AUSTRALIAN FINANCE.

New Zealand Herald, Volume LIV, Issue 16483, 8 March 1917, Page 8

AUSTRALIAN FINANCE.

EXPENDITURE ON THE WAR. NEED FOR SELF-DENIAL. A. and N.Z. Cable. MELBOURNE. March 7. The Treasurer, Sir John Forrest, unexpectedly delivered tho Financial Statement in the House of Representatives. Ho said that the outstanding features of the 2916-17 Estimates were the great increase in revenue and tho greater increase in expenditure. The actual revenue for 1915-16 was £30,116,007, while tho expenditure out of revenue, not including war votes, was £23,984,360. Tho estimate for 1916-17 was £28,639,455, a startling increase. Leaving tho war out of consideration, the 1916-17 Estimates showed a revenue of £32,909,290, and an expenditure of £28,639,455, leaving a balance sufficient to meet tho portion of tho war expenditure payable from rovenue, and apparently still leaving a surplus of £366,284. Although Australia could pay her way out of revenue during this year, owing to tho sum of £3,000,000 brought forward last year, really thero would be a deficit of £2,633,716. The position was very unsatisfactory, and the policy of self- ! denial required immediate action. It was necessary to curtail "expenditure. War expenditure from loan amounted to £80,000,000 yearly, notes in circulation amounted to £46,568,069, against which £16,139,482 was held in gold. The war expenditure for 1916-17, not including interest and sinking-fund and war pensions, which would bo charged to revenue, was estimated at £78,782,364. The public debt of the Commonwealth was now £159,068,758.