XN000022-1987-02-25 — Page 36

WEDNESDAY, FEBRUARY 25, 1987

29

REVENUE PROTECTION ORDERS SIGNED

*****

THE FINANCIAL SECRETARY'S BUDGET PROPOSALS CONCERNING DUTTABLE COMMODITIES, VISA AND TRAVEL DOCUMENTS AND VEHICLE AND DRIVING LICENCE FEES WERE THE SUBJECT OF PUBLIC REVENUE PROTECTION ORDERS SIGNED BY THE ACTING GOVERNOR THIS (WEDNESDAY) MORNING.

THE INCREASE IN THE BUSINESS REGISTRATION FEE WILL, SUBJECT TO THE APPROVAL OF THE LEGISLATIVE COUNCIL, TAKE EFFECT ON APRIL 1.

+OTHER INCREASES IN FEES AND CHARGES WILL BE BROUGHT FORWARD DURING THE YEAR AS THE RELEVANT REVIEWS ARE COMPLETED,+ THE HON PIERS JACOBS SAID IN HIS BUDGET SPEECH.

BILLS TO GIVE EFFECT TO PROPOSALS ON ESTATE DUTY AND TAX CONCESSIONS WOULD BE INTRODUCED DURING THE COUNCIL'S CURRENT SESSION, HE ADDED.

FS'S SPEECH ON TV AND RADIO *****

FOLLOWING IS THE TEXT OF THE BUDGET SUMMARY DELIVERED BY THE FINANCIAL SECRETARY ON TELEVISION AND RADIO STATIONS THIS (WEDNESDAY) EVENING:

+THIS AFTERNOON 1 PRESENTED MY FIRST BUDGET TO THE LEGISLATIVE COUNCIL. AFTER A DIFFICULT PERIOD OF ADJUSTMENT, THE GOVERNMENT'S FINANCES HAVE NOW MOVED INTO A STRONGER POSITION.

+WE ANTICIPATE A GENERAL REVENUE SURPLUS OF SOME $3 BILLION FOR THE CURRENT FINANCIAL YEAR. THIS IS BETTER THAN WE HAD EXPECTED.

+WE ENJOYED A REMARKABLE ECONOMIC PERFORMANCE IN 1986. WITH A GROWTH RATE OF ALMOST NINE PER CENT OUR ORIGINAL FORECAST WAS COMFORTABLY EXCEEDED. OUR EXTERNAL TRADE, ON WHICH WE DEPEND 80 MUCH, WAS BUOYANT. AND INFLATION REMAINED LOW.

+FURTHERMORE, THE PROSPECTS FOR 1987 ARE GOOD. UNEMPLOYMENT IS NOW AT THE LOWEST LEVEL EVER RECORDED. ECONOMIC GROWTH, ALTHOUGH FORECAST TO BE LOWER THAN IN 1986, IS STILL EXPECTED TO BE AROUND SIX PER CENT.

BUT

+AGAINST THIS BACKGROUND WE NOW HAVE A GREATER RANGE OF CHOICES FOR THE FUTURE DIRECTION OF OUR PUBLIC FINANCES. WE MUST BE CAUTIOUS.

/+NEVERTHELESS, THE