AUSTRALIA'S FINANCES.

Auckland Star, Volume XLVIII, Issue 142, 15 June 1917, Page 5

AUSTRALIA'S FINANCES.

HUGE WAR EXPENDITURE. DIFFICULT FINANCIAL POSITION. BIG REVENUE INCREASES REQUIRED. (Received 12.15 p.m.) MELBOURNE, this day. The Federal Treasurer, in delivering his financial statement in the House of Representatives, said that the Customs revenue wan expected to show a deficit of £1,823,000, due ckiefly to the decreased number of ships from overseas ports. Tho Defence expenditure, not including war expenditure, was estimated at £5,392,(589. From the beginning of the war tho ordinary naval and military expenditure, and expenditure on works, arms, equipment of naval bases, and construction of the fleet had been £15,033,193. The total war expenditure was £120,114.200, of which £51,207,434 had been met out of loans. "The financial position," said Sir John Forrest, "has become very difficult, and a return to easy conditions sqems far off. The successive accumulative increases in expenditure are alarming, but it is not possible or opportune to indicate what should be done to provide the financial arrangements for the ensuing year." Referring to tho old age and invalid pensions, the Treasurer said that nearly li per cent of the total adult population wae receiving these pensions, involving an expenditure of £3.060.000. It was clear that a very large additional revenue would be required next yenr. Supply was passed by both Houses.— (A. and N.Z. Cable.)