COMMONWEALTH FINANCES.

Press, Volume LXV, Issue 19666, 9 July 1929, Page 11

COMMONWEALTH FINANCES.

SUBSTANTIAL DEFICIT. DR. EAELE PAGE'S REVIEW. (ONIT2D PRESS ASSOCIATION —B¥ ELECTRIC TELEGRAPH—COPYSIGHT.) (Received July Bth, 8.30 p.m.) SYDNEY, July 8. In a review of the Commonwealth finances the Treasurer, Dr. Earle Page, said that for the year just ended there was a deficit of £2,338,000, which was due largely to the diminution of Customs and excise revenue, the yield from which was £41,000,000. The decrease in Customs receipts was partly due to increased protection and the use of Australian materials, and the trade depression following upon the coal and timber stoppages. Adverse seasonal influences had also played their part.

In spite of the year's deficit, the position of the Commonwealth was satisfactory, having regard to the sound position of the Sinking Fund. Over £5,000,000 had been applied to the reduction of the Commonwealth debt, and nearly £1,000,000 to the redemption of the State debt.

Excluding business undertakings, the total revenue for the year would be £61,500,000. Invalid and old-age pensions had cost £10,126,000, iron and steel bounties £305,000, the wine export bounty £76,000, and war and reparation services, including the pensions involved, £43,670,000, which actually exceeded the total Customs and excise revenue. Special grants to Western Australia and Tasmania, and road grants to all States, totalled over £11,000,000. —Australian Press Association.