The 2012-13 Budget
  繁體 簡体 Mail to:  
Budget Speech
Press Releases
Photo Gallery
Related Documents
Previous Budgets
Related Links
Site Map


The 2012-13 Budget  
Budget Speech
Estimates for 2012-13

158.       Operating expenditure for 2012-13 is estimated to be $315 billion, an increase of six per cent over the revised estimate for 2011-12. Recurrent expenditure will be $264.3 billion. Capital expenditure will be $78.7 billion, including an all-time high of $62.3 billion on capital works. Taking into account operating and capital expenditure, I forecast that government expenditure will reach $393.7 billion, an increase of seven per cent compared with the revised estimate for 2011-12. Public expenditure will be equivalent to 21.4 per cent of GDP.

159.       I estimate that total government revenue for 2012-2013 will be $390.3 billion. Earnings and profits tax, estimated at $161.6 billion, will still be our major source of revenue. Land revenue is estimated at $60 billion.

160.       Taking all these into account, there will be a small deficit in our accounts in the coming years, and will largely achieve fiscal balance. I forecast a deficit of $2.5 billion in the Operating Account and a deficit of $0.9 billion in the Capital Account. There will be a deficit of $3.4 billion in the Consolidated Account. Fiscal reserves are estimated at $658.7 billion by end-March 2013, representing approximately 34 per cent of GDP or equivalent to 20 months of government expenditure. In this highly uncertain global economic climate, we will hand over a healthy set of accounts to the next Government.



Content | Next Page

2011 .| Important notices | Privacy Policy  Last revision date : 1 February 2012