“Buoyancy In Economy”

Press, Volume CVIII, Issue 31832, 9 November 1968, Page 46

“Buoyancy In Economy”

(New Zealand Press Association) WELLINGTON, November 8.

The increased returns for the first six months of the current financial year of $5.4 million in income and Social Security tax reflect, in part, the greater measure of buoyancy in the economy, said the Minister of Finance (Mr Muldoon) today.

The public accounts for the first half-year, details of which were released today, were broadly in line with Budget forecasts, Mr Muldoon said. But he cautioned that one should not read too much into a half-year’s account. Mr Muldoon said the additional $4.4m in customs receipts pointed to an upswing in importing. The increase of s2lm in expenditure was almost equally offset -by the increase of $20.5m in revenue receipts.

The additional $12.7m for social services was for education and hospitals, to provide for development and demand, and in payment of increased rates of Social Security benefits, Mr Muldoon said.

The summarised results of the Consolidated Revenue Account for the first six months of the year, compared with the corresponding period last year (figures given in millions of dollars), were:—

RECEIPTS 1967-68 5m 1968-99 Im Variation Income and Social Security tax 207.0 212.4 4-5.4 Customs Sales tax Beer duty ■ ■ ■■ 44.3 34.0 15.5 35*2 16.2 +1'2 +0.7 Estate, racing, stamp duty and land tax 20.2 21.1 +0.9 Motor spirits duty 4.3 5.4 Motor-vehicles, fees and charges Other taxes Other receipts 11.1 0.1 64.4 12.4 0.5 69.5* +0*4 +5.1 Total 400.9 421.4 +20.5 •The $69.5m of “other receipts’ includes 93m of refunds of defence expenditure covered by credit arrangements. PAYMENTS 1967-68 1968 69 Variation Im Im Debt services 75.7 78.1 +2.4 Stabilisation 13.8 14.5 + 0.7 Defence 34.3 37.7 + 3.4 Social services 2S4.8 297.5 +12.7 General administration 93.6 95.4 +1.8 Total m M2.2 525.2 +21.0