Two financial industry groups say they support the efforts of the Ontario government to reduce the province’s deficit.

The Investment Industry Association of Canada says it is pleased that Tuesday’s 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.”

IIAC say it supports the streamlining of government administrative processes that will benefit businesses, pension holders, and taxpayers in the province. “These measures will cushion the impacts of the freezes on business tax reductions and on public sector salaries,” says Ian Russell, IIAC president and CEO.

Janet Ecker, president, Toronto Financial Services Alliance, says “the government is making some tough but necessary choices” in its proposed path to a balanced budget by 2017-18.

“While we respect their choices, we are disappointed the planned corporate and education tax reductions are being delayed,” she adds.

The TFSA supports the government’s efforts at further pension reform in the public sector, noting that Ontario can offer the expertise of some of the strongest pension funds in the world.

The TFSA also expresses support for the government’s plan to review the roughly $2 billion spent each year on support to businesses, including targeted tax expenditures. “Efforts must be focused on those sectors with the strongest potential for job growth,” Ecker says.