Today, Finance Minister Peter Bethlenfalvy delivered Ontario's Fall Economic Statement against a backdrop of economic uncertainty, trade tensions and growing fiscal pressures. With the province projecting a $16.9 billion deficit and a return to balance delayed until 2029–30, strengthening competitiveness, attracting investment and generating economic growth will be essential in the years ahead.
For Ontario's tourism industry, this presents an important opportunity.
We welcomed the government's announcement of the $8 billion Ontario Competitiveness Tax Cut, which aligns with TIAO's longstanding advocacy for investment incentives that help tourism businesses modernize, grow and compete. The province's continued focus on tourism infrastructure and destination development is equally encouraging. Our advocacy for targeted investment tax incentives and a tourism product development fund is designed to build on this momentum, attracting private capital, supporting new attractions and experiences, and creating opportunities for four-season tourism growth in communities across Ontario.
The government's economic priorities also reinforce the importance of our workforce and international market development efforts through Forward Motion. While Ontario is making significant investments in post-secondary education and skills training, our research suggests that culinary, tourism and hospitality programs have benefited very little from the province's recent expansion of post-secondary capacity. We will continue advocating for stronger support for these programs, better access to the Skills Development Fund and a coordinated approach to rebuilding Ontario's tourism workforce infrastructure.
At the same time, we're working with industry partners to grow international tourism exports, bringing new visitors and spending into Ontario while strengthening our economic resilience and competitiveness in global markets.
The province's fiscal outlook also reinforces the importance of maximizing the economic returns from existing investments. Ontario has a strong network of tourism programs, agencies and industry organizations delivering important work. Through better coordination, shared priorities and stronger partnerships, we can build on these investments to achieve even greater impact across destination development, marketing, workforce and transportation.
As we finalize TIAO's pre-budget submission and prepare for Tourism Day at Queen's Park in early December, these priorities will guide our conversations with government. Our focus will be on practical solutions that unlock private investment, rebuild workforce capacity, grow international tourism exports and maximize the economic benefits of Ontario's tourism investments.
Our message is straightforward: Tourism is ready to help deliver Ontario's economic agenda.