AUSTRALIA'S RECOVERY

New Zealand Herald, Volume LXIX, Issue 21278, 3 September 1932, Page 9

AUSTRALIA'S RECOVERY

HOPE OF LOWER TAXES EFFECT OF THE BUDGET COUNTRY PARTY PLEASED By Telegraph—Press Association—Copyright. (Received September '2, 6.55 p.m.) SYDNEY. Sept. 2 The Canberra correspondent of the Sun says the Federal Government contemplates being able to reduce taxation within six months, providing that the war debts moratorium is renewed.

The correspondent says the immediate j effect of tho Budget has been to improve j the relations between the Country Party i and the Ministry. Much of the strained feeling which hitherto had existed disappeared overnight. The Country Party is grateful for the j relief to lie afforded to p'rimary producers, | but much more is required. LONDON IMPRESSED DIFFICULTIES OVERCOME FAVOURABLE PRESS COMMENT (Received September 2, 6.15 p.m.) LONDON, Sept. 2 The Australian Budget has greatly im- j pressed London journals and is featured in several, notably the liaily Telegraph, under double-column headings, saying: "Australia's Triumph of Sound Finance— Budget Deficit Turned into Surplus in Eight Months." The Morning Post gives tho Budget a good display in the centre of its main page, under the heading: "Better Days in Australia." Its prominence in the cable news is sure to react favourably on financial circles. Tho Post says tho City of London will gladly note the Commonwealth's decision to leave the Commonwealth Bank to deal with exchange free from the fear of political control. The Budget is regarded in the city as a great achievement in, the light of Australia's difficulties, and should bo helpful to the Commonwealth Government in dealing with the New South Wales debt maturing here in the autumn. The Times commends the Budget* and says the credit and goodwill Australia enjoys in London have been greatly enhanced by tho courago with which she has facod her difficulties. By her efforts to help herself she has awakened a helpful spirit in others.