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Budget Speech

Revised Estimates for 2013-14

149.    The revised estimate for government revenue for 2013-14 is $447.8 billion, $12.7 billion or 2.9 per cent higher than the original estimate.  Amid uncertain global economic situation, revenue from profits tax is $11.5 billion or 8.8 per cent less than originally estimated while that from salaries tax is $4 billion or 7.8 per cent higher than the original estimate.  Last year, Government put additional sites on the market on a quarterly basis to augment land supply.  As a result, the sale of land brought in $84.1 billion, about $15.1 billion or 21.9 per cent higher than the original estimate.  I forecast that the revised estimate for government expenditure will be $435.8 billion, which is $4.2 billion lower than the original estimate.

150.    For 2013-14, I forecast a surplus of $12 billion.  By 31 March 2014, fiscal reserves are expected to reach $745.9 billion.



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