WEDNESDAY, MAY 10, 1989
LOWER EXPENDITURE WILL BOOST 88-89 SURPLUS
THE GOVERNMENT EXPECTS TO HAVE A CONSOLIDATED SURPLUS OF $15.7 BILLION FOR 1988-89 COMPARED WITH THE REVISED ESTIMATE OF $14.2 FIGURES OF BILLION GIVEN IN THE BUDGET SPEECH AS PROVISIONAL OUTTURN THE GOVERNMENT'S ACCOUNTS
INDICATED A LOWER EXPENDITURE HIGHER REVENUE RECEIPTS IN SOME AREAS.
HAVE
AND
THE FINANCIAL SECRETARY. THE HON PIERS JACOBS, TOLD
RESUMED DEBATE LEGISLATIVE COUNCIL THIS TODAY (WEDNESDAY IN THE THE BUDGET.
THE ON
MR
THE GOVERNMENT'S ACCOUNTS WOULD NOT BE WEEKS
JACOBS POINTED OUT THAT EXPENDITURE ON THAN THE REVISED
THAT GENERAL EXPENDITURE
YET, INDICATED
THAT WHILE NOTING FINALLY CLOSED FOR SOME PROVISIONAL OUTTURN FIGURES REVENUE ACCOUNT WOULD BE SOMEWHAT LESS ESTIMATES TABLED IN THE BUDGET SPEECH.
"ALTHOUGH UNDERSPENDING HAS BEEN IDENTIFIED IN ALL COMPONENTS OF EXPENDITURE THERE ARE NO PARTICULARLY NOTEWORTHY ITEMS.
"THE RESULT IS THAT
THE
PROVISIONAL EXPENDITURE OUTTURN IS
ABOUT ONE PER CENT LESS THAN THE REVISED ESTIMATE,' HE SAID.
HE SAID THE PROVISIONAL OUTTURN FOR REVENUE INDICATED THAT RECEIPTS FROM PROFITS TAX, STAMP DUTY AND MOTOR VEHICLES TAX WOULD
ESTIMATE, ALTHOUGH THE EXCEED THE REVISED
TOTAL FIGURE WOULD BE
WITHIN ONE PER CENT OF THE REVISED ESTIMATE.
THE CAPITAL
WORKS
RESERVE 30.4 BILLION
DELAYS
FUND
AND
LESS
IN
LAND
HOUSING
LOAN
ALSO, EXPENDITURE FROM DEVELOPMENT LOAN FUND WAS NOW LIKELY TO BE ABOUT
THE
ESTIMATE, REVISED
MAINLY
OF BECAUSE ACQUISITION PAYMENTS AND A LOWER THAN EXPECTED LEVEL OF ADVANCES TO CIVIL SERVANTS.
THAN
BUT REVENUE TO THE FUNDS WOULD BE AS IN THE REVISED ESTIMATE, MR JACOBS SAID,
THE
1989-90
HE SAID THESE ADJUSTMENTS WOULD NOT AFFECT ESTIMATES OR THE ASSUMPTIONS HE HAD MADE IN THE MEDIUM RANGE FORECAST.
"THE FURTHER INCREASE IN RECEIPTS FROM PROFITS DUTY IS A DIRECT CONSEQUENCE OF THE CONTINUING STRONG OUR ECONOMY.
TAX AND STAMP PERFORMANCE OF
ΤΟ BE
"IT ALSO EMPHASISES THE FACT THAT OUR REVENUE CONTINUES
ARE HIGHLY SUSCEPTIBLE INCREASINGLY DEPENDENT ON DIRECT TAXES WHICH TO FLUCTUATIONS IN ECONOMIC PERFORMANCE, HE SAID.
MR JACOBS SAID THIS TREND NEEDED TO CONSIDERING ANY PROPOSALS FOR BROADENING THE THE SCOPE OF INDIRECT TAXATION.
BE BORNE IN MIND
WHEN
TAX BASE AND WIDENING
/ON THE