AUSTRALIAN FINANCE.

New Zealand Herald, Volume LXVI, Issue 20302, 9 July 1929, Page 11

AUSTRALIAN FINANCE.

DEFICIT OF £2,338.000. STATEMENT BY TREASURER. (Received July 8, 9.15 p.m.) SYDNEY, July 8. In review of the finances of the Coin- j monweaith to-day tho Treasurer, Dr. ! Earle Page.' f that for the year just ended there was a deficit of £2,333,000. This was duo largely to decreases in customs and excise revenue, the yield from which was £41,000,000. The docrcase in customs receipts was partly due to increased protection and the use of Australian materials and to trade depression following upon the coal and timber trade stoppages. Adverse seasonal influences also played their part. Despite the year's deficit, said Dr. Page, the position of tho Commonwealth was satisfactory, having regard to the sound position of the sinking fund. Over £5,000,000 had been applied to tho reduction of the Commonwealth's debt and nearly £1,000,000 to the redemption of the State debt. Excluding business undertakings the (total revenue for the year was £61.500.000. Invalid and old ago pensions had cost £10,126,000; the iron and steel trade bounties £305,000 and the wino export bounty £76,000. War and reparation services, including pensions, involved £43,670,000, which actually exceeded tho total of the customs and excisa revenue. Special grants to Western Australia and Tasmania!, and road grants to all tho Btates totalled over £11,000,000.