BAVIN BUDGET

Northern Advocate, 11 October 1928, Page 5

BAVIN BUDGET

SMALL SURPLUS EXPECTED LIGHTER TAXATION LOAD. REDUCTION OF £1,000,000. (Australian Press Association.) (Received 8.15 a.m.) SYDNEY, This Day. , The State Premier, Mr T. R, Bavin, in his capacity as Treasurer, delivered the Budget statement last night. Financial reforms were foreshadowed, reducing the general taxation burden this year by over £1,000,000. The amended income tax, by adjustment of new rates to be announced in a bill for presentation tp Parliament next month, is expected to produce extra revenue of £600,000 to £700,000. The tax will start at £250 for those without dependents. The estimated revenue for the year is £21,000,000 and the expenditure £20,76(5,000, leaving a favourable balance of £2.34,000. The public debt on June 30 amounted to £245,000,000, of which £1,300,000 will be extinguished Phis year. By arrangement with the Commonwealth, a Loan Budget to bo introduced separately later will provide for expenditure of over £14,000,000 in the current financial year, including £4,500,000 for main roads. In addition to the estimated ordinary revenue, the railways are expected to yield £21,350,000 and the tramways £4,683,000, making a total of £47,791,000. The railways are anticipated to show a surplus and the tramways £68,000. The Treasurer has introduced a new system of public accounts to clarify the position, which hitherto has been obscure. , The actual deficiency for the year ended June 30 was £1,095,000, or £502,000 less than anticipated.