AUSTRALIAN ACCOUNTS SHOW BIG SURPLUS
CANBERRA, June 4.
The Prime Minister, Mr. J. B. Chifley, revealed in the House of Representatives, that the Federal revenue for this financial year will exceed his Budget estimate by £46,000,000 and that expenditure will exceed his estimate by £16,000,000, leaving a surplus over his estimate of £30,000,000.
He attributed the greatly increased revenue to high wages, full employment and the accellerated issue of tax assessments.
Mr. Chifley said he expected taxation in 1947-48 to yield £44,000,000 over the estimate, including £25,000,000 from tax and the social services contribution The statement, he said, showed that it would not now be necessary to draw on loan funds to finance defence and post-war charges of £30,000,000 for which he had budgeted.
Taxation experts describe the figures given by Mr. Chifley as sensational, though not unexpected, and say that they leave him with no excuse for withholding substantial cuts in the rates of income tax.
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Bibliographic details
Gisborne Herald, Volume LXXV, Issue 22656, 5 June 1948, Page 5
Word Count
157AUSTRALIAN ACCOUNTS SHOW BIG SURPLUS Gisborne Herald, Volume LXXV, Issue 22656, 5 June 1948, Page 5
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