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Budget Speech

Revised Estimates for 2014-15

155.    I forecast that the revised estimate for government revenue for 2014-15 will be $470.7 billion, 9.4 per cent or $40.6 billion higher than the original estimate.  It reflects mainly the changes in the following revenue items and the arrangement for the Housing Reserve –

(a) stamp duty revenue is $29.7 billion higher than the original estimate, representing an increase of over 60 per cent.  Of this revenue, over 75 per cent comes from "double stamp duty" which was not budgeted;
(b) revenue from profits tax is $18.5 billion or 15.8 per cent higher than originally estimated.  It is affected mainly by corporate earnings which are far more volatile than macroeconomic growth, rendering it difficult for us to make an accurate estimate; and
(c) revenues from salaries tax and land premium are $5.1 billion and $3.2 billion higher than their respective original estimates.

156.    As for government expenditure, I forecast a revised estimate of $397.2 billion, 3.4 per cent or $14 billion lower than the original estimate.

157.    For 2014-15, I forecast a surplus of $63.8 billion, and by 31 March 2015, fiscal reserves are expected to reach $819.5 billion.



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