
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to work closely with the new federal government to make these timelines a thing of the past and invest in invest
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more now we need to prioritize these bold approaches we need to think in the
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big picture in the long term madam Speaker it is time for bold action from
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interprovincial trade to mining to energy madam Speaker our energy needs
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demand that we take careful and calculated approaches in order to launch us into the economy of tomorrow and let
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me tell you the economy of tomorrow is hungry for energy electricity demand in
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the province alone is expected to grow by 75% in the next 25 years and we are
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making excellent progress including upgrading our nuclear generating stations in Pickering Darlington and the
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Bruce Peninsula but Madam Speaker we are doing more as a matter of fact just last
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week our government announced construction approval of the first four small modular reactors at the Darlington
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nuclear start site making the first of their kind in the G7
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not only will this first small modular reactor or SMR produce enough energy to
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power the equivalent of 300,000 homes it will also support thousands of goodaying
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jobs and although we are exploring the development of the first new large-scale nuclear plants in over three decades
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within the province with potential locations in Bruce County and Port Hope
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we are still going to need to do more that is why we're investing in new generation st transmission and storage
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as part of our plan to spearhead the largest expansion of electric generation
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in over 30 years ontario's plan to power our economic grow growth proves once and
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for all you can grow the economy you can create jobs you can lower costs all the
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while transforming Ontario into an energy superpower
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and Madam Speaker speaking of being big and bold we continue to have the most ambitious
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capital plan in Ontario's history with over $200 billion over the next decade
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to build and maintain critical infrastructure such as roads highways
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transit hospitals and highspeed internet these projects will help get people and
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goods moving faster while improving our economic productivity and prosperity
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that includes our historic investments in the housing enabling water systems fund and the municipal housing
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infrastructure program and will include an additional immediate $400 million
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investment to enable the construction of more homes
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to get more built faster than otherwise would not get built we are proposing $5
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billion in additional funding through the Building Ontario Fund through this we are leveraging Canadian institutional
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investments to create value for taxpayers and deliver on even more infrastructure projects in energy
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housing and long-term care but with the increasing need to protect Ontario and all of Canada's economic potential
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towards the future we are going to have to build more and we're going to have to build faster including projects like
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Highway 413 we are building the Bradford P bypass building the Highway 401 tunnel
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building the Ontario line with shovels in the ground along all parts of the new subway and building the Gardener Express
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at its unprecedented 247 construction schedule to finish in two years what was
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planned to take three years
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we are also working to deliver on the Hazel Mallen LRT and we're making it
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easier and faster for people to get where they need to go by expanding and building better GO train and bus service
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madam Speaker from cranes to cement tracks Ontario is building the most energetic and private economy in the
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G7 as you can see the government our government is not holding back from
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tunnels highways nuclear reactors mines processing facilities homes and more we
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are leaving no stone unturned unturned and no community left behind with all
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the work there is to do to build infrastructure and protect our economy we will have to count on the great
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workers in Ontario and to do that we got to give them the right tools to get the
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job done tools that will help them find good paying jobs in the face of economic
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uncertainty not only by continuing to deliver relief for businesses and workers by but but by doubling down on
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strategies we know have maximum impact all the historic infrastructure park
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projects I listed are going to help ensure workers have their place in building Ontario's future but supporting
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our workforce also means ensuring they can acquire develop and retain their
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skills and with another $1 billion investment we have now announced a total of 2.5 billion in our government skills
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development
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fund madam Speaker almost 1 million workers have been trained and reskilled
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for in demand jobs to date and it means even more workers can gain valuable
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skills and experience to help retain the jobs and salaries that they and their families depend
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on and what are families if not the lifeblood of our communities the beating
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heart of every home in every town and city in Ontario but with everything
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going on in the world right now families are anxious anxious about making ends
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meet anxious about their jobs anxious about their savings we get it Madam
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Speaker we have done a lot since 2018 never raising a tax for Ontario people
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and businesses and under Premier Ford we are taking the leadership one step f further madam Speaker I'm proud to
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affirm that starting with the current provincial gas tax cut that would have ended in June we propose to make it
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permanent
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this change if passed would save Ontario drivers 5 cents per liter on gas and 5%
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5.3 cents per liter on fuel all in we have saved families and billion uh b
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family and businesses nearly $4
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billion but wait Madam Speaker there's more because we are also proposing that
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starting June 1st 2025 our government can help save Ontarians even more time
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and money by removing all the tolls on Highway 407
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East if approved this would put $7,200 directly back into the pockets of
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daily commuters every single year that's real money
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because we are taking bold action where bold action is needed madam Speaker we
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have made record investments in healthcare education and social services but these investments are not
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sustainable without a growing and prosperous economy and is why we have focused so hard on retaining a prudent
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fiscal plan that secures long-term stability for lifelong success
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ontario received two credit rating upgrades last year alone and we are spending a lower share of our revenues
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on interest costs than we have since the 1980s we have some of the lowest borrowing costs of any Canadian province
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and we are seeing our debt to GDP ratio which is an excellent way to measure an economy's fiscal health near the lowest
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levels in 15 years
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and Madam Speaker we can now use that balance sheet to protect workers and businesses because you cannot make
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record investments in healthcare like we have without a responsible plan and thanks to our powerful balance sheet we
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have made significant strides towards pushing our health care system to the forefront of
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excellence under the leadership of our great Minister of Health Sylvia Jones and Dr jane Philpot we are leveraging
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our $2.1 billion primary care action plan to make primary care the backbone
