FEDERAL FINANCE.

Hawera Star, Volume XLVIII, 1 August 1924, Page 9

FEDERAL FINANCE.

REDUCING TAXATION. «Y OABLB —PRESS ABUOCIATJOR—COPYRIGHT Received August 1, 11.5 a.m. MELBOURNE, August 1. In his Budget speech, Dr. Earle Page said that the ta.x payable by persons with income's above £I2OO per annum would be reduced by 10 Tier cent, and the profits derived from goldmining would be exempt from tax. The revenue derived from income tax during the past year amounted to £11,057,555. the payment of old age and invalid pensions amounted to £6,533,881, distributed among 155,671 people. The maternity allowances show a faffing off of £8652. which indicates a reduction of the birth rate. Indent charges total £19,963 818. The reduction in the postage rates, which took effect on October 1, resulted in a loss of £BOO,000. The Federal Government intended to relinquish permanently the taxation of lotteries in Tasmania, which yielded £lll,OOO annually, but the Tasmanian Government would reimpose this taxation. The defence policy was to be established on a solid basis. The modest programme of development upon which the Ministry had decided would require a.n additional. £1,000,000 this year towards the construction of two modern 10,000 ton cruisers. Further encouragement is to he offered to the States to induce a large flow of immigrants up to' a tota.l of 50,000 annually. A sum of £SOOO would be placed on the Estimates to begin research into the cause of cancer. No more taxfree Federal loans are to be \ssued. The gross debt of Australia per head of the population is £l5B.