BAVIN’S BUDGET INCREASES TAXES

Manawatu Times, Volume LIII, Issue 6735, 11 October 1928, Page 7

BAVIN’S BUDGET INCREASES TAXES

Higher Scale on Incomes ESTIMATED TO YIELD £700,000 £250.000 SURPLUS HOPED FOR. United Press Association—By Electric Telegraph—Copyright. Received Wednesday, 10.35 p.m. SYDNEY Oct. 10 Mr. Bavin, Premier of New South Wales, delivered his State budget this evening. It anticipates an increase of £600,000 to £700,000 from income taxation by the adjustment of now rates, to bo announced in a Bill for presentation to Parliament next month. It is estimated there will be a Surplus of £250,000. FINANCIERS VERDICT FOR BRUCE FALLACY OF INTERNAL LOANS. Received Wednesday, 11.35 p.m. LONDON. Oct. 10. The "Financial News’’ says tho verdict in favour of Mr. Bruce will help to liberate Australia from the danger of tyranny and will strengthen tho foundations of true democracy. Mr. Scullin’s policy, to rely on internal capital, can only retard and cripple economic progress. ESTIMATED REVENUE AND EXPENDITURE. BIG ALLOCATION FOR ROADS. Australian Press Association. Received Thursday, 2.0 a.m. SYDNEY, Oct. 10. Tho Budget foreshadows financial reforms, reducing the taxation burden this year by over £1,000,000. The amended income tax starts at £250 for those without dependents. It is estimated the revenue for the year will be £21,000,000 and the expenditure £20,766,000. The State public debt on June 30 amounted to £245,000,000, of which £1,300,000 will be extinguished this year by arrangement with the Commonwealth Loan. A Budget to be introduced separately later will provide for expenditure of over £14,000,000 during the current financial year, with £4,500,000 for now roads.