Gov’t maintains cash handouts, expects MOP216b GGR in 2024

The SAR government submitted the budget for the 2024 fiscal year to the Legislative Assembly, anticipating a surplus in the public finances again next year without tapping into fiscal reserves to cover the fiscal gap. The estimated gross gaming revenue (GGR) next year is projected to reach MOP216 billion.

The budget proposal estimates that the SAR’s general comprehensive budget revenue will be MOP107.11 billion next fiscal year, while the general comprehensive budget expenditure is anticipated to reach MOP105.93 billion.

In its statement of reasons, the government highlighted the continuing improvement of Macau’s business environment and job market.

Similarly, the unemployment rate and inflation rate have remained low, and economic recovery prospects are cautiously optimistic. These trends are expected to continue into the next fiscal year, according to the report.

Furthermore, due to a significant reduction in expenditure on health and epidemic prevention, and associated financial aid measures, the government intends to adjust its resource allocation and investment in public infrastructure accordingly.

The plan will continue to implement a series of measures aimed at benefitting the people, including a cash sharing plan, a medical subsidy plan, a residential unit electricity subsidy and subsidies for continuing education and development, with an estimated total expenditure of MOP8.514 billion.

The estimated total expenditure on disability pensions, disability allowances, special living allowances for three types of disadvantaged families, and regular assistance is projected to be MOP13.063 billion.

Next year’s budget will also resume the injection into the central provident fund.

The government noted that the SAR’s fiscal situation meets the conditions for a special allocation of pre-surplus from the central provident fund system. Consequently, relevant budget expenditures will be included in next year’s budget again, with an estimated amount of MOP3 billion.

Also, government workers’ salaries are set to increase from January, as outlined in the proposal. The amount of civil servants’ salary points will increase to MOP3 per point. Staff Reporter