November 15, 2022
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Ontario Economic Outlook 2022
Provided by Temple Scott Associates
The Top Line
This afternoon Ontario Finance Minister Peter Bethlenfalvy introduced his Fall Economic Outlook. Entitled ‘Ontario’s Plan to Build: A Progress Update,’ a clear focus of the Minister is to ensure Ontario weathers the economic turmoil expected due to inflation and the continued slowdown of the provincial economy.
While the update was mostly a traditional fiscal and economic overview, it included targeted measures focused on consumers, small businesses and the disabled. These reflect what the government feels are the priorities of the people of Ontario as expressed in the June election, which returned a large majority government for Premier Ford’s Conservatives.
Click here for the full report.
CFA’S ADVOCACY PRIORITIES FOR 2022-2023
- Educating Public Officials About Franchising
- Access to Labour for Franchisors and Franchisees
- Access to Capital
- Common Employer: Adopt the 4 Factor Test
- Ensuring a Fair Playing Field for Franchised Business under Environmental Legislation
Access to Labour
Many franchised and non-franchised businesses are having trouble filling jobs at all wage levels. This challenge is present across wage and skill levels, and in fact 75% of franchised businesses employees make more than minimum wage.
We are encouraging the government to make changes that will increase incentive for those looking for work as well as expand the pool of available workers in Canada. READ MORE.
RELEVANT NEWS
Getting back to stable prices and a balanced jobs market
In a recent speech, Governor Tiff Macklem discusses the relationship between inflation and employment and how the Bank of Canada is working to cool an overheated economy.
“If we don’t raise interest rates enough, Canadians will continue to endure high inflation, and high inflation will become entrenched, requiring much higher interest rates and a sharper slowing in the economy to restore price stability.” Macklem said.
Larger-than-expected interest rate hikes would lead to economic contraction: PBO
The parliamentary budget officer says the Canadian economy would contract slightly in 2023 if central banks raise interest rates more than anticipated. The PBO says this analysis represents only one of many possible scenarios that could play out in the Canadian economy.
Click here to read the full report.
Hourly wages needed to live in Ontario rise as inflation persists
Hourly wages needed to live in Ontario have increased amid decades-high inflation and remain well above the province’s minimum wage, according to a new report. In the report released Monday, the Ontario Living Wage Network said the living wage in Toronto is now $23.15 an hour, up almost five per cent from $22.08 a year earlier.
CPI: What economists are expecting to see from the latest inflation data
Statistics Canada is set to release the latest read on Canadian inflation Wednesday and according to economists tracked by Bloomberg, consumer prices are expected to remained elevated at 6.9 per cent in October – buoyed by higher fuel costs. Ksenia Bushmeneva, economist at TD Bank, said core inflation will be a key figure to watch.
Click here to read the full report.
Ontario Delivers Progress Report and Advances its Plan to Build
Minister of Finance Peter Bethlenfalvy released the 2022 Ontario Economic Outlook and Fiscal Review – Ontario’s Plan to Build: A Progress Update. It includes the government’s first-ever progress report on its plan to build Ontario, as well as new targeted measures that advance its plan to build the economy, address the province’s labour shortage and help families and businesses keep costs down.
Click here to read the full news release.
Promote your job opportunities with the CFA
To take advantage of this new opportunity, please submit your job postings (including a job description and directions for how to apply) to Andrew Schopp at aschopp@cfa.ca. For any inquiries, please contact Jessi-Lyna Wan at jwan@cfa.ca.
Please note the introductory offer ends October 31st, 2022. Any job posting submitted on November 1, 2022, and onwards will be subject to charges.
