FEDERAL BUDGET.

Ashburton Guardian, Volume XXXV, Issue 8216, 13 August 1915, Page 5

FEDERAL BUDGET.

NA VAL AND MILITARY EXPENDITURE. I FEDERAL PREMIER'S REVIEW OF THE POSITION. (Received August 13, 9.55 a.m.) . " MELBOURNE, August 13. f, In his Budget, Mr Fishor estimated that the naval expenditure during. 1915-16 would total '£7,289,450, the principal item being £5,500,000 for the | hire of transports. The war expendiI ture was expected to reach £38,400,000. j The amount already borrowed''from the I British Government was £16,000,000, leaving £8,400,000 still to bo borrowed. Of £18,000,000 borrowed on behalf of the States, they had already received £12,125,000. In n review of the war up to August 6, Mr Fisher stated that Australia had oquipped and sent 76,566 troops to the front, and 5300 reinforcements are being sent monthly. For October.and November, this number would be doubled. ' Over 40,000 men were in the training oamps. • The total casualties were 13,976, but a large proportion of the sick and wounded would be able to rejoin. The crop outlook, continued Mr Fishor, throughout the Commonwealth, excepting over the greater part of Queensland, where the rainfall had been below normal, was very favourable. The estimated wheat- area was in the vicinity of 13,500,000 acres, and with favourable weather there should be a record crop. Regarding ineqme tax, Mr Fisher ex-i plained that the exemption amount of £156 per annum gradually abated as the incomes increased, till it disappeared when the income reached £1000. An additional exemption of £13 was provided for every child under 16, irrespective of incomes. Companies woiild bo taxed only on their undistributed profits.