23.
The original revenue estimates for the year were
formed on the assumption at that time of GDP growth of around
have seen, actual economic
I now expect the revenue
be 9% above the original
8% in 1986 and 6% in 1987. As we
growth has been considerably better. yield on General
General Revenue Account to
estimate. Combining General Revenue Account and fund account
revenue the increase on the original estimate is 11% (10).
Stamp duty at $5.0 billion is nearly double the original
estimate; whilst salaries tax, profits tax, motor vehicle first
registration tax and land sales revenue, all of which normally
benefit from strong economic performance, also
also have
have higher than expected yields.
(10)
General Revenue Account
Capital Works Reserve Fund
Development Loan Fund
Home Ownership Fund
Mass Transit Fund
Student Loan Fund
Total
Funds*
TOTAL GENERAL REVENUE
ACCOUNT + FUNDS
REVENUE 1987-88 $M
REVISED ESTIMATE ORIGINAL ESTIMATE
50,564
46,177
3,380 767
1,951
2,220 635 1,797
76
76
6,174
4,728
56,738
50,905
Excluding transfers from General Revenue Account.
/24. As
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