FINANCIAL REFORMS

Dominion, Volume 22, Issue 15, 12 October 1928, Page 11

FINANCIAL REFORMS

FORESHADOWED IN NEW SOUTH WALES

REDUCING TAXATION BURDEN MR. BAVIN’S BUDGET SPEECH The Premier of New South Wales, in his Budget speech, foreshadowed financial reforms, reducing the taxation burden this year by over a million sterling. (United Press Association. —By Electric Telegraph.—Copyright.) Sydney, October 11. The New South Wales Budget, introduced by the Premier, Mr. T. R. Bavin, foreshadows financial reforms reducing the taxation burden this year by over a million sterling. The amended income tax starts at £250 for those without dependants. The estimated revenue for tlie year is £21,000,000, and the expenditure £20,766,000. Tlie State’s public debt on June 30 amounted to £245,000,000, of which £1,300,000 will be extinguished this year by arrangement with the Commonwealth. A loan budget, to be introduced separately later, will provide for the expenditure of over £14,000,000 for the current financial year, including £4,500,000 for main roads. In addition to the estimated ordinary revenue, the railways are expected to yield £21,350,000, and the tramways £4,685,000, making a total of £47,791,000. The railways, it is anticipated, will show a surplus with the tramways of £68,000. The Treasurer has introduced new systems of public accounts to clarify the position, which hitherto has been obscure. The actual deficiency for the year ended June 30 was £1,095,000, or £502,000 less than was anticipated. The current year is expected to show a surplus of £194,000. ,