LONDON, Ont. - Premier Dalton McGuinty says there's no need for a public update on the state of Ontario's finances, despite jumps in energy prices and the value of the dollar since the spring budget.

Conservative Leader John Tory wants McGuinty to issue an economic statement to answer serious questions about the state of the province's finances.

Tory says growth projections have been cut in half, and revenues could be well off forecasts in the budget last March.

But speaking in London today, McGuinty said the budget was still balanced and he still expected "modest" but positive growth this year.

McGuinty resurrected his campaign for a better financial deal with Ottawa, saying Ontario can't afford to let the federal government "extract" $20 billion every year to distribute to other provinces under equalization.

He says Ontario premiers of all political stripes have waged a similar battle for decades, but insists "the unfairness is more pronounced" now because of economic growth in other provinces.

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