N.S.W. BUDGET

Hawke's Bay Tribune, Volume XIX, Issue 305, 11 December 1929, Page 8

N.S.W. BUDGET

TREASURER’S SPEECH ' REDUCTION IN TAXATION. EASING THE BURDENS ON INDUSTRY. Unite I Pres/ Assoclation-By CableCopyrighi.i Sydney, Dec. 10. In the Legislative Assembly the Treasurer, Mr. Stevens, delivered his Budget speech Ho said that the financial operations for the year ended June 30 last resulted in a stirplus of £593,169, revenue being £20.703,940 and expenditure £20,110,771. Hr. Stevens estimated that revenue this year will diminish by £420,13". There was the utmost difficulty in arriving at revenue estimates owing to the uncertain financial trade outlook. He estimated the current year's expenditure at £20,262,417, which was slightly greater than last year.

Commenting on the economic position, which ho described as grave and diminishing the purchasing power of the community, and the growth of unemployment accentuated by the coal deadlock, Mr. Stevens pointed out that whereas the average amount received by Australia for the past five years from the sale of her primary products abroad was approximately £141.000.000, the amount which these would realise in 1928-29 would be only £112.000,0(10. In other words, there would lie £29,000,000 less coming to Australia tor the sale of her products. He announced that the Government was compelled to reduce loan expenditure from £14,500,000 to £10,000,000 for this year owing to adverse market conditions for overseas loans.

The Government proposed to try to stimulate production and rediV'e the burdens on industry. It would reduce income taxation this year by £1,000,000. The supertax of threepence in the pound on companies would not be levied this year, while the maximum rate of three shillings would bo reduced by threepence to 2’9. There also would be a general reduction of five per cent.'in rates on individual personal exertion and property. The existing method o! child endowment taxation would be substantiated by taxation of one per cent. on the wages of employees under State awards ns from January 1 This method would lift a harden off industry of anproximatoly £1.000.000 annually. The Goyern ment also intends to obtain additional revenue from increased liquor and tobacco licenses and betting.

PROPOSED AMUSEMENTS TAX. COMPETITION WITH THE RAILWAYS. (Received 11. 9.475 a.tn.) Svdnay, Dec. 10. The Treasurer (Mr. Stevens) announced that they expected to finish the financial year wit.lj a surplus of £21,386. He intimated that it was also proposed to impose a tax on amusements.

Referring to the growth of competition of motor traffic against the railways Mr. Stevens said that the time had arrived when the Railway Department would have to go after business rather than wait for it to come to the railways. The railways earnings last year were £19,000,000. the wniking expenses approximately £15,000,000 and the in >' "est bill over £6.000.000. The capital in e ,>-ted in New South Wales railways. £124,000.000. aggregated almost half the public debt.