AUSTRALIA'S BUDGET.

New Zealand Herald, Volume LIX, Issue 18172, 18 August 1922, Page 7

AUSTRALIA'S BUDGET.

DEFICIT TOTALS £211,903.

REDUCTION OF EXPENDITURE.

TREASURER'S OPTIMISM, By Telezranh—Preea Association-i-Copyright (Received 11.10 p;m.) A. and N.Z, MELBOURNE. Aug. 17. In the House of Representatives the Federal Treasurer, Mr. S. M. Bruce, delivered his Budget speech. He said that the expenditure amounted to £65,106,955, while the revenue amounted to £64,895,046, leaving a deficit of £211,903. Tho surplus brought forward from 1921-22 amounted to £6,618,327, and the surplus carried forward to 1922-23 amounts to £6,408,422. ■

The total expenditure out of revenue, war loan and works and lands during the year was £77,930,429, against the estimate of £80,897,632, a reduction on the estimate of £2,967.203. The estimated expenditure for the current year was £62,023,693, a decrease on last year's expenditure of £3,083,256.

Tho gross public debt at the end of tho year was £416,070,509, an increase during the year of £14,300.484. After allowing for repayments the public debt would be £341,120,778, which would be further reduced by £32,000,000, representing valuable assets and transferred properties.. The combined Commonwealth and State debts totalled £842,366,331. With reductions, the net debt for the Commonwealth and States amounted to £784,166,000.

Mr. Bruce emphasised the necessity for stable Government and sound finance, thus inducing capital expenditure for the development of primary, industries. It was through this means particularly that reduction of taxation might be hoped for. He added that the Government was considering proposals for handing over the Federal capital to a board of commissioners similar lo that operating i at Ottawa.

Mr. Bruce concluded that there was not a country in the world whose present circumstances were equal to those of Australia, and whose future was comparable with Australia's.