156. The revised estimate for government revenue for 2011-12 is $433.1 billion, $63.4 billion higher than the original estimate. With the impressive economic performance last year, the revenues from profits tax and salaries tax have increased by nearly $30 billion compared to the original estimate. To counter the risk of asset-property bubbles, the Government increased land supply by putting additional sites on the market last year since the announcement of the Budget. The sale of land brought in $83.1 billion, nearly $21.1 billion higher than the original estimate. For government expenditure, I forecast that the revised estimate will be $366.4 billion, $11.8 billion less than the original estimate.
157. For 2011-12, I forecast an operating surplus of $38.2 billion and a surplus of $66.7 billion in the Consolidated Account, equivalent to 3.5 per cent of GDP. By 31 March 2012, our fiscal reserves are expected to be $662.1 billion, equivalent to 35 per cent of GDP or 22 months of government expenditure.