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Budget Speech

Revised Estimates for 2021‑22

189. The 2021‑22 revised estimates on government revenue is $682.7 billion, higher than the original estimate by 15.5 per cent or $91.8 billion.  This is mainly because revenues from land premium and profits tax are higher than the estimates by $43.5 billion and $32.4 billion respectively.

190. As for government expenditure, the revised estimate is $699 billion, four per cent (or $28.8 billion) lower than the original estimate.  This is mainly because the operating expenditure is $18.8 billion lower than the estimate.

191. All in all, I forecast a surplus of $18.9 billion for 2021‑22.  Fiscal reserves are expected to be $946.7 billion by 31 March 2022.

192. The civil service establishment recorded zero growth in this financial year.  Departments have enhanced effectiveness and efficiency through prioritisation, internal redeployment and streamlining of work processes, so that the workload can be handled even without increase in the civil service establishment.



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