Turquoise-Coloured Budget for Hong Kong

Chan walking into LegCo to deliver his budget speech

Hong Kong Financial Secretary Paul Chan Mo-po unveiled his budget today and it reflects the tough economic climate the city is in.

Chan reported the deficit is at HK$87.2 billion for financial year 2024-45, with the aim to get Hong Kong into the black by 2028-29. Meanwhile the city's reserves continue to dwindle, from HK$734.5 billion (US$94.5 billion) to HK$647.3 billion, and is expected to decrease further to HK$580.3 billion in 2025-26. 

In order to tighten the government's belt, he announced pay freezes for civil servants and cutting some 10,000 posts. That clearly reveals a very bloated operation.

Ip wearing sunglasses and leather top

Other ways to bring in more money is to charge HK$200 instead of the current HK$120 for departure tax, allow betting on basketball games through the Hong Kong Jockey Club, and to make seniors shell out more for public transportation.

The elderly have had a great time taking advantage of the HK$2 fare on most public transit, and the government has had to subsidise the rest of the fares. But now there will be a cap on 240 trips per month, and seniors will have to pay 20 percent more on those routes costing over HK$10. 

It's controversial because it's mean to take away what was a privilege for the elderly, though 240 trips is more than reasonable.  

Chan's address clocked in at one hour and 48 minutes, and some lawmakers lost interest and looked at their smartphones.

However, it was hard to tell with Regina Ip Lau Suk-yee, who wore dark sunglasses inside the Legislative Council chamber. Lau claimed she had an eye inflammation, but she looked grumpy; she did comply with the dress code of wearing something turquoise to match the colour of the budget's cover.