FEDERAL BUDGET

Northern Advocate, 1 August 1924, Page 5

FEDERAL BUDGET

TAXATION CONCESSIONS. SOLID DEFENCE POLICY. IMMIGRATION ENCOURAGEMENT. (Received 1.45 p.m.) I MELBOURNE, This Day. '■ The Federal Treasurer, Dr. Earlc Page, in. introducing the Budget, said that the tax payable by persons with incomes of above £1200 per annum be reduced by 10 per cent. Profits derived from goldmining would be exempt from tax. The revenue derived from income tax during the past year -amounted to £11,057,555. The payment of old age and invalid pensions amounted, to £6,523,881 received by 155,671 people. Maternity allowances showed a falling off of £3652, which indicated a reduction in- the birth. Tate. Interest, charges totalled £19,9(53,818. The reduction of postage rates, which took effect on October 1, had resulted in a loss of £800,000.

The Federal Government intended *o relinquish permanently the taxation of lotteries in Tasmania, which yielded £111,000 annually, but the Tasmanian Government would reimpo3e this taxation. The defence policy was to be established on a solid basis. The modest programme of development upon which the Ministry had decided would require an additional £1,000,000 this year towards the construction of two modern 10,000-ton cruisers. Further encouragement would be offered the Steles to induce a large flow of immigrants up to a total of :")0,000 annually. j Some £5000 would be placed on the j Estimates to begin research into the ' cause of -cancer. No more tax-free Federal loans would t>e issued. . The gross debt of Australia per head of .population was £158.—A. and N.Z.