Group Calls For Better Spending Of Land Sales Cash

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2018-03-26 HKT 18:48

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  The Professional Commons says the government's repeated surpluses amount to "recurring non-recurring revenue". Photo: RTHK

Victor Wai talks to RTHK's Timmy Sung

A think tank said on Monday that the government is wrong not to treat revenue coming from land sales and property transactions as recurrent income, and this money could be put to good use helping the city's residents.

The Professional Commons said such revenue should be spent on welfare and education.

The think tank said Hong Kong probably wouldn't see a structural deficit over the next decade, even if up to HK$40 billion is added to the government's annual spending.

Dr Victor Wai, the think tank's policy convener in banking and finance, told Timmy Sung that the surpluses recorded again and again by the government amount to "recurring non-recurring revenue".

"We should use some of this recurring non-recurring revenue to support recurrent expenditure," Wai said.

Financial Secretary Paul Chan said last month that the government would see a massive budget surplus of HK$138 billion for 2017-18, sending fiscal reserves to more than HK$1 trillion.