The business community applauded aspects of the ''back to basics'' thrust of the Policy Address but said the Government's economic relief measures would have no immediate impact.
Mr Tung announced a plan to provide $5 billion in rates rebates, a $1.9 billion fund for small and medium-sized enterprises, and an increased cap for salary tax deductions on mortgage interest payments from $100,000 to $150,000 a year.
Accountants and economists said the rates rebates - a maximum of $2,000 per property - and increased mortgage interest deductions would not be felt for 12 to 14 months.
Ernst and Young chairman of tax services Stephen Lau said increasing loans available to individual small and medium-sized firms from $1 million to $2 million was fine under the $1.9 billion package but such firms found the loans difficult to apply for.
Mr Lau said Mr Tung's $600 billion earmarked for infrastructure projects was to be spread over 15 years, which would have little impact on employment and the economy.
''The topics are right but there was not enough meat on the bones,' Mr Lau said. ''The $5 billion [in rates rebates] may seem like a lot of money to the Government in terms of the deficit but to the man in the street it's a drop in the ocean.''
JP Morgan economist Joan Zheng said some of the short-term measures announced would cushion the impact of the downturn but would not offset the drag on the economy from the deteriorating global economy. ''The important thing is how the market and the public react, because if people don't feel confident they're not going to spend any additional money,'' Ms Zheng said.