N.S.W. BUDGET.

Hawera Star, Volume XLVIII, 26 September 1924, Page 7

N.S.W. BUDGET.

RECEIPTS BALANCE, EXPENDITURE. 8Y CARLS —PRESS ASSOCIATION—COPYRIGHT SYDNEY, Sept, 25. Li the Assembly the Hon. Cocks, State Treasurer, delivered the Budget, which showed that the estimated revenue for the past financial year was £37,460,000 and the actual receipts £37,359,000, leaving a surplus of £IOI,OOO. The chief increases were; Income tax £240,000, unclassified receipts £122,000. The estimated expenditure ■ was £36,914,000, and the actual expenditure £37,359,000. The estimates for the current year forecasted a surplus of £BOOO, the estimated revenue being £38,014,000, and the expenditure £38,006,000. The accumulated deficit now stands at £2,674,000. The Treasurer referred to the improved conditions aiid bright seasonal outlook for agriculture arid pastoral industries. Good prices were rulihg in the world’s markets for staple products, and there were improved trade conditions. The estimated wheat harvest yield was fifty million bushels. The autumn and winter lambing season, had been .the best since 1911 j and the spring and summer lambing promised to be a record. The most interesting feature of the speech, from the taxpayer’s standpoint, however, was an announcement that the tax on incomes derived from personal exertion would be reduced by threepence, without any alteration in the present basis of exemptions. Another easement of the taxpayer’s burden would be reduction of stamp duties. The companies tax would remain unaltered. The Treasurer sounded a warning note regarding heavy charges against revenue to meet the growing interest bill and the large public debt.

The reduction in taxes represents relief to taxpayers totalling between £300,000 and £350,000. Reduction in stamp duties includes removal of the twopenny duty on wages receipts.