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FS outlines fiscal consolidation plan

In the 2024-25 Budget announced today, Financial Secretary Paul Chan proposed a number of measures to increase revenue and outlined a fiscal consolidation programme which aims to restore fiscal balance in a few years’ time.   Mr Chan said even though the Government strived to reduce expenditure as the COVID-19 pandemic had subsided, the total expenditure for 2023-24 reached $727.9 billion, representing an increase of 36.9% compared with 2018-19, of which operating expenditure rose substantially by 40.2% whereas operating revenue increased only 13.1%.   On capital works, owing to the fact that the Government has been pressing ahead with land and housing supply projects, along with other infrastructure works for improving the environment and people’s livelihood, the average annual expenditure has increased from about $76 billion over the past five years to about $85 billion in 2023-24.   Fiscal reserves have dropped to the current level of $733.2 billion.   Fiscal consoli

New bus interchange to open

The bus interchange at Tseung Kwan O Tunnel Toll Plaza (Kowloon bound) will open on the morning of May 1.   Thirty bus routes will stop at the interchange, including 15 whole-day, four early morning-only and 11 peak-only bus services.   Passengers changing buses for designated routes there will enjoy fare concessions.   Shelters, seats and display panels showing estimated bus arrival times are provided at the interchange.
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