FEDERAL FINANCE

Evening Post, Volume CVI, Issue 46, 31 August 1928, Page 9

FEDERAL FINANCE

AUSTRALIA'S BUDGET I ESTIMATED SURPLUS [ DEPRESSION PASSING United Tress Association—By Electric Telegraph— Copyright. (Boccived 31st August, S a.m.) CANBERRA, 30th August. In tho House of Representatives tho Treasurer, Dr. Eurlc Page, delivered his Budget speech. Ho estimated tho revenue at the end of tlie present financial year at £63,010,000, and the expenditure nt .£03,597,000; leaving a surplus of £13,000, compared wifh a deficit of £2,030,237 last year. There would be no increase in direct taxation, and tho Treasurer stated that he had decided to .abandon the proposal to tax overseas income. Dr. Page added that he was satisfled tliat the clouds of depression were disappearing from tho financial horizon, and that tho country could look forward to a continuance of tho prosperity which in recent years" had been characteristic of Australia. LOANS AND EXPENDITURE. Dr. Pago said that the loans raised by the Commonwealth during the year totalled £40,500,000 and the Commonwealth iiad approved a £7,£50,000 expenditure by the States on migration under the British-Australian migration scheme, whereby Britain is advancing £34,000,000 at a very low rate of interest over a long period. A national insurance scheme would be introduced as soon as possible. Tho Commonwealth and employers and employees would jointly contribute to it. Soldiers' widows would receive pensions of £2 2s weekly without ; the slightest condition. A War Pensions Appeal Board would also be established. '- Tho war debt had been reduced to £293,500,000 while the Public Debt now stood at £,494,000,000.