THURSDAY, APRIL 15, 1982
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TOTAL REVENUE EXPECTED TO BE $34 BILLION
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THE GOVERNMENT'S TOTAL REVENUE FOR 1981-82, HAVING REGART TO PERFORMANCE OVER THE PAST THREE MONTHS, IS NOW EXPECTED TO BE $34 BILLION, ABOUT $800 MILLION LESS THAN THE $34.8 BILLION GIVEN IN THE REVISED ESTIMATES OF REVENUE AND EXPENDITURE FOR THE SAME YEAR.
THE FINANCIAL SECRETARY, THE HON JOHN BREMRIDGE, IN HIS SPEECH CONCLUDING THE BUDGET DEBATE IN THE LEGISLATIVE COUNCIL TODAY, SAID THE UPDATED ASSESSMENT OF TOTAL EXPENDITURE HOWEVER, FORTUITOUSLY REMAINED UNCHANGED (AT $27.1 BILLION), ALTHOUGH ITS MAKE-UP WAS SOMEWHAT DIFFERENT.
ON THIS BASIS, HE SAID, LAST YEAR'S OPERATIONS WOULD RESULT IN A REDUCED SURPLUS OF $6.9 BILLION INSTEAD OF THE $7.7 BILLION INDICATED IN THE REVISED ESTIMATES.
RECURRENT EXPENDITURE WOULD BE ABOUT $129 MILLION LOWER THAN PREVIOUSLY ESTIMATED, BECAUSE THE REQUIREMENT FOR PENSION PAYMENTS WAS OVER-STATED. BUT TOTAL CAPITAL EXPENDITURE WOULD BE ABOUT $134 MILLION HIGHER.
MR BREMRIDGE SAID EXPENDITURE ON LAND ACQUISITION IN PARTICULAR WAS NOW ESTIMATED AT $1.9 BILLION RATHER THAN $1.6 BILLION, BUT THERE HAD BEEN SOME OFFSETTING SAVINGS IN OTHER COMPONENTS OF THE CAPITAL ACCOUNT.
RECURRENT REVENUE WAS EXPECTED TO BE $363 MILLION LESS THAN PREVIOUSLY ESTIMATED, HE SAID, LARGELY BECAUSE OF RATHER LOWER YIELDS FROM EARNINGS AND PROFITS TAX AND FROM STAMP DUTIES, AND CAPITAL REVENUE WAS EXPECTED TO BE $369 MILLION LESS, RESULTING ENTIRELY FROM A DROP IN THE YIELD FROM LAND PRÉMIA AS A RESULT OF LOWER PRICES BEING FETCHED BY THE SALE OF LAND.
+THE TRANSFER OF THE 1981-82 SURPLUS, AS NOW ASSESSED, TO THE GENERAL REVENUE BALANCE WILL BRING OUR FISCAL RESERVES AT THE BEGINNING OF 1982-83 TO ABOUT $22.4 BILLION,+ HE SAID.
ALLOWING (ON THE BASIS OF A GEARING OF THREE) $6.5 BILLION AS COVER FOR OUR CONTINGENT LIABILITIES, OUR +FREE+ FISCAL RESERVES AT APRIL 1, 1982 SHOULD BE ABOUT $15.9 BILLION, MR BREMRIDGE SAID.
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