GOVT REVENUE, SPENDING UP

Press, Volume CX, Issue 32460, 21 November 1970, Page 3

GOVT REVENUE, SPENDING UP

(N.Z. Press Association) WELLINGTON, Nov. 20. Both revenue and expenditure for the first six months of the current financial year were higher than for the same period last year, the Minister of Finance (Mr Muldoon) said today. “But a similar relationship is preserved,” he added. “The increases in revenue from income tax, customs duty, sales tax, and on the expenditure side the rises in the cost of social services and genera! administration, reflect the new expenditure commitments, such as social services, provided for in this year’s Budget. “Rising levels of salaries, wages and other costs, and the increased volume and price of imports also account for increases both in revenue and expenditure.” MAIN RISES “The major items of increased expenditure are s27m (27 per cent) on education; slsm (16 per cent) on health, services; and sB.Bm (71 per cent) on agriculture, : “Continued increases are expected over the balance of I the financial year, particularly in these items, and pro- i vision is made in the Supplementary Estimates," Mr Muldoon said. A summary of the con-

solidated revenue account for the second quarter is as follows: REVENUK

Increase on 1970-71 1969-70 Income tax 267.9 32.5 Payroll tax 0.5 0.5 Customs duty 61.9 8.4 Sales tax 51.1 11.0 Beer duty .. ■ 17.6 1.6 Estate. racing, other duties 26.7 3.9 Miscellaneous tax 16.3 1.7 Interest, profit, etc. 83.9 10.3 Military purchases 11.8 5.6 ... . . Ml ■■ Totals 537.7 75.5 EXPENDITURE Debt services 86.3 4.0 Stabilisation 12.7 1.2 Defence 40.0 4.0 Social services 384.9 50.1 General administration 126.3 18.5 Military credit purchases 11.8 5.6 ... . . i Totals 662.0 83.4