12
WEDNESDAY, MARCH 3, 1993
WHEN
"I BELIEVE THAT WE SHOULD INTERVENE TO SUPERVISE MARKETS ONLY ESSENTIAL TO PROTECT THE CONSUMER."
WHENEVER POSSIBLE, SELF-REGULATION IS PREFERABLE TO GOVERNMENT INTERVENTION, HE SAID.
"EVEN WHERE GOVERNMENT CONTROLS PROVE TO BE UNAVOIDABLE, WE ARE DETERMINED ΤΟ EXPLOIT ALL POSSIBLE OPPORTUNITIES ΤΟ PROMOTE COMPETITION.
"WE HAVE DEMONSTRATED THIS IN THE LAST YEAR BY ENCOURAGING COMPETITION IN TELECOMMUNICATIONS, PUBLIC TRANSPORT AND TELEVISION."
HE SAID IT WAS NO LESS TRUE OF THE FINANCIAL SERVICES, WHERE INTENSE RIVALRY EXISTS BETWEEN MAJOR INSTITUTIONS, BOTH LOCAL AND FROM OVERSEAS, COMBINED WITH A SYSTEM OF SUPERVISION WHICH MATCHED THE STANDARDS ACHIEVED IN OTHER MAJOR INTERNATIONAL FINANCIAL CENTRES.
FS OUTLINES BUDGET STRATEGY
* *
THE FINANCIAL SECRETARY, THE HON HAMISH MACLEOD, SAID TODAY (WEDNESDAY) THAT HE REMAINED COMMITTED TO THE PRINCIPLES OF SOUND FINANCIAL MANAGEMENT WHICH HAD GUIDED THE GOVERNMENT'S BUDGETARY POLICY OVER THE YEARS.
"
"THESE PRINCIPLES HAVE SERVED US WELL, MR MACLEOD PRESENTING HIS SECOND BUDGET TO THE LEGISLATIVE COUNCIL.
TWO IN PARTICULAR DESERVE TO BE RESTATED, HE SAID.
*
SAID, WHEN
PUBLIC SPENDING MUST NOT GROW FASTER THAN THE ECONOMY, AND
THE RESERVES MUST PROVIDE AN ADEQUATE CUSHION TO MEET KNOWN COMMITMENTS AND FUTURE UNCERTAINTIES.
THESE
YEAR BASIS.
PRINCIPLES CANNOT BE APPLIED MECHANICALLY ON A YEAR-BY-
TO DO SO WOULD BE TO APPLY UNNECESSARILY PARTICULARLY TO CAPITAL EXPENDITURE.
RIGID CONSTRAINTS,
FLOWS.
MAJOR PROJECTS TEND TO BE UNEVEN IN THEIR EXPENDITURE THIS MEANS THAT, IN SOME YEARS, THE BUDGET WILL SHOW A SURPLUS; IN OTHER YEARS, WE WILL HAVE A DEFICIT, HE SAID.
II
THE KEY IS TO MAINTAIN A REASONABLE LEVEL OF RESERVES TO THE DISRUPTION OF "STOP-GO" POLICIES.
"THIS YEAR, OUR FINANCES ARE IN A VERY HEALTHY CONDITION."
AVOID
/HE SAID
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