N.S.W. BUDGET

Evening Post, Volume CVIII, Issue 76, 26 September 1924, Page 7

N.S.W. BUDGET

A SMALL SURPLUS HEALTHY BUSINESS OUTLOOK RELIEF FOR TAXPAYERS, (UNITED PRESS ASSOCIATION.—COPIRIQHT.) SYDNEY, 25th September. Tn the Legislative Assembly, the Trea. surer, Sir Arthur Cocks, delivered his Budget. It showed that the estimated revenue for the past financial year was £36,825,000, and the actual amount was £37,460,000. The chief increases were income tax £240,000, and unclassified receipts £122,000. The estimated expenditure was £36,914,000, and the actual expenditure was £37,359,000. The surplus was £101,000.

_ In the Estimates for the current year a surplus of £8000 is anticipated. The estimated revenue is £38,014,000, and the expenditure £38,006,000. The accumulated deficit now stands at £2,647,000. The Treasurer referred to the improved condition and bright seasonal outlook for the agricultural and pastoral industries, the good prices ruling in the world's markets for staple products, and the improved trade conditions. He estimated the wheat harvest to yield fifty million bushels. The autumn and wintor lambing season had been the best since_ 1911, and the spring and summer lambing promised to be a record. The most interesting point in the Speech, from the taxpayers' standpoint, ■fas the announcement that the tax on incomes derived from personal exertion will be reduced by threepence, without any alteration in the present basis of exemptions. Another easement in the taxpayers' burden will be in a reduction of stamp duties. The companies tax will remain unaltered. The reduction of taxes represents relief to the taxpayers, totalling between £300,000 and £350,000. Tho reduction in stamp duties includes the removal of the twopenny duty on wages receipts. The Treasurer sounded a- warning nota regarding the heavy charges ■ against revenue to meet the growing interest bill and the large Public Debt. The reductions in stamp duties total £100,000. ■ The departmental wages bill for the past year was £5,042,000, compared with £2,351,000 in 1914. ' The Public Debt is £210,494,000,, an increase during the year of £26,922,000.