Mixed reaction to the 2016 Federal Budget
PETERBOROUGH: The Greater Peterborough Chamber of Commerce has a mixed reaction to the 2016 federal budget.
“On one hand there were positive announcements for important parts of Peterborough’s economy such as tourism, the environment and infrastructure spending in municipalities and yet deferring the small business tax cut will have a large impact on many of our members and local businesses,” says Stuart Harrison, President & CEO, Peterborough Chamber of Commerce.
On clean technology innovation, the Peterborough and Canadian Chambers urge government to take advantage of the projects already under development. “Canada’s resource-based economy makes it an ideal hub for innovation on green and sustainable technology, which can contribute to cleaning our planet while making Canada’s economy more competitive,” says Perrin Beatty, President & CEO, Canadian Chamber of Commerce. “Canadian businesses are becoming leading experts in the creation of measures and technology that allow us to safely and responsibly develop our natural resources. Government must work with the private sector and the innovations they are developing.”
The federal budget also mentioned a program to improve access for rural communities to the digital economy, but without any specifics. The Peterborough Chamber sees this as an important opportunity for economic growth and we are keen to learn more about this program in the coming months.
The Canadian Chamber of Commerce has also released a scorecard on the budget. Included is concern about the $29 billion budget deficit and an estimate as to the impact from that federal spending. The Canadian Chamber expects the stimulus impact to be modest with the additional spending adding a cumulative 0.6% to GDP over the next two years.
Read the Scorecard
The Greater Peterborough Chamber of Commerce is a member-based organization. Our main focus is to channel the collective strength of the business community to improve the economy. This includes providing representation on numerous committees, conducting surveys, issuing discussion papers and developing policy positions on issues of significance to our members.
For further information contact:
Sandra Dueck, Policy Analyst/Communications Specialist
Greater Peterborough Chamber of Commerce
Phone: (705) 748-9771 ext.215
Prioritize Ontario’s Economy in the Federal Budget: Peterborough Chamber of Commerce
Infrastructure investment will support economic growth, the small business tax cut requires clarity, and the fiscal gap must be closed
PETERBOROUGH, ON, MARCH 17, 2016: Today, the Peterborough Chamber of Commerce in partnership with the Ontario Chamber of Commerce (OCC) released its 2016 Federal Pre-Budget Submission, highlighting key priorities the federal government must address in its upcoming budget. This includes keeping its infrastructure commitments, clarifying the small business tax cut, and eliminating Ontario’s federal fiscal gap.
According to recent polling, half of the OCC membership agrees that their organization is suffering from a lack of public investment in infrastructure. Looking at all Ontarians, 81 percent agree that “Canada needs to invest more in infrastructure in order to grow our economy”. The Ontario Chamber Network is therefore calling on the federal government to address the province’s infrastructure deficits through targeted, trade-enabling investment in projects that help Ontario firms do business and grow the economy.
“Following through on infrastructure investments in Ontario should be the federal government’s top priority,” said Stuart Harrison, President & CEO, Peterborough Chamber of Commerce. “In a letter to the Federal Finance Minister in late January, we outlined two projects that have the potential to have beneficial economic impact for Peterborough, improving the freight capability of train service and reinstating passenger service and the Energy East Pipeline project which will bring 250 jobs to our community.”
Canada’s infrastructure needs are not just roads and transit. Half of OCC members surveyed say that internet speed or connectivity hinders their ability to do business. This is especially noteworthy, as 82 percent of Ontarians agree that high-speed Internet is critical to their work and/or way of life. Broadband access and quality is not just a rural or remote issue – suburban companies report similar issues with connectivity, and 30 percent of all businesses say that telecommunications is a critical infrastructure need in their region.
“In this area we have seen good work by the Eastern Ontario Regional Network,” adds Harrison.
This submission also calls on the federal government to work more closely with the Government of Ontario to address the current inequality in federal EI funding. As a result of these inequities, Ontarians contribute between $9.1 and $12.5 billion more than what they get back in terms of services. The federal government must correct this fiscal gap, as the current funding calculation places the province at an economic disadvantage.
The Chamber Network is also concerned about the federal deficit and debt levels and the proposed small business tax credit. The Peterborough Chamber believes it is imperative for the federal government to clarify its position before acting. The government may be overstating the extent to which wealthy individuals incorporate to receive better tax treatment. It is important that the government acts on the best available evidence as it implements a reduction to the small business tax rate.
Read the Peterborough Chamber of Commerce letter to the Federal Finance Minister. We also received a letter from the Minister indicating his receipt of our letter.
Read the full report.
President & CEO
Peterborough Chamber of Commerce
**Results from a survey of OCC members, January 2016, n=853. Results from a survey of 1004 Ontarians conducted on behalf of the OCC by Leger, February 22-25, 2016. The margin of error for this sample is 3.1%, 19 times out of 20.**
Starting the conversation on Health Transformation: Peterborough Chamber Leading Conversation about Patient-Focused Health Care; 80% of Province Ready for “Broad Reform”
PETERBOROUGH, ON, March 16, 2016: The Ontario Chamber of Commerce (OCC) in partnership with the Peterborough Chamber of Commerce is launching a yearlong examination of Ontario’s healthcare system called the 2016 Health Transformation Initiative. To get the conversation rolling we are releasing a report titled: Transformation through Value and Innovation: Revitalizing Health Care in Ontario, which offers an overarching picture of how transformation could be accomplished.
There are three objectives to the initiative:
“Our single-payer health care system has long been a source of pride to Ontarians, as it should be,” said Stuart Harrison, President & CEO, Peterborough Chamber of Commerce. “But due to demographic shifts and economic challenges, funding that system is becoming an increasing source of concern. Health spending in Ontario represents almost half the provincial budget and as our population ages, it is projected that health care costs to government, individuals, and employers will grow well beyond sustainable levels.”
Some of the provincial healthcare challenges include:
**Results from a survey of 1004 Ontarians conducted on behalf of the OCC by Leger, between February 22 and 25, 2016. The margin of error for this sample is 3.1%, 19 times out of 20.**
Full report: 2016 Health Transformation Initiative
Peterborough Chamber Media Contact:
President & CEO
Peterborough Chamber of Commerce
The Peterborough and the Kawarthas Chamber of Commerce acts as a catalyst to enhance business growth, opportunity, innovation, partnerships and a diverse business community.