AUSTRALIAN SURPLUS

New Zealand Herald, Volume LXX, Issue 21469, 18 April 1933, Page 5

AUSTRALIAN SURPLUS

ENCOURAGING OUTLOOK BIG CUSTOMS REVENUE - ACTIVITY IN BUSINESS [from ode own correspondent] SYDNEY. April 13 Australian customs collections for March were £2,851,000, and were the third highest during any month of the current financial year, and £387,772 above March last year. The increase in the customs revenue, compared with the estimate of the Federal Treasurer for the nine months of tho current financial year, is now £4,535,000. The postal revenue for. tho nine months shows a surplus of £13,270 over tho estimate. These figures hear out tho statement that was made when the Budget was submitted to Parliament that the estimates were on the conservative side. Tho Treasurer might well reply that ho was not optimistic enough to believe that there could have been such a revival in trade, it-is certainly an encouraging sign, and the outlook is regarded, witli satisfaction. Although tho figures quoted indicate a substantial Federal surplus, tax remissions provided since the Budget was brought down, amounting to £2,100,000, and wheat and other fifrm relief estimated at £2,250,000, have to bo deducted from the revenue before the real I surplus can be calculated. Estimates of ; tho -final position at the end of the ! year are still in tho nature of guess j work, because the income tax collec- j tions for tho remainder of the period i arc. an unknown quantity, and subject to considerable variation. Favourable as the present figures are, tho Federal si.iSilus at the end of the financial year may not exceed £2,000,000. Tho buoyanee of the customs and postal figures is an important trade barometer, showing greater business activity than at this time last year, and I tho effect upon the sales tax revenue will be beneficial from the point of view of tho Federal Treasurer. It is noteworthy, too, that there has been a further substantial decline in the number of old age pensions. This is due,, no doubt, to a tightening of tho law and to stricter supervision. The means test has been applied all over tho Commonwealth, and because of tho nature of the inquiries now being made there has been a fall in tho number of claimants. It was revealed that scores of people were collecting pensions who could live quite comfortably without them, and, again, that scores of relatives were failing to do their duty. Compared with March last year there was a decline of 50 per cent this year in tho number of applicants for pensions. This decline, and the small decline in the number of invalid pensions, will help the Treasurer to show a greater surplus. A cablegram published since the above was written stated that the surplus for nine months is £2,331,000.