52.
The outcome of our present budgetary strategy is shown in the Medium Range Forecast (15). The Forecast indicates an
average annual surplus over the
the remainder of the forecast period
of consolidated revenue over expenditure of some $1.5 billion
annum (16). I per
regard this as no more than a reasonable
cushion, which must be seen in the light of an aggregate of consolidated revenue and expenditure exceeding $100 billion in
Clearly, year.
relatively small percentage changes or expenditure could have a major impact on the
each
either revenue
residual surplus.
in
REVISED ESTIMATES 1986-87
53.
Before introducing the estimates for 1987-88, I shall
describe the revised estimates of Government's expenditure and
revenue for the current fiscal year.
54.
Total expenditure on General Revenue Account before
transfers to funds is now expected to be $33.9 billion, which is
in line with budget. We are seeing the results of another year
of tight budgetary performance. All controlling officers have
played their part and I am grateful to them. Our system of cash
limits is clearly effective.
two pay awards
than had been
55.
In practice the combined effect of the
to staff granted during 1986 was slightly more
anticipated in framing the budget. But this was offset by some
under-spending on non-staff departmental running costs and an
adjustment to payments under the Defence Costs Agreement.
(15) Appendix C.
(16) Although the year 1989-90 shows a small forecast deficit this is after
allowing for a further equity injection into
into MTRC. On current projections this further equity may not be needed but is retained on the grounds of prudence.
:!
16
/56. The
t