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Tuesday, 19 August 1980
Page: 62

The key Budget aggregates for 1980-81 are summarised in the following table, together with comparable data for 1979-80.

1979-80 1980-81

Actual Change on 1978-79 Estimate Change on 1979-80

S million S million per cent S million $ million per cent

Outlays 31 694 2 649 9.1 36 037 4 342 13.7

Receipts 29 661 4 094 16.0 34 471 4 810 16.2

Deficit (-) . -2 034 +1 444 -1 566 + 468

Overseas Deficit (-) -1 467 - 247 -1 605 -138

Domestic Deficit (-) Surplus (+) - 567 +1 691 + 39 + 606

The Budget provides for an increase of 13.7 per cent in total outlays in 1980-81 compared with an increase of 9.1 per cent last year. The 1980-81 increase is estimated to represent real growth in outlays of about 3 per cent. As a proportion of GDP, Budget outlays are estimated to be about the same as in 1979-80.

Total receipts are estimated to increase by 16.2 per cent in 1980-81, which compares with an increase of 16.0 per cent in 1979-80. Total receipts increased by 8.9 per cent in 1978-79 and 9.7 per cent in 1977-78. The continued strong growth estimated for total receipts in 1980-81, notwithstanding the slower estimated growth in personal income tax receipts, reflects mainly the further substantial increase in estimated receipts from the excise on crude oil and LPG and strong growth in company tax receipts.

The Budget deficit for 1980-81 is estimated at $1566 million, a reduction of $468 million on the deficit recorded in 1979-80. The deficit on overseas transactions is estimated to increase by $138 million to $1605 million mainly because of increased outlays for defence equipment. Domestic budget transactions are thus estimated to move from a deficit of $567 million in 1979-80 to a surplus of $39 million in 1980-81. A domestic budget surplus was last recorded in 1973-74.







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