Government Income And Expenditure Decrease

Press, Volume CVIII, Issue 31763, 21 August 1968, Page 6

Government Income And Expenditure Decrease

(New Zealand Prese Association?

WELLINGTON, August 19.

Government revenue and expenditure in the first quarter of the 1968-69 financial year decreased compared with the figures for the same period last year.

Government revenue for the first three months of 1968-69 totalled $164.3m. ($165.4m. for the same quarter of the 1967-68

year) and Government expenditure was $233.8m. ($235.8m.i.

These figures from the public accounts were released today by the Minister of Finance (Mr Muldoon).

A summary of the Consolidated Revenue Account shows that income tax and social security tax declined but customs duty, sales tax and beer duty increased slightly. All Government expenditure except social services and general administration declined. Mr Muldoon said the revenue for the first three months was as expected.

“But the period is too short to enable satisfactory comparisons to be made with the previous year, “On the expenditure side the decrease in debt services was a result of a lower transfer to the loans redemption account, while additional expenditure on education and

war and other pensions were contributing factors to the increase in social services. “The overall result was consistent with the estimates at Budget time and the position shown by the public accounts was in line with Budget expectations,” Mr Muldoon said.

■EVENUE 67-68 68-68 Sm 8m Income and social security taxes 80.2 78.0 Customs 21.2 21.5 Sales tax .. 14.0 15.7 Beer duty .. 8.0 8.3 Estate, racing and stamp duties 10.1 9.6 Other taxes 1.2 3.7 Other ordinary receipts . 30.7 27.0 Special receipts .. — 0.5 ■ Total 165.4 164.3 —— EXPENDITURE Debt services 48.0 43.9 Stabilisation 4.8 4.5 Defence 15.4 12.5 Social services .. 125.0 130.5 General administration .. 41.6 42.4 ■■■ Total 235.8 233.8