FEDERAL PARLIAMENT

Nelson Evening Mail, Volume LVI, 1 August 1924, Page 5

FEDERAL PARLIAMENT

BUDGET PRESENTED

(By Electric Telegraph.—Copyright.) (Australian and N.Z. Ahhucpjuol

MELBOURNE, July 31. In tho House of Representatives Dr. Page presented tho Budget. He said tlie° revenue for the year amounted to £65.077,810 or £4,078,810 in excess of tho budget estimated. Revenue from customs and excise amounted to £35,750.784, which was a record. The estimated revenue from this source was £29.650.000. The total expenditure out of revenue was £62,484.169, representing an excess of £1,552,321 over the estimate. Total revenue for the year was £66,017,203 and expenditure £64.430,019, showing a surplus for the year of £2.587.184. This, added to the accumulated surplus of previous years, makes a total of £10,015,758, but. from this £4.915.755 is deducted to pnv off a- portion of the national debt. Therefore the accumulated surplus was £5,100,003. Income lax exemption has been increased from £2OO to £3OO. and with other new exemptions all incomes up to £I2OO yearly will benefit, and 260.000 taxpayers will be relieved of payment- of income tax altogether. The Treasurer estimates, that ns a result of this the revenue will he decreased by two millions. The estimated revenue for 1924-25 is £64,395.000 and the estimated expenditure £64,368,963.

’The tax payable by persons with incomes above £I2OO per annum would he reduced bv ten per cent. Profits derived from goldmining will tie exempt from tax. Revenue derived from income tax during the past year amounted to £11,057.556. Payment of old ago and invalid pensions amounted to £6,523,881 to 155,671 people. Maternity allowances show a falling off of £3652. which indicates a reduction in the birth rate. Interest- charges total £19,963,818. Reduction in postage rates, which took effect on October Ist. resulted in a loss of £BOO,OOO. , , The Federal Government intended to relinquish permanently the taxation of lotteries in Tasmania, which yielded £lll.OOO annually, but the Tasmanian Government would reimpose U' IK fixation. The defence policy was to bo established on a solid basis. The modest programme of development upon which the Ministry had decided would requite nn additional million this year towards the construction of two modern ten thousand ton cruisers. Further encouragement would he ottered the States to induce a large flow of immigrants up to a total of SU.UUU an The ! sum of £SOOO would he placed on the Estimates to begin research into the cause of cancer. No more tax free Federal loans are (o be issued. , , The gross debt of Australia per head of population is £l5B.

DEFENCE EQUIPMENT BILL MELBOURNE, July 31. In the House of Representatives tlie Defence Equipment Bill allocating eo 500 000 for defence purposes, passed all its stages. The money represents the cost of construction of one ot the two proposed new cruisers on which the estimated outlay is about £2,200,000.