COMMONWEALTH FINANCE

Evening Star, Issue 18050, 18 August 1922, Page 4

COMMONWEALTH FINANCE

MDERATE DEFICIT OH YEAH. EXPENDITURE CUT OF THREE MILLIONS. Press Association—’By Telegraph —Copyright. Australian and N.Z. Press Association. M33LBOURNE, August 17, In the Federal Hoilsoof Representatives the Treasurer (Mr S. M. Bruce) delivered his Budget speech. He said that the expenditure amount to £65,106,949, and the revenue amounted to £64,895,045, leaving a deficit of £211,903. The surplus brought forward from 1921-22 amounted to £6,618,327, and.the surplus carried forward to 1922-Ai amounted to £6,408,422. The total expenditure out of revenue, war loan, and loans for works and lauds during the year was £77,930,429, an estimated expenditure of £BO,oJ r ,ooa. being a reduction on the estimate oi £2,957,203. „ . The estimated expenditure for the current year was £62,023,693, being a decrease bn last year’s expenditure ot £3.083,256. ’ , . . .. The gross public debt at the end of the year was £416,070,509—an increase during the year of £14,300,484. After allowing fo- repayments the public debt would lie £341.120,778. which would be further reduced Iby £32,000,000, representing the value of transferred properties. Ibe combined Commonwealth and State debts 1 totalled £842,366,331. on which there would be reductions, leaving tho net; debt for tho Commonwealth and the .dates £784,166,000. Mr Bruce emphasised the necessity to. a stable Government and sound finance, thus inducing capital expenditure for development work and on. primary # (industries, as through this means particularly a reduction in taxation might be hoped for. He added that Die Government was considering proposals for handing over tho Federal capital to a Board of Commissioners similar to that operating at Ottawa. . Mr Bruce concluded by saying : there is not a country in tho world whoso present circumstances are equal to Australia’s and whose, future is comparable with ours.”