IIAC Supports Ontario Measures to Balance Budget and Reduce Debt Burden: Perseverance in Tough Fiscal Action Will Be Needed

TORONTO, March 27, 2012 /CNW/ - The Investment Industry Association of Canada (IIAC) is pleased the Ontario Budget has introduced a balanced and comprehensive array of measures, such as cost savings, tax reduction and salary freezes, benefit caps and increased user fees, to keep the deficit reduction trajectory on track.  It is vitally important to stay the course to achieve budget balance in 2017-18, particularly given a weak and uncertain economic climate.

"We remain concerned about the historically high net-debt-to-GDP ratios through the fiscal plan," said Ian Russell, IIAC President and CEO.  "The high public debt burden limits the manœuvrability of fiscal policy to promote the competitiveness of the economy and risks undermining the sustainability of social programs."

IIAC supports the streamlining of government administrative processes that will benefit businesses, pension holders, and taxpayers in the Province.  Russell concluded, "These measures will cushion the impacts of the freezes on business tax reductions and on public sector salaries."

The Investment Industry Association of Canada (IIAC)
The Investment Industry Association of Canada (IIAC) is a member-based professional association that advances the growth and development of the Canadian investment industry, acting as a strong, proactive voice to represent the interests of our members and the investing public. The following four areas of focus provide clear and purposeful direction for our actions and initiatives: market advancement, advocacy, profile and reputation, and member support. For more information, please visit www.iiac.ca.

For Media Inquiries, Please Contact:
Barbara Amsden
Director
Investment Industry Association of Canada (IIAC)
Tel: [phone] / Email: [email protected]