BUDGET LIVE 2015: Child allowance up, salaries tax down as John Tsang announces sweeteners

Finance Secretary John Tsang this morning unveiled his keenly-awaited budget for 2015, with a raft of sweeteners to put cash into people's pockets in an effort to boost consumption.

A salaries tax rebate, increased tax allowance for parents and a waiver on property rates were all included, as Tsang revealed a surplus of HK$63 billion. Here's how it unfolded:

CONCLUSIONS

Tsang is concluding his speech, recalling the “social bickering” of the past year.

He says: "Hong Kong's success has been built on our sound social system and shared values over the decades. People here have different opinions, different likes and dislikes, and different faiths. But, we can still live together harmoniously and our society can still operate effectively. However, events in recent years seem to have impacted on the system and common values. This is huge concern to me.”

Conflicts, he says, should be resolved through conversations, not confrontation. “I am never afraid of an argument or debate as long as they are constructive. If not, then we are just wasting our time without doing any good for Hong Kong."

Tsang says Hong Kong ranks in the top tier globally for its economic success. “However, behind and beyond material fulfilment, the people of this city, our younger generations in particular, are hungering for spiritual contentment. This is what a mature society should manifest, and this is a change that needs to be addressed and dealt with. Nonetheless, conflicts should be resolved through conversation rather than confrontation, and this is the point that we all must come to terms with.”