CONCLUSION

Our economy has done well in the past year. This is due in no small measure to the willingness of our people to make short-term sacrifices for the longer term. They have accepted cuts in pay and CPF in order to see the economy nursed back to health. The cost-cutting measures put together in 1986 have restored our international competitiveness and put us back on the path of growth. Being a price taker, we must continue to be vigilant in maintaining and defending our competitiveness. Government will monitor closely the impact on businesses when reviewing statutory charges.

We must continue to run a tight ship and never allow ourselves to live beyond our means. Hence the Government will continue with its policy of collecting adequate revenue to cover expenditure. At the same time, Government expenditure will be scrutinized closely to ensure that each tax dollar collected is well spent and efficiently employed. An efficient public sector will not soak up valuable resources needed by the private sector.

So long as we continue with these policies, we will be well prepared to face the uncertainties of the future. With a people who have shown their resilience and determination to overcome adversities, I am confident we have what it takes to succeed.

Sir, I beg to move. [Applause]

Mr Speaker: The Question is, "That Parliament approves the financial policy of the Government for the financial year 1st April, 1989 to 31st March, 1990." In accordance with paragraph (1) of Standing Order No. 84, the debate now stands adjourned.

Debate to be resumed on what day, Dr Hu?

Dr Richard Hu Tsu Tau: On Monday, 13th March, 1989.

Mr Speaker: So be it.