FURTHER TAXES.

Auckland Star, Volume LXI, Issue 221, 18 September 1930, Page 7

FURTHER TAXES.

AUSTRALIAN OUTLOOK

Stringent Economies Cannot

Balance Budget.

SALES TAX EXEMPTIONS.

(United P.A.—Electric Telegraph—Copyright)

(Received 11.30 a.m.) MELBOURNE, this day.

No date has yet been fixed for the opening of the Federal Parliament. The Federal Cabinet sub-committee has explored the whole field so far as economies and taxation are concerned.

The Acting-Treasurer, Mr. J. A. Lyons, stated that new taxation, as well as economies in expenditure, will be necessary to balance the Budget this financial year.

So many exemptions have been granted from the operations of the sales tax that it is doubtful whether it will yield anythinw like the £5,000,000 estimated in the Budget, said the Acting-Minister of Markets, Mr. F. M. Forde.

The "Financial Times," according to a London message, says financial circles regard the initiation of the scheme of pooling Australian bank funds in London—estimated at £40,000,000 —as one of the most important measures introduced in connection with the crisis.

It is believed that the scheme will remove all doubts of Australia's ability to meet her commitments promptly and faithfully. It is satisfactory that the banks' decision was unanimous.