Ontario’s budget watchdog says spending on programs under the Ford government will fall to its lowest level in 30 years as the Conservatives try to eliminate the deficit.

The Tories have made it clear they do not expect to return the books to black until 2023-24 — one year after their mandate.

(Frank Gunn/Canadian Press)

Financial Accountability Officer Peter Weltman says that means program spending growth will stay around 1% on average over the next 5 years — the lowest level since the mid-1990s.

He warns that this will contribute to weaker economic growth and that factors such as rising interest rates, high household debt and trade uncertainty could negatively impact the government’s plans.