AUSTRALIA’S FINANCES

Evening Star, Issue 18337, 26 July 1923, Page 6

AUSTRALIA’S FINANCES

OUTLINE OF BUDGET.

NO REDUCTION IN INCOME TAX.

Press Association —Bv Telegraph—Copyright. Australian and N.Z. Press Association.

MELBOURNE, July 25,

Dr Earle Pago (Federal Treasurer) will deliver his first Budget on Thursday. Ho will announce a surplus of approximately £7,700,000 of which £6,400,000 was carried over from last year. The past year’s revenue exceeded the expenditure by a little more than £1,250,000, This was mainly duo to a big increase in the Customs excise revenue, which amounted to £5,000,000 more than the estimate. Referring to the current year, tho Budget states that, owing to the Lugo commitments for war service that have still to he met, amounting to more than £30,000,000 last year, there will bo no reduction in tho income tax. It will announce a reduction in letter rales to three-halfpence, which is made possible by tho postal revenue exceeding the expenditure by nearly £2,000,000. A ‘‘ marie-time defence policy,'-involv-ing no new features, will bo put forward on the ground that nothing should bo done until after the Imperial Conference. There will bo no alteration of the tariff duties, pending the recommendations of the Tariff Board, and tho need for a linger appropriation from present and future surpluses for tho sinking fund to pay off the Commonwealth indebtedness v.i;i be emphasised.