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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

Contractor suspended from bidding

The Development Bureau has suspended the contractor involved in yesterday's fatal industrial incident on a private works site at the Peak from tendering for public works contracts pursuant to the regulating regime.

 

The contractor concerned was under the List of Approved Contractors for Public Works.

 

As the party that procures services for public works, the bureau issued a notification to the contractor concerned that evening to suspend it from tendering for public works contracts in the site formation category with immediate effect.

 

The contractor must conduct an independent audit to review its safety management system. Taking cognisance of its outcome, the contractor is required to submit an improvement action plan and implement improvement measures to demonstrate that it has an effective safety management system in place, before lifting of the tendering suspension can be considered.

 

The suspension from tendering is both confined to future tender exercises and those with procedures initiated but not concluded.

 

The relevant government department is investigating this industrial incident and will handle it in accordance with the law.

 

Subject to the investigation findings, the bureau will impose further regulating actions on the contractor concerned later on, including extension of the period of suspension from tendering for public works contracts and even removal from the list.

 

It reiterated that the Government attaches great importance to construction site safety.

 


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