Has HK$1.8 TRILLION in reserve.
Yet this still exists:
It is a shame that in such a wealthy city such as HK that we don't have better welfare services for the poor and destitute, but then we also have lots of extremely greedy landlords.
We are not talking about the mega rich but simply scrupulous landlords who are also out to exploit the poor.
I would like to see some of the old factory areas and old public houses being rebuilt to house these people and return some dignity.
That's what was in budget speech.Total government revenue for 2013-14 is estimated to be $435.1 billion. Earnings and profits tax, estimated at $189.4 billion, will be our major source of revenue. Land revenue is estimated at $69 billion.
Taking all these into account, it is expected that a small deficit of about $4.9 billion will be recorded in our accounts in the coming year, and we shall largely achieve fiscal balance. Fiscal reserves are estimated at $729.1 billion by end-March 2014, representing approximately 34 per cent of GDP or equivalent to 20 months of government expenditure.
There might be some sovereignty funds etc that bring up the figure to what you have quoted.
Nice bank balance. Why have such high reserves? It is estimated to increase to $850 billion by 2018. Obviously you need to have a number of months reserves if things slow, even considerably but 20 months worth?
Last edited by virago; 28-02-2013 at 09:37 AM.
Yeah, probably, but in any case, the HK government is sitting on a lot of money. Also, the kick in the teeth is for the past several years it keeps on predicting it will hit a deceit, therefore needing to remain prudent, only to pull out a fcuking huge surplus.
I however has enough money to loan Ocean Park money to build a Water World, go figure.
I think it's always to be a bit conservative but you are right, why such huge reserves? I know they need to invest and have sovereignty funds for welfare and the elderly but while there are alot of people sleeping hard every night.
If they are going to throw money at people then they should have it tiered to income and family members.