COMMONWEALTH FINANCE

Otago Daily Times, Issue 19838, 10 July 1926, Page 11

COMMONWEALTH FINANCE

THE BUDGET PRESENTED. EXPENDITURE EXCEEDS REVENUE. REDUCTION OP NATIONAL DEBT. (Trees Association—By Telegraph—Copyright.) MELBOURNE, July 9. In the House of Representatives Dr Earle Page (Federal Treasurer) delivered the Budget He said that the revenue for 1925-26 amounted to £58,996,261, and the expenditure to £61,818,846 ; but with the surplus of £3,109,529, which was carried forward from the previous ..year, a surplus was left for 1925-26 of £286,944. In addition, the Government had in hand £2,500,000 in a trust fund, including £1,000,000 for naval construction not provided for in the 1925-26 Budget, so that the year ended with £2,786,000 in hand. The chief increases in the during the year were:—Customs and Excise £1,998,833, and direct taxation £1,064,124 the total increase being £3,422,001. The estimated revenue for 1926-27 is £51,382,000, and the estimated surplus £149,381. The gross national debt at the end of June was £458,443,637, including a war debt of £304,546,633. Debts incurred for the States amounted to £83,408,859, and other debts to £70,408,135. After making deductions for loans to States and other purposes the net debt was £338,841476, compared with a net debt of £30d,002,105 in June, 1922. As the population during this period increased by 481,855, the net debt of the Commonwealth is now £4 14s lOd per head less than it was in 1922. The gross debt of Australia per head of population is £166. The total Commonwealth and State debts amount to £899,892,535. LARGE SUMS FOR PENSIONS. NATIONAL SCHEME FORESHADOWED. MELBOURNE, July 9. Dr Earle Page’s speech disclosed that the old age and invalid pensioners totalled 176,000. The amount paid in pensions during the year was £8,252,000. The Min. ister said the Government was of opinion that the present method of relief did not fulfil all the requirements. He foreshadowed the introduction of a national scheme for old age, sickness, and unemployment relief. Referring to preference, he stated that during the year the British preference granted to Australian products totalled £1,780,000.