Federal Election: A Special Series from the Newmarket Chamber
31 Aug 2021
How will the Government Prioritize Economic Recovery?
As we head into a federal election, the incoming Government needs to be focused on resolving the ongoing economic uncertainty driven by the possibility of rising interest rates and social instability.
The Newmarket Chamber is a strictly non-partisan business association. We work for businesses. As such, we have identified specific themes that support business growth, development and competitiveness. We will be outlining these in our special series on the Federal Election.
Providing a platform where business growth and well-being are at the forefront will drive success for any government. Our business community will be looking for a clear path to economic recovery, job creation, and innovative opportunities.
In partnership with the Canadian Chamber Network, we’re asking all parties to commit to the future of our economy by promoting the long-term growth of businesses in becoming more adaptable, productive, and responsive.
The Newmarket Chamber of Commerce has identified specific components for economic recovery when determining which party can best deliver for our businesses:
OUR ASK: We ask that the next government prioritize good debt maintenance by investing strategically in growth and future developments that will ensure GDP growth exceeds pre-pandemic levels.
Ontario’s debt currently amounts to approximately 41 per cent of the provincial GDP or, when combined with the federal debt of $680 billion, represents a near 80 percent debt-to-GDP ratio for Ontarians. The province accounts for nearly half of Canada’s GDP. This means our government needs to monitor changing competitive dynamics in Ontario to account for specific trends in our regions.
Deficit spending, tax increases, spending cuts, and international investment are priorities for our economic recovery. By reducing barriers to international investment that include knowledge-based capital (e.g. business models, software, data) and promoting open financial markets, we can improve the future of our economy and tackle the potential of the digital world. Moreover, introducing measures such as the Investment Tax Credit will respond to the current U.S. competitive advantage on tax credits and deductions for capital investments, and ensure we can mobilize private capital, spur investment and create growth.
Our Ask: To encourage small business creation and entrepreneurship, the next Government must enable trust and opportunity for business owners and investors by incentivizing entrepreneurship through reduced burdens for start-ups, allowing easier access to capital, debt and equity financing, and digital financing solutions.
We must ensure that increasing the tax threshold supports businesses and promotes the long-term growth of the new digital economy, including accessibility to digital learning, and the opportunities of going digital. Not only will this respond to the digitization of our economy, but also close the gap between those with high versus low tech capabilities. Striving to be inclusive and adapting to our changing economy will allow businesses to respond competitively.
Addressing Supply Chain Issues
OUR ASK: Government policies must be improved in geopolitics to support supply chain transformation and competitive advantages.
The ability to adapt to higher levels of supply chain is critical for our business community and uncertainty in managing inventory is one of the greatest challenges right now. Today, balancing just enough inventory to avoid production outages while enhancing capital is a crucial part of supply chain management. Canadian businesses need new solutions from government that can both reduce the working capital tied up in inventory, while maintaining the same level of sales.
We ask that the government increase geopolitical ties and help companies increase their digital transformation. As with many things in our economic recovery, technology will provide an important catalyst for supply chain transformation and competitive advantage.
Platforms of Main Political Parties
Click the links below for each party's platform.