FY2013 surplus revised upwards to $3.92b

LARGER than the official estimate, but smaller than the market's forecast - such was the $3.92 billion Budget surplus amassed by the government in FY2013, thanks to stronger-than-expected collections from stamp duties and vehicle quota premiums.

While lower than the actual FY2012 overall surplus - which was revised upwards to $5.82 billion, from $3.86 billion - FY2013's surplus is about 1.62 times the government's earlier estimate of $2.42 billion.

"The stronger fiscal surplus was mainly due to cyclical factors. They will not last, and we should see a tighter Budget position in the coming years," said Finance Minister Tharman Shanmugaratnam in his annual Budget speech yesterday.