BALANCING THE BUDGETS.

New Zealand Herald, Volume LXVII, Issue 20679, 26 September 1930, Page 11

BALANCING THE BUDGETS.

AUSTRALIAN STATES.

ADDITIONAL TAXATION.

EARNED INCOMES LEVY.

ESTIMATED SURPLUSES.

LOAN COUNCIL DEFENDED. UJ.v Telegraph—Press Association—Copyright. (Received September 25, 30.25 p.m.) MELBOURNE. Sept. 01. The Premier of Victoria, Mr. E. J. Hogan, in the course of his Budget speech in the Legislative Assembly to-day, announced tho following new taxation, to enablo tho Government to balance tho ledger. Increased entertainment taxation, to Tealise £90,000. An additional Id in the pound on incomes from personal exertion, and 2d in the pound on property and income from companies, which is expected to yield £326.000. An additional stamp duty of id on cheques, and 6d stamp duty per £IOO on tho transfers of shares. The tax on betting tickets is to be doubled. Increased motor registration fees anil fees for tobacco licences. An increase of 10 per cent, on probate flu ties. An increase of 25 per cent, on tho fees ton registration of factories. Mr. Hogan said ho anticipated that the additional revenuo thus brought in would amount to £552,000, leaving a surplus of £143,000. In tho course of his Budget speech the Premier mado a pungent reply to tho contentions of Mr. J. T. Lang that New South Wales would be better off if sho were separated from tho Loan Council. Mr. ."Hogan said tho abolition of tho council would only result in an increase in rates <of interest and would thereby prove beneficial to investors ancj correspondingly injurious to tho peoplo of Australia. From this aspect alone (lie Loan Council completely justified its existence. A message from Adelaide says the Premier of South Australia, Mr. L. L. llill, introduced his Budget in tho llouso of 'Assembly. Ho said the financial outlook was most serious in that State and unless dealt with effectively it would lead to disruption of the national life. The Government would take all the necessary steps to protect the solvency pnd credit of the Stato. Mr. Hill said lie had budgeted for a surplus of £16,147. New taxation would be imposed on incomes from personal exertion and on insurance companies and cuts would bo made in public servants salaries and in grants to universities and other institutions.

industries shackled.

'CLOSURE UNLESS RELIEVED. HEAVY LOSSES THROUGH STRIKES (Received September 25, 10.15 p.m.) SYDNEY. Sept, 25. In tho course of .in address at the annual meeting of the Employers' Federation Mr. C. M. McDonald said Australia could overcome lier difficulties if llic shackles in the shape of compulsory arbitration, heavy taxation and Parliamentary enactments were removed or modified. So serious was tho position in some industries that unless a definite move were made by the Industrial Courts to reduce costs a number must be closed down. Figures were quoted showing that there Were 254 strikes in Australia last year involving 92,527 work people with an estimated loss in wages of £4,869,303. At least 31 per cent, of tho strikes occurred in New South Wales, accompanied by a pages loss of £3,721,412. FEDERAL REVENUES. SALES TAX SATISFACTORY. 'CUSTOMS DUTIES LOWER. / MELBOURNE. Sept. 25. The acting-Prime Minister, Mr. J. E. Fenton, announces that tho sales tax, which was expected to yield £5,000,000 in the current financial year, lias proved to bo a satisfactory source of revenue to the Federal Government and that the return is as great as bad been anticipated. Mr. Fenton admitted, however, that the customs and excise duties up to today disclosed a leeway of about £3,000,000. STATE ELECTION. POLICY OF MR. HUGHES.

AUSTRALIAN PARTY PLATFORM. / SYDNEY, Sept. 25. -Mr. W. M. Hughes, as leader of the Rfiiiill political group styled the Australian Party/whose candidates at the forthcoming State elections will number about a dozen, outlined his policy last night. His references to Sir Oito Niemeyer's mission were satirical, lie denied that wages in Australia were too high, and declared Hint, these were fixed by arbitration according to the price, levels. The .Australian Party, ho said, would Jesist any attempt to reduce the standard of living, and would also see to it that the rights of both capital and labour were (adequately protected. Mr. Hu frhes contended that Australia was as solvent to day as ever, as proof of "which he asserted that all the banks' balance-sheets showed credit which should he mobilised in order to assist private enterprise. The overdraft rate should 1m per cent., which would stimulate industry. Taxation should substantially bo reduced, and business and company management called for thorough reorganisation. The Australian Party would abolish all Legislative Councils, greatly reduce the membership of Legislative Assemblies and •Misii !suite Governors*