financial officials-economy

▲ Budget Minister Park Hong-geun (L), Finance Minister Lee Hyoung-il (2nd from L), Bank of Korea (BOK) Gov. Shin Hyun-song (2nd from R) and Financial Services Commission Chairman Lee Eog-weon pose for a photo ahead of their meeting in Seoul on Sept. 30, 2026, in this photo released by the Ministry of Finance and Economy. (PHOTO NOT FOR SALE) (Yonhap)

By Kang Yoon-seung

SEOUL, Sept. 30 (Yonhap) -- South Korea's top financial officials on Wednesday stressed the need to use higher-than-expected tax revenue to address economic disparities by funding areas directly affecting people's livelihoods, such as housing, jobs and financial support for low-income households.

Finance Minister Lee Hyoung-il shared this view with Budget Minister Park Hong-geun, Bank of Korea (BOK) Gov. Shin Hyun-song and Financial Services Commission Chairman Lee Eog-weon during a meeting on macroeconomic issues, according to the Ministry of Finance and Economy.

The remarks came as South Korea's tax revenue is estimated to reach a record 478.6 trillion won (US$353.7 billion) this year, 88.4 trillion won higher than the original projection used to draw up the 2026 budget. The revised estimate is also 63.2 trillion won above the projection used for the supplementary budget.

During the meeting, the participants said the surplus tax revenue should be used strategically, taking the country's economic conditions into account.

Spending should focus on areas closely linked to people's livelihoods, including housing, jobs and financial support, to address widening economic disparities, they added.

The participants said they would closely monitor government bond markets and implement market stabilization measures, such as conducting emergency bond buybacks or using part of the surplus tax revenue to reduce bond issuance, if necessary.

The meeting marked the first of its kind since the finance minister took office this month.

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