XN000022-1972-03-01 — Page 27

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Wednesday, March 1, 1972

REVIEW OF REVENUE AND EXPENDITURE IN 1971/72

Revenue Increase of $397 Million Third Largest On Record

The revised estimates of revenue and expenditure for 1971/72 as shown in the Draft Estimates for 1972/73 are put at $3,468 million and $2,930 million respectively, yielding a surplus of 1538 million. "However, I have a distinct feeling that when the accounts

are closed the surplus will be around 3700 million for I expect revenue to be higher than presently estimated by 2 to 3 per cent and expenditure

lower by 1 to 2 per cent."

The Financial Secretary, the Hon. C.P. Haddon-Cave, stated this today when he presented his Budget proposals to the Legislative

Council.

He said although the rate of growth of revenue in 1971/72 at 13 per cent was less than in the two previous years, 1970/71 and 1969/70, when it was 24 per cent and 19 per cent respectively, it was still higher than in any other year since 1962/63; and the increase at $397 million was the third largest on record and 90 million more than total revenue 20 years ago in 1951/52.

"Clearly we are continuing to enjoy a flush of revenue as our

Whether we can

economy continues its post 1967/68 surge movement.

expect this surge movement to continue in the coming months and, if so,

at what rate, is a question I shall be considering later in this speech,'

the Financial Secretary said.

/Hc regarded