COMMONWEALTH FINANCE

Otago Witness, Issue 3774, 13 July 1926, Page 31

COMMONWEALTH FINANCE

THE BUDGET PRESENTED. 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 hard £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. Th 9 chief increases in the revenue during the year were:—Customs and Excise £1,998,833, and direct taxatioa £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 £339,002,105 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 lea* than it was in 1922. The gross debt of Australia per head of population is £166. The total Commonwealth and State debts amount to £899,892,555.