Cabinet approves NT$2.7 trillion budget
Premier Su Zhen-chang is touting the record-high budget for national defence, education and raising birth rates next year.
The cabinet has passed the central government's general budget today with revenues projected at NT$2.556 trillion for 2023 and expenditure at NT$2.719 trillion. That means a shortfall of NT$162.6 billion.
To make Taiwan more secure, the budgetary plan lists NT$586.3 billion for national defence, an increase of nearly 14% compared with this year and equivalent to roughly 2.4% of Taiwan’s GDP.
As the country's ever-dropping birth rate has picked up speed during the Covid-19 pandemic era, the cabinet has also proposed a specific budget of NT$108.8 billion to tackle the issues.
To maintain and improve Taiwan's competitive edge, Su says education is the most important, so his cabinet is prepared to spend NT$348.8 billion toward that end next year.
The biggest increase in the budgetary plan is for public construction projects, including Taoyuan International Airport's 3rd terminal, and they'll take some NT$600 billion, a jump of 32% from 2022.
The budget proposal still needs to be approved by the legislature.