REDUCTION OF TAXATION

Hawera Star, Volume LIII, 29 September 1933, Page 5

REDUCTION OF TAXATION

NEW SOUTH WALES PLANS LOWERING OF RAILWAY FARES. TOTAL £3.000.000 RELIEF PREMIER PRESENTS BUDGET fT .Triifc?“T Press Association —By Electric Telegrjoj Copyright.) SYDNEY, Sept. 28. Delivering 'his Budget in the Assembly to-night the Premier and Treasurer, Mi- B. S. B. Stevens, announced the Government’s intention to afford reductions in income tax, unemployment -rel ief tax and child endowment taxation, also reductions in first and second-class rail fares, aggregating £3,000,000. Income tax with regard to personal exertion and property will be reduced by 10 per cent., companies benefiting to the same extent. . Concessions equivalent to £875,000 will be granted in unemployed relief taxation, lower paid wage-earners receiving most benefit. This will begin on December 1. The basis of the unemployment relief scheme will be so altered that- work will be provided for an additional 10,000 or 50,000 persons. Receipts for the current year are expected to be £42,333,546, and expenditure £45,934,567, leaving a deficit of £3,601,021 at the end of the next financial year. Mr Stevens said the deficit for the year just ended was £3, 758,839, compared witli £14,227,845 when Mr J. T. Lang left office. He emphasised that the State's financial position Avas now sound and the revenues were recovering rapidly. Unemployment had been reduced by 42 pt vv cent.