In this edition:
Ontario Speech from the Throne highlights supply chains, labour shortages, inflation
The Lieutenant Governor today opened the Speech from the Throne with remarks on the challenges posed by supply chain interruptions and the war in Ukraine, 370,000 unfilled jobs in Ontario, inflation at a near-four-decade high, and new fiscal challenges from unprecedented spending through the pandemic. She also warned of the need to be prepared for a “near-term economic slowdown.”
“There are no easy solutions,” the Lieutenant Governor said.
Infrastructure and investment played a key part in the speech, highlighting government priorities such as highways, electric vehicles, and a skilled trades strategy. Although the speech noted serious issues with the healthcare system, observers noted that no new solutions were proposed. The speech did highlight investments in home and community care, health infrastructure, and commitments to add capacity and staff to healthcare which had been previously announced.
Click here to read the speech.
Government of Ontario reintroduces Plan to Build Act (Budget Measures), 2022.
The Ontario government today re-introduced the Plan to Build Act (Budget Measures), 2022. The Act includes plans to help Ontarians with rising costs, to build more schools, hospitals, and infrastructure, and support job creation.
Among other measures, the Act will, if passed:
- increase both the ODSP rate and the Assistance for Children with Severe Disabilities Program maximum monthly amount by five per cent. Future ODSP rates will also be adjusted to inflation
- earmark $225 million for direct payments to parents
Details of how families can access these funds will be offered later this year.
Building on the Province’s record of transparency and accountability, the government also released the 2022-23 First Quarter Finances today, which provides updated information about the evolution of Ontario’s economic and fiscal outlook since the 2022 Budget for the 2022-23 fiscal year. Due to higher-than-projected taxation revenues, the government is projecting a deficit of $18.8 billion in 2022-23, an improvement of $1.1 billion from the outlook presented in the 2022 Budget.
St. Catharines Fallen Firefighters Memorial seeks public donations
The St. Catharines Fallen Firefighters Memorial Task Force (FFMTF) has been hard at work raising funds for a meaningful memorial which will honour firefighters.
There are still several opportunities to donate. Individuals or businesses can purchase an inscribed brick that will be become part of the pathway leading to the memorial statue. Other items can be customized such as memorial benches, trees, a place on the donor wall, landscape elements, flags, and other special features, or individuals are welcome to donate without purchasing an element.
Click here for more information and to donate.
GO-VAXX bus returning to Lincoln
COVID-19 vaccination clinics are returning to Lincoln in the parking lot at Charles Daley Park in Jordan Station, and indoors at the Lincoln Community Centre and Fleming Centre in Beamsville. They will be administering the Pfizer for 12+ (First, second, booster, and fourth) and Pediatric Pfizer 5-11 (first and second). The fourth dose will be available to all clients that meet the criteria.
Click here for dates and times.
Pathstone Mental Health receives largest single donation
Pathstone Mental Health has received its largest single donation, a $2 million donation from Greg and Diane Slaight.
Pathstone says the donation will allow them to better keep up with the demand for children’s mental health care services in the region, including ensuring no child waits more than 30 days for care and the ability to help the 570 clients currently waiting, and opening their new Welland site early.
Canada Summer Games continue
Tomorrow’s Games include wrestling, swimming, cycling, softball, tennis, basketball, box lacrosse, baseball, and rugby sevens. Click here for a list of events, times, and locations.
Focus on Finance & Economy
Bay Street pulled down by tech sector
BNN Bloomberg
Canada’s benchmark stock index was under pressure Tuesday during midday trading as the S&P/TSX Composite Index fell 98.10 points, or 0.50 per cent, to 19,571.07.
The TSX Information Technology subgroup took the most points off the index, followed by financials and consumer staples. (changed to lower)
Nutrien Ltd., Enbridge Inc. and Waste Connections Inc. added the most points to the index.
Roof is about to cave in on the Canadian economy
Financial Post/Yahoo! Finance
With the Bank of Canada’s aggressive rate-hiking cycle well underway despite a shaky residential real estate sector and high levels of household debt, it’s no secret that we believe the Canadian economy is headed for a more pronounced recession than many are calling for. But just how vulnerable is the overall economy to a collapse in the housing market?
Through the Daily Updates, the GNCC aims to deliver important business news in a timely manner. We disseminate all news and information we feel will be important to businesses. Inclusion in the Daily Update is not an endorsement by the GNCC.
