It's about damned time.
We really shouldn't need legislation to do what should be obvious. It's really sad that governments need a law to force them to do what normal businesses do naturally.
Part of the problem is that the voters don't really care if the budget is balanced. There's no political penalty to driving up the deficit. Exhibit A: Kathleen Wynne in Ontario.
And governments will play accounting games to arrive at a balanced budget. But at least it's a step up.