NEW SOUTH WALES BUDGET
LOWER INCOME TAX LIMIT.
A. and N.Z. SYDNEY. Sept. 15. In the Legislative Assembly Mr. A. A. 0 Cocks, State Treasurer, delivering his budget, announced an estimated revenue of £35.472,000 and an expenditure of £35 466.000. No details were given rebpecting the proposals fcnr the reduction of taxation, but it is understood that exemption of income tax will be reduced to £200 as a set off to the abolition of sixpence in the pound super tax. The railway position is so gloomy that it will not permit "drastic reduction in fares and freights. State enterprises showed a total loss of £105.000. including timber yards. There was a loss of £40,000 on the trawlers. Mr. Cock's income tax estimates were framed on the assumption that £253,000 less would be collected this year than last. The Budget makes no provision this year to wipe out the accumulated deficit of £3.578.000. or to provide a sinking fund for the existing public debt. The estimated departmental expenditure shows a decrease of £777,000. The Government generally aims at economy without, however, attempting in any way to underpay public servants.
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Bibliographic details
New Zealand Herald, Volume LIX, Issue 18197, 16 September 1922, Page 9
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188NEW SOUTH WALES BUDGET New Zealand Herald, Volume LIX, Issue 18197, 16 September 1922, Page 9
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