Ontario Finance Minister Dwight Duncan at Queen's Park, Thursday, Sept. 13, 2012. (ANTONELLA ARTUSO/QMI Agency)

TORONTO — Ontario's deficit is on track to come in $3 billion less than expected, Finance Minister Dwight Duncan announced Tuesday.

The deficit is expected to hit $11.9 billion in 2012-13.

In his last planned major speech as finance minister, Duncan told the Canadian Club that eliminating the red ink is the most important step the province can take for the economy and job creation.

PC MPP Vic Fedeli blamed the Liberal government's overspending for causing the deficit.

Duncan has blamed the recent worldwide recession for the state of the books.