Budget Speech

Rates

124.      First of all, I propose to waive rates for the first two quarters of 2009-10, subject to a ceiling of $1,500 per quarter for each rateable tenement. It is estimated that about 90 per cent of domestic properties and 60 per cent of non-domestic properties will be subject to no rates in these two quarters. This proposal will cost the Government approximately $4.2 billion.