The government’s proposed 2024 budget – boasting Macao’s first surplus in three years – was approved by the Legislative Assembly (AL) yesterday, the Macau Daily Post reports.
Next year’s surplus is expected to run to 1.17 billion patacas, with revenue reaching 107.11 billion patacas.
During the Covid-19 pandemic, which severely restricted the SAR’s economy, the government was forced to dip into financial reserves to cover its annual expenditure.
[See more: Macao’s financial system is being overhauled]
The latest budget forecasts gross gaming revenue to hit 216 billion patacas in 2024, of which 35 percent (75.6 billion patacas) will be funnelled to the government as tax. It also raises public servants’ salaries by 3.3 percent, effective 1 January.
Welfare measures prioritising senior citizens, students, low-income households, and small-to-medium-sized businesses will reportedly make up as much as 30 percent of next year’s government expenditure.
The initiatives include a wealth-sharing scheme, giving eligible residents a cash injection of 7,000 patacas into their Central Provident Fund accounts next year.
