Province's Debt History
Net Debt and Interest on Debt
| Fiscal Years 2009–10 to 2019–20 ($ Millions) | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Outlook |
Interim1 | Actual | |||||||||
| 2019–20 | 2018–19 | 2017–18 | 2016–17 | 2015–16 | 2014–15 | 2013–14 | 2012–13 | 2011–12 | 2010–11 | 2009–10 | |
| Net Debt | 359,943 | 343,441 | 323,834 | 314,077 | 306,357 | 294,557 | 276,169 | 259,947 | 241,912 | 217,754 | 193,589 |
| Interest on Debt | 13,335 | 12,534 | 11,903 | 11,709 | 11,589 | 11,221 | 11,155 | 10,878 | 10,587 | 10,005 | 9,119 |
1 Interim represents the 2019 Ontario Budget projection for the 2018–19 fiscal year.
Notes: Net Debt and IOD have been restated to include broader public sector, starting in 2005–06. Net Debt has been restated from 2001–02 for the adjustments resulting from the revised accounting treatment of jointly sponsored pension plans.
Interest on debt is net of interest capitalized during construction of tangible capital assets of $165 million in 2015–16, $159 million in 2016–17, $157 million in 2017–18, $325 million in 2018–19 and $489 million in 2019–20.
Source: Ontario Financing Authority.
Notes: Net Debt and IOD have been restated to include broader public sector, starting in 2005–06. Net Debt has been restated from 2001–02 for the adjustments resulting from the revised accounting treatment of jointly sponsored pension plans.
Interest on debt is net of interest capitalized during construction of tangible capital assets of $165 million in 2015–16, $159 million in 2016–17, $157 million in 2017–18, $325 million in 2018–19 and $489 million in 2019–20.
Source: Ontario Financing Authority.
Net Debt-to-GDP
(Per Cent)
Note: Net Debt has been restated to include broader public sector net debt, starting in 2005–06.Net Debt has been restated from 2001–02 for the adjustments resulting from the revised accounting treatment of jointly sponsored pension plans.
Sources: Statistics Canada and Ontario Ministry of Finance.
Sources: Statistics Canada and Ontario Ministry of Finance.
Average Annual Ontario Borrowing Rates
The forecast interest rates were used to project interest on debt over the medium term.
(Per Cent)
Source: Public Accounts of Ontario (1990–1991 to 2017–2018), and Ontario Financing Authority.
Province's Consolidated Debt Portfolio
Publicly-held Debt
The Province's publicly-held debt consists of funds borrowed from the general public and institutional investors.
Publicly held debt as of March 31, 2019, was $356.9 billion, or 97 per cent of total debt, issued in the following currencies:
| • $296.8 billion Canadian dollars | • $1.6 billion Australian dollars |
| • $39.4 billion U.S. dollars | • $0.9 billion Pound Sterling |
| • $16.2 billion Euros | • $0.4 billion Japanese yen |
| • $1.6 billion Swiss francs |
Note: Numbers may not add due to rounding.
Non-Public Debt
As of March 31, 2019, Ontario's non-public debt was $11.0 billion, or 3 per cent of total debt.
Non-public debt consists of debt instruments issued mainly to Canada Pension Plan Investment Board (CPPIB).