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of our health system
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madam Speaker Ontario is leading the nation in healthcare once more by becoming the first Canadian jurisdiction
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to establish a framework that connects every willing person to a family doctor within four years no matter where they
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live in Ontario
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we are creating and expanding over 305 primary care teams including more than
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235 million this year alone for 80 additional teams and to connect 300,000
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more people we are also delivering on the construction of new hospital infrastructure like the Campbellford
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Memorial Hospital and the Aurelia Soldiers Memorial Hospital to serve our growing communities
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she she's somewhere there and we're creating new opportunities to hire more health care
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professionals across Ontario through our government's learn and stay grant this enabling this will enable us to grow the
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number of nurses paramedics primary care practitioners med lab techn technologists across the province by
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paying for their school and supplies in exchange for time delivering care in our communities and since our since 2018 our
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government has registered nearly 100,000 nurses and over 15,000 doctors wow
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we are seeing the success in healthcare human resources and we're also seeing more positive outcomes when it comes to
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reductions in surgical and diagnostic weight times since 2020 we have invested
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over $1 billion to support surgical recovery including supporting hospitals
35:51
to do more surgeries they than they have done even before the pandemic and opening hospital operating rooms on week
35:57
nights and on weekends and in 2024 25 over 39,000 cataract surgeries nearly
36:06
66,000s of hours of MRI and over 31,000 hours of CT scans were funded in
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community surgical and diagnostic centers paid for by your own HIP card
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never your credit card
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ontario has some of the lowest if not the lowest surgical weight times in Canada but Madam Speaker we can do more
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that is why we're investing up to $280 million to expand community surgical and
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diagnostic centers to continue making it easier and faster for people to connect to publicly funded surgeries and
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procedures and be and because you cannot build this healthy economy without a healthy population we are going to get
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them back out on their feet in the community
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we continue delivering meaningful outcomes here at home we're going to continue to call on the federal
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government to increase the Canada Health Transfer so that we can continue building a resilient and
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transformational and effective healthcare system congratulations to you Minister Jones for your great
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work madam Speaker working to protect communities is at the heart of this
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budget there's fighting the rising cost of living there's providing access to
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worldclass healthcare but there's also safety keeping our streets communities
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and the whole of our province safe from criminals and gangs and safe from the dangerous and illegal gun and drug trade
37:49
coming from our southern border our brave officers and border patrol agents are out every single day working to
37:56
protect our communities and keep families safe i want to thank each and every one of them for their service
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and I'm here to tell you that we are going to keep supporting them every chance we get with every resource just
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like we did in January when we supported our federal partners by bolstering our efforts to protect our border and
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combatant illegal activity by launching operation deterrence we know these
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measures are working and working well so we will continue investing in the strategies we know are making a
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difference that is why our government will also be bolstering the security of our borders by expanding our joint air
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support unit with two new police
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helicopters these will support the Niagara Regional Police and the Windsor Police Service as they increase patrol
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security enforcement at key ports of entry and when taken with our announcement last year of five new
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helicopters for the GTA and Ottawa police services this brings our total number of joint air support unit
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helicopters to seven wow our message to criminals and traffickers is clear madam Speaker we're coming for you
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in conclusion Madam Speaker there is no sugar coating the situation we find ourselves in ontario and Canada are
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facing one of the single greatest economic challenges in modern history plain and simple tariffs threaten to
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slow down what we achieved to date in our mission to build our economy and make life more affordable for Ontarians
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we must act with strength prudence and determination to protect our economic
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strength to protect our jobs to protect our industries and even our sovereignty
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but even in the face of a challenge of this magnitude I'm I'm here to tell you
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there is hope hope for prosperity hope for a safer community hope for a future
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where not only are we less reliant on the United States and more reliant on ourselves a future where Canada and
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Ontario find themselves at the epicenter of a new economic age
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every moment in our history has brought us to this point an economic age where control over our destiny and our success
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is dictated by us an economic age where we leverage our natural resources our
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clean energy our infrastructure our technology and our workforce in order to become the single most competitive
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economy in the G7 and economic age where Canada's number one trading partner is
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Canada [Music]
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and where free trade among the provinces and territories is just that
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free that is the economy of tomorrow we have everything we need to prop propel
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Ontario towards a future ripe with more opportunity than ever before we need to
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work together as a province united as team Canada we've done it before Madam
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Speaker we have overcome every challenge before us and we stand proud today as Ontarians and Canadians because of it
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every moment in our history before this point has led us exactly to where we stand today this budget is the
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foundation of our government's plan to help us turn this vision into reality but we cannot do it alone it is time we
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put aside our party stripes forget our differences and work together at the national level yes but at home here in
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Ontario as well to our colleagues from the NDP the Liberals the Greens and to
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the independent member I ask that you work with us so that every worker family and business in every community across
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the province is part of the economy to of tomorrow let us put our aside our
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differences and join us let us build Canada together
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come on come on
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madam Speaker we are here armed with an ambitious bold and targeted plan that
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will make the investments necessary for our well-being today as well as the well-being of future generations
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this year with an auditions an ambitious plan that there are investments
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necessary for our well-being today as well as the well-being of our future generations for not the time for
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distractions we cannot afford them and I will I know that rampant uncertainty caused by tariff policies will make it
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difficult we cannot lose sight of the danger at hand we cannot lose sight of who we are the times demand that we are
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ready for anything and make no mistake Madam Speaker Ontario is ready we have a
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vision we have a mandate we have a plan we have the people and together we will
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build a stronger Ontario we will build a stronger sovereign and prosperous Canada
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thank you and may God bless the people of Ontario
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