Australian Revenue Above Estimate
(Rec. 1 p.m.) CANBERRA, This Day. Total revenue would probably exceed the estimate by £15,000.000 to £20,000.000 said the Prime Minister and Treasurer (Mr Chifley) in the House of Representatives when introducing a bill to appropriate an additional £20,000,000 from revenue for war purposes. The Budget estimated that total revenue would be £374,000,000. of which £208.000.000 was to be used for war purposes. The end of the war and relaxation of controls had caused marked buoyancy in customs and excise revenue. The Federal Cabinet has decided to recommend to caucus that tax cuts should have priority over proposals to eliminate the means test from the olcl age pension. As a concession to a caucus request last week, the Cabinet is also prepared to offer more liberal conditions of eligibility for old age, invalid and widows’ pensions. The proposed tax cuts range from 18 per cent, on lower incomes to 7 per cent, for incomes of £SOOO and more. The yearly value of the reductions would be £16,000.000.
Old age pensioners would be permitted to earn 17 6 weekly instead of 12.6 as at present, and to have property worth £650 instead of £4OO. This concession would cost £4,000,000 yearly and would benefit 95,000 people.
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Bibliographic details
Northern Advocate, 27 June 1946, Page 5
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208Australian Revenue Above Estimate Northern Advocate, 27 June 1946, Page 5
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