MR. BAVIN'S BUDGET.
SURPLUS ANTICIPATED. INCOME TAX ADJUSTMENT. (Received October 10, 11.30 r.rn ) SYDNEY. Oct. 10 Tlio Premier of Now South Wales, Sir. T. It. Bavin, will deliver tho State budget this evening. Ho anticipates an increase of between £600,000 and £700,000 in tho income tax revenue by an adjustment of the rates. Uiese will be announced in a bill to be presented to Parliament next month. It is estimated that there will be a surplus of £250.000. llie Budget foreshadows financial reforms which would reduce taxation this year by over £1,000,000. The amended income tax starts on incomes £250 when belonging to persons without dependants. Tilie estimated revenue for tho year is £21,000,000 and the expenditure £20,766,000. Tho State public debt as at June 30 amounted to £245,000,000, of which £1,300,000 will bo extinguished this year.
By arrangement with tho Commonwealth a loan Budget is to be introduced separately later. This will provide for an expenditure of more than £14.000,000 in tho current financial year, £4,500,000 being for main roads.
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Bibliographic details
New Zealand Herald, Volume LXV, Issue 20074, 11 October 1928, Page 11
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171MR. BAVIN'S BUDGET. New Zealand Herald, Volume LXV, Issue 20074, 11 October 1928, Page 11
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