WEDNESDAY, OCTOBER 12, 1988
13
APPROACH ON MANAGEMENT OF PUBLIC FINANCES OUTLINED
* * * *
PUBLIC FINANCES IS
THE GOVERNMENT'S MAIN AIM IN MANAGING THE TO ENSURE THAT THE GROWTH OF PUBLIC EXPENDITURE DOES NOT OUTSTRIP UNDERLYING GROWTH RATE OF THE ECONOMY AS A WHOLE, ABOUT SIX PER CENT A YEAR.
THE
WHICH IS CURRENTLY
IN THE LEGISLATIVE THE GOVERNOR, SIR DAVID WILSON, SAID THIS
ARRAS IN WHICH COUNCIL TODAY (WEDNESDAY) AS HE OUTLINED A NUMBER OF
SERVICES IN THE COMING THE GOVERNMENT PLANNED TO EXPAND OR IMPROVE YEAR, WITHIN THE PARAMETERS PROVIDED BY THE UNDERLYING GROWTH RATE.
MUST BE
THE ABILITY OF GROWTH ON WHICH
HE SAID THAT IN EXPANDING ITS SERVICES THE GOVERNMENT CAREFUL THAT PUBLIC SECTOR DEMANDS DID NOT UNDERMINE THE PRIVATE SECTOR TO GENERATE KONG'S PROSPERITY DEPENDED.
THE ECONOMIC
HONG
"OUR ECONOMY IS NOW RUNNING VERY CLOSE TO FULL GOVERNOR SAID.
CAPACITY,"
THE
||
A WAY WHICH IN EXPANDING PUBLIC SERVICES WE MUST NOT ACT IN ACCELERATES INFLATION OR PUTS FURTHER PRESSURES ON THE LABOUR MARKET.
"THIS MEANS THAT PUBLIC SECTOR GROWTH MUST BE BOTH GRADUAL
RESTRAINED."
AND
HAVE TO IN THE NEXT FEW YEARS, SIR DAVID SAID MUCH MORE WOULD
TRANSPORT, ECONOMIC AND BE SPENT ON IMPROVEMENTS TO THE TERRITORY'S ENVIRONMENTAL INFRASTRUCTURE THAN IN THE PAST.
"THIS EXPENDITURE HAS
то BE
CAREFULLY PLANNED
BACKGROUND OF OTHER IMPORTANT AND CONTINUING CAPITAL SAID.
**WE
TO HAVE
ADJUST OUR
PRIORITIES
INCREASING CAPITAL BUDGET IN SUCH A WAY THAT MATCHES THE DEVELOPING NEEDS OF THE COMMUNITY. DIFFICULT CHOICES."
AGAINST THE PROGRAMMES, HE
+
WITHIN A GRADUALLY THE OVERALL PROGRAMME INEVITABLY THIS MEANS
IT WAS EQUALLY IMPORTANT THE GOVERNOR ALSO POINTED OUT THAT THAT THE PRIVATE SECTOR WOULD NOT BE CROWDED OUT OF THE LABOUR MARKET.
HE NOTED THAT THE NUMBER OF CIVIL SERVANTS HAD GROWN, PAST FIVE YEARS, BY AN ANNUAL AVERAGE OF 1.7 PER CENT.
OVER THE
ALTHOUGH THIS