IN AUSTRALIA.

Lyttelton Times, Volume CXVII, Issue 17286, 29 September 1916, Page 5

IN AUSTRALIA.

AUSTRALIAN FINANCES.

TREASURER’S STATEMENT.

By Telegraph—Press Association—Copyright MELBOURNE. September 28.

In the House of Representatives the Treasurer (the Hon W. G. Higgs) said that the revenue from all sources estimated at £127,836,291, against £91,952,632 in 1915-16. The total War expenditure was estimated at £85,299,500, and in arriving at this it was estimated that tho average strength of the Commonwealth Forces during 1916-17 would bo 257,132. Tho cost of maintaining an average of 50,000 in Australia was £11,882.500. War pensions during tho previous year cost £129,273; and the estimato for the durnent year wua £1,000,000. Tho military expenditure last year was £83,940,194, and the estimato for tho current year was £73,670,610. T!7e Treasurer estimated that the public debt on Juno 30, 1917, would bo £175,597,000, of which the war debt was responsible for £141,789,479.

. INCREASED PENSIONS. (Roceivcd September 28, 6.25 p.m.) . • MELBOURNE, September 28. The Federal. Budget provides for an increase iu the old ago and invalid pensions from 10s to 12s 6d, involving an additional annual expenditure of £87,000. Last year pensions cost £2,859,766. Tho maternity allowances absorbed £659,715. For new works £4,394,187 is allotted, including £150,000 for tho Federal capital, on which £856,000 has already been spent. Tho House received the taxation proposals cheerfully.

THE WAR PROFITS TAX. '(Received September 28, 10.25 p.m.) MELBOURNE, September 28. ~ Mr Higgs, explaining the war profits tax, said that with regard to the standards of o to 6 per cent for 1915-16 and 7 to 8 per cent for 1916-47, the lower rate in each instance refcrrecL to companies of higher private firms as distinguished from the pre-war standard.

AMUSEMENT TAX OPPOSED

SYDNEY, September 28.

Tt is generally conceded that tho new taxes will fall heavily on all classes. Manufacturers and shippers accept the war profits tax cheerfully, although they are likely to hit firms of small capital. Theatrical proprietors oppose the amusements tax, which. they say, is levied on takings instead of on profits.