STEVENS BUDGET.

Auckland Star, Volume LXIV, Issue 230, 29 September 1933, Page 7

STEVENS BUDGET.

TAX REDUCTIONS.

New South Wales Finances on

Sound Basis. UNEMPLOYMENT DROPS 42 P.O. (United P.A.—Electric Telegraph—Copyright) SYDNEY, September 28. In delivering the Budget in the New South Wales Legislative Assembly the Premier and Treasurer, Mr. B. S. Stevens, announced the Government's intention of affording reductions in income tax, unemployment relief tax and child endowment taxation, also reductions in first and second-class railway fares, aggregating £3,000,000.

Income tax in regard to personal exertion and property is to be reduced 10 per cent, and companies are to benefit to the same extent. Concessions equivalent to £875,000 are to be granted in unemployed relief taxation. Lower paid wage-earners will receive most of the benefit. This is to begin on December 1.

The basis of the unemployment relief scheme is to. be so altered that work will be provided for an additional 40,000 or 50,000 persons.

Receipts for the current year are expected to be £42,333,540 and expenditure £45,934,507, leaving a deficit of £3,001,021 at the end of the next financial year.

Mr. Stevens said the deficit for the year just ended was £3,758,839, compared with £14,227,845 when Mr. Lang left office. He emphasised that the State's financial position now is sound and that the revenues are recovering rapidly. Unemployment had been reduced 42 per cent.