Why Did the Budget Keep Crying Wolf?

What was John Tsang’s “wolf” record?

A February 2011 commentary noted Tsang cried “deficit” in every budget since taking office, yet posted surpluses every year — the miser image stuck. The 2010–11 budget warned of a HK$25.2 billion deficit; Deloitte estimated a HK$72 billion surplus instead. Across five years, two financial secretaries underestimated revenue by HK$297.6 billion — nearly HK$300 billion quietly flowing into the treasury.

What could HK$300 billion do?

Not token rates waivers, but serious money for housing, education and healthcare. The commentary accused the government of favouring business over people: cutting stamp duty and profits tax for financial conglomerates while telling ordinary citizens to buy their own health insurance — or sell their homes via reverse mortgages in old age.

What about retirement protection?

The most common CSSA cases weren’t the unemployed but elderly recipients — over half — proof of inadequate retirement protection. A decade into MPF, hefty admin fees devoured returns: Hong Kong’s 2% versus about 1% elsewhere meant nearly 40% of contributions could go to fund companies over thirty years. To keep more of your own, choose low-fee funds at MPF fund comparison.