AUSTRALIAN FINANCES

Otago Witness, Issue 3214, 20 October 1915, Page 26

AUSTRALIAN FINANCES

STATE BUDGET ANNOUNCEMENTS. SOUTH AUSTRALIA. ADELAIDE, October 15. In the Legislative Assembly the Treasurer delivered the Budget. The revenue for the year was £3,973,310, which, owing to the unprecedented drought, w r as £153,533 below the estimate. The year’s expenditure was £4,662,395, leaving a deficit of £470,448, after deducting the previous year’s credit balance. He estimated the revenue for the current year at £4,760,830, and the expenditure at £4,751,902, showing a surplus of £8928. Outlining new 7 taxation, the Treasurer foreshadowed a reduction in the income tax exemption from £2OO to £156, the soldiers’ exemption being £3OO per annum; an increase in the receipt tax from Id to 2d; aft increased totalisator tax from 2J» to 5 per cent.; and an increase in the unimproved land value tax by in the pound. VICTORIA. MELBOURNE, October 15. In the Legislative Assembly the Premier and Treasurer (Sir A. Peacock) delivered the Budget. No new taxation is proposed in it. The revenue for the past year was £10,248,761, exceeding the estimate by £17,402. The expenditure was £11,444,231, exceeding the estimate by £212,872. Thus the deficit was £1,195,470. He estimated the expenditure for the current year at £11,477,602, including an increase of £298,681 for extra interest on debts, and £IIO,OOO loss on imported wheat. He stated that the State coal mine showed a profit for the year of £10,640. the State shipbuilding yard a profit of £2333, while the State cool store and Maffra b:et sugar factory both showed small losses. The estimated State revenue for the current year is £11,244,382, and the deficit £233,220. QUEENSLAND. BRISBANE, October 14. In the Assembly to-day the Treasurer delivered his Budget statement. The revenue for the year was £7,202,658, which was £300,000 above the estimate, and the #xpenditure £7,199,399, which was £298,000

above the estimate. The estimated revenue for the current year is £7,213,756, and the expenditure (including interest on public debts) £7,683,419. The Treasurer referred to the severe effects of the drought and the •dislocation of trade caused by the war. He proposed to meet the shortage by income and land taxes, which would convert the anticioated deficit into a surplus of £4500.

TASMANIA. HOBART, October 15. The Treasurer stated that the year ended with a deficit of £140,000, including £40,000 advanced against ore and £15,000 loss on imported wheat. What troubled him was where to get money to carry on. He would be able to do this till the end of the present calendar year, but beyond that he w y as unable to see.