Reducing Rates Payments

103. In response to the economic downturn, the Government has decided to reduce rates payment for all ratepayers for the coming year to ease their burden. The maximum amount to be waived for each rateable tenement is $2,000. Public housing tenants, occupiers of private domestic property, shops, and small and medium enterprises will all benefit. We estimate that 840 000 ratepayers will not pay any rates in 2002, while the remainder will enjoy a full reduction of $2,000. This concession will cost about $5 billion in lost revenue.