THE BUDGET

Evening Star, Issue 19002, 25 July 1925, Page 3

THE BUDGET

SUMMARY OF YEAR’S FINANCE

Revenue Estimate, £29,600,000

Some Tax Reductions and Concessions

The Hon, W. Noswprthy (Minister of Finance) presented in the House of Representatives last night the Financial Statement, disclosing the result of last year’s operations and an outline of the position as he estimates it for the current year. As to the latter, ho calculates the total ordinary revenue for the year at £29,600,000, and the expenditure at £29,024,616, leaving available for supplementary estimates and taxation reductions and concessions £575,384 (last year’s surplus was £1,243,800). Among these reductions and concessions may be enumerated an extension of the allowance of 2$ 6d per week as an addition to the old-age pension of 15s per week, and also pensions for the blind, reductions in taxation in respect of income tax, and repeal of mortgage duty.

Interesting measures by way of improving the method for repayment of the public debt are proposed.

It is proposed to transfer up to a million from ordinary revenue for Public Works.

In his preamble, Mr Nosworthy pays warm tribute to the late Mr Massey, of whom he says: “ He had in the post-war years the onerous task of bringing about a considerable reduction in expenditure, and, despite adverse pressure and risk of unpopularity, he consistently held to the policy that, has so improved this dominion financially as compared with any other country in the world affected by the Great War. This result was achieved, moreover, while substantial remissions in taxation and charges were granted of the annual value of £3’,750,000.