COMMONWEALTH FINANCES

Evening Star, Issue 19019, 14 August 1925, Page 5

COMMONWEALTH FINANCES

BUDGET SURPLUS CREDIT OF £4.609.529 TAXATION BELIEF. Press Association— By Telegraph—Copyright. MELBOURNE, August 13. In the House of Representatives Or Earle Page (Federal Treasurer) delivered the Budget. He stated that the revenue last year amounted to £68,854,809 and the expenditure to £65,836,433, leaving a surplus of £4,609,529. Of the surplus £1,500.000 would be used for debt redemption, £1,500,000 for naval construction, and £750,000 for main roads and development. Dr Pago added that after considering the expenditure to bo mot out of revenue the Government found that it would bo able to make concessions on most heads in direct and indirect taxation. _ The estimated expenditure for 1920-26 26 was £67,458,586, and the estimated revenue £57,574,300, to which had to be added £659,529 brought forward from the previous year, making the estimated accumulated surplus £775,243. The gross Commonwealth debt at the end of June last was £430,947,593, and the States’ debts were £592.202,487, which, when added to the Commonwealth debt, mode a gross total for Australia of £967,197,097, or £165 per head of the population. Dr Page said that after considering the expenditure to be met out of revenue the Government would submit suggestions to Parliament for relief to the extent of £750,000 in indirect taxation, of £1,400,000 in income taxation, and of £360,000 in the entertainment tax. The promised income tax reduction meant that the tax would be reduced by 121 per *pnt. compared with last year. Dr Pago concluded Im saying that the public credit had improved, both at homo and overseas, and a bright and happy future was assured. (Received August 14, at 10.45 a.ra.) Provision is being made for increases in the invalid and old ago pensions to £1 weekly, simultaneously with the passage og such portions of the national insurance proposals as may be approved by Parliament. 'An additional sum of £193,729 is provided for defence. War pensions are estimated to cost an additional £21,774. The estimated requirements of the Postal Department total £10,616,435. The estimated revenue is £10,710,000, The Commonwealth real ways show an estimated deficit of £53,010 for the year. It is proposed to exempt Irom taxation land used exclusively by any club for cricket, football, or other games where personal profit is not derived by the individual members. No entertainment tax will bo payable where the price of admission is less than 2s 6d. The total estimated loan expenditure is £11,105,283. Legislation is proposed to enable land owners to obtain money on easy conditions for the erection of verminproof fences. It is proposed to lend £3,000,000 in all. The war debt to-day is ,£22,00,000 less than it was three years ago.