14
Wednesday, February 28, 1973
$900 MILLION SURPLUS PREDICTED
Largest Ever Experienced
The budgetted surplus of $47 million for the 1972/73 financial year
has turned into a $722 million surplus, and the final figure is likely to be
even higher.
Reporting this during his Budget speech today, the Financial Secretary,
the Hon. C.P. Haddon-Cave, said: "In absolute terms this is the largest surplus
ever experienced, but as a percentage of total revenue (16 per cent) it is the
lowest since 1968/69."
He predicted that on the basis of daily receipts and payments recorded
by the Treasury up to a few days ago the actual surplus was likely to be nearer
to $900 million
representing 19 per cent of total revenue, or slightly above
971/72.
the average of the three years ending 1971/72.
At the same time, the Financial Secretary announced that he would
ask the Finance Committee next month to appropriate $500 million of this year's
surplus to a special fund from which withdrawals would be made for capital
investment in the Mass Transit Railway Corporation.
Mr. Haddon-Cave said that if this proposal was approved it would have
the effect of reducing this year's surplus to $400 million, on the basis that
the final surplus would amount to $900 million.
/Reviewing