UPDATE: VIDEO Province Releases Fall Economic Statement
The province's Liberals claim the deficit is shrinking with a projection to have it at $14.4 billion at the end of this fiscal year (2012-13.
This, despite a deficit number of $13 billion from 2011-12. That number released earlier this year, was much lower than predicted and the Liberals never adjusted their projections for this year.
Finance Minister Dwight Duncan notes he likes to be conservative when it comes to forecasting paying the deficit down.
The $14.4 billion target is about $400 million lower than projections outlined in the budget.
Duncan used this forum to prop-up the Liberal government's wage freeze proposal, underlining wages account for half of government spending.
He says if the Tories won't help them pass this legislation, he will speak with union partners to see if they can agree on the terms of a contract framework.
The province says the economy is growing, with the GDP estimated to grow by 2 per cent this year, 1.9 per cent in 2013, 2.3 per cent in 2014 and 2.4 per cent in 2015.
Ontario estimates it will create 350,000 jobs by 2015.
The province continues to point to global economic uncertainty to underline how Ontario has to tighten its belt to get the deficit down and ensure continued economic growth.