WEDNESDAY, MARCH 27, 1985
+WHAT IS NEEDED IS ADEQUATE, BUT NOT EXCESSIVE, GOVERNMENT EXPENDITURE OF PUBLIC MONEY, HE SAID.
NOTING THE PRESENT BUDGET HAD BEEN CONSTRUCTED IN A CLIMATE OF HOPE AND AN ALMOST 10 PER CENT EXPANSION, HE SAID: +WE MUST ALWAYS REMEMBER THAT WE MUST PAY FOR OUR HOPES. NOTHING IS FOR NOTHING - WE ARE TALKING ABOUT BILLIONS OF DOLLARS.+
+WE ARE NOW A MORE CARING SOCIETY THAN WE WERE, BUT WE MUST RETAIN OUR SENSE OF COMPETITIVE REALISM, + HE SAID.
EARLIER, COMMENTING ON THE REVENUE PROPOSALS, DR TIEN SAID THAT ON ANALYSIS THEY INTENDED TO TURN US OR SO IT WOULD APPEAR, INTO A COMMUNITY OF SAINTS.+
THE
FULL STATEMENT OF FINANCES CALLED FOR
***
THE HON LYDIA DUNN SPEAKING IN THE BUDGET DEBATE CRITICISED MISLEADING+ INFORMATION IN THE BUDGET AND ITS RELATED PAPERS ON THE GOVERNMENT'S TRUE FINANCIAL PICTURE. SHE CITED AS EXAMPLES GOVERNMENT'S EQUITY HOLDINGS IN THE MTR, LIABILITIES REPRESENTED BY LETTERS B, EXPORT CREDIT INSURANCE AND OTHER CONTINGENT LIABILITIES WHICH WERE NOT CLEARLY PRESENTED IN THE BUDGET DOCUMENTS.
SHE SAID MEMBERS OF THE LEGISLATIVE COUNCIL NEEDED, AND THE PUBLIC WAS ENTITLED TO, A FULL STATEMENT OF THE GOVERNMENT'S FINANCIAL POSITION WHICH SHOULD ALSO INCLUDE SOME INFORMATION ON THE DIVERSIFIED ASSET PORTFOLIO OF THE EXCHANGE FUND AND SOME INDICATION OF THE EXTENT TO WHICH THE VALUE OF THE ASSETS IN THE FUND EXCEED LIABILITIES.
THE FORM AND CONTENT OF ALL THE TABLES, APPENDICES, AND STATEMENTS OF FUNDS THAT SUPPORT THE BUDGET SHOULD BE EXAMINED WITH THE AIM OF MAKING THEM AS COMPLETE AND ACCURATE AND PRESENTING THEM AS SIMPLY AND CLEARLY AS POSSIBLE, SHE SAID.
+I ACCEPT THAT MUCH OF THE INFORMATION IS FOR THE RECORD, BUT LITTLE EFFORT IS MADE TO OFFER IT IN SUCH A WAY AS TO PRESENT A CLEAR PICTURE, OF THE GOVERNMENT'S TRUE FINANCIAL POSITION LET ALONE WITH PROJECTIONS OF FUTURE REVENUE AND EXPENDITURE AND INFORMATION ABOUT ALL ITS ACTUAL AS WELL AS ITS CONTINGENT LIABILITIES, MISS DUNN SAID.
WHILE WELCOMING THE FINANCIAL SECRETARY'S INTENTION TO PRESENT A BALANCED BUDGET IN A YEAR'S TIME, MISS DUNN SAID SHE WONDERED WHETHER HE FULLY COMPREHENDED THE TASK FACING HIM,
/SHE SAID