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The 2024 Budget Bill forecasts Macao’s first surplus since the pandemic began

The bill also proposes raising public servants’ salaries and continuing the annual cash handout to residents.

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The bill also proposes raising public servants’ salaries and continuing the annual cash handout to residents.

ARTICLE BY

PUBLISHED

READING TIME

Less than 1 minute Minutes

The government has done an optimistic about-turn on its budgetary predictions for next year, and now expects a financial surplus, multiple media outlets report.

The 2024 Budget Bill – which has been submitted to the Legislative Assembly (AL) – forecasts a budget surplus of 1.17 billion patacas. Total revenue is expected to reach 107.11 billion patacas, with expenditure coming in at 105.94 billion.

In August, Chief Executive Ho Iat Seng warned that the budget deficit would continue next year – and that a surplus wouldn’t be possible until gross gaming revenue (GGR) hit 230 billion patacas. 

[See more: Macao’s recovery will beat expectations this year, a local economist says]

Nevertheless, an explanatory note in the proposed bill said the government expects GGR to reach just 216 billion patacas in 2024 (75.6 billion patacas of which would be collected as tax revenue).

The bill proposes that the government continues its annual cash handout to residents next year. This year, permanent residents received 10,000 patacas while non-permanent residents received 6,000 patacas.

It also proposes a 3.4 percent salary raise for civil servants, effective from 1 January.

The bill is scheduled for debate and to be put to vote during a plenary session of the AL next Tuesday.

 

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