The provisional deficit for the year ending March 31 is $61.7 billion, with expenditure amounting to $239.2 billion and revenue to $177.5 billion.

The provisional deficit is $8.3 billion lower than the revised estimate of $70 billion announced in the 2003-04 Budget Speech.

This is because total expenditure is $4.2 billion lower than the revised estimate, while revenue is $4.1 billion better than the revised estimate, largely as a result of additional revenue from profits and salaries taxes, income from investments with the Exchange Fund and higher-than-expected loan repayments.

The balance of fiscal reserves was $311.4 billion at March 31, and is $8.4 billion more than the revised estimate of $303 billion. 

All figures are provisional pending the final closing of the annual accounts.