FEDERAL FINANCE

Hawera Star, Volume XLVII, 11 October 1928, Page 5

FEDERAL FINANCE

SAVINGS EFFECTED. COMMONWEALTH AND STATES. MORE ECONOMIES PLANNED . Cbi’ted Press Association—By Electric Telsgrapb Copyright.; (Australian Press Association.) Received 10.5 a.m. to-day. SYDNEY, Oct. 11. Dr. Earl Page, the Federal treasurer, in the course of a speech, declared that the recent financial adjustment between the 'Commonwealth and the States, by which the States lost the per capita payment, would save live millions of public money. Further efforts would be made towards co-ordin-ating Federal and States’ functions with the object of effecting still greater economies and efficiency. Dr. Page claimed that the six years’ record of achievement for the BrucePage composite Government had substantially improved the position of the countryman and’had altered the whole outlook of the country’s development. N.S.W. BUDGET. FINANCIAL REFORMS INDICATED. REDUCTION IN TAXATION. ""SYDNEY, Oct. 10. The State Budget will be delivered by the Premier, the Hen. T. R. Bavin, this evening. It anticipates an increase of £600,000 to £700,000 from income taxation by am adjustment. The new rate is to bo announced in a Bill for presentation to Parliament next month. It is estimated there will be a surplus ef £250,000. The Budget foreshadows financial reforms and reductions in the taxation burden this year by over £1,000,000. The amended ’income tax stands at £250 for those without dependents. The estimated revenue for the year is £21,000,000, and the expenditure £20,766,000. The State public debt at June 30.| amounted to £245,000,000, of which £l,300,000 will be extinguished this year by arrangement with the Commonwealth. A loan budget to be introduced separately later will provide expenditure of over £14,000,000 in the current financial year. Of that amount £4,500,000 will be for main roads.