AUSTRALIAN FINANCE

New Zealand Herald, Volume LXXI, Issue 21758, 24 March 1934, Page 8

AUSTRALIAN FINANCE

FEDERAL SURPLUS SHOWN FIGURES FOR EIGHT MONTHS [from our own correspondent] SYDNEY, March 15 Although the Commonwealth revenue figures show a surplus of receipts over "expenditure of £1,649,000 for the first eight months of the current financial year, the position is not quite so rosy as those figures might lead some to imagine. The result at the end of February was actually £201,000 better tharj it was at the end of January, but, although the remaining four months are excellent months as far as revenue is concerned —most of the income tax will be paid during the period—there is a little anxiety as to the figures for the financial year. In spite of the increased surplus the Treasury takes a conservative outlook of the prospects and maintains that practically the whole of the surplus will be absorbed by June 30, because of heavy, expenditure in England. The latest figures show considerable improvethe revenue items, as compared with the Budget estimates. This is particularly noticeable in the customs and excise receipts which, after making allowance for tariff reductions approved in October, show an increase of approximately £900,000 over the Budget estimates for the eight months. The latest figures do not make any allowance for the liabilities that have beep incurred in wheat relief, for which £3,'000,000 was appropriated by Parliament last December. Only £115,000 had been expended under this head up to February 28, while the receipts include over £500,000, principally flour tax receipts from the taxation that was ira- - posed to offset this liability. The Treasury estimates that the wheat relief payments, after allowing for this J special taxation will involve a net"' charge to the Consolidated revenue of t. about £1,500,000. That, of course, is * Btat « me »» far tho