A RECORD BUDGET

Pahiatua Herald, Volume XLXII, Issue 15467, 30 September 1943, Page 3

A RECORD BUDGET

AUSTRALIAN SOCIAL SECURITY. United Press Assn.— By Elect* .c Telegranh—Copyright. CANBERRA, Sept. 29 No new direct or indirect taxation is proposed in th© record breaking Budget of £715,000,000 introduced in the House of Representatives today by the Commonwealth Treasurer. Mr Chifley. Taxation will provide £273, 600,000 and other receipts £39,000,000, leaving a deficiency of £403,099,000. This will be met by loans and Treasury bills. The Treasurer admitted he did not expect to obtain, more than £300,000.000 in loans and would have to find £103,000,00 by Treasury bills of which £259,000,000 are already m existence. War expenditure for 194344 will amount to £570,000,000---a.i increase of £8,000,OCX) and other expenditure to £145,000,000 —an increase of £37,000,000. To the end of Jun© last Australia’s war debt amounted to £731,000,0CX) with interest at the rate of £20,000,000 a year. The total cost of the war had reached £1,107,000,000. Reciprocal aid to the United States last year was £59,000,000 and this year is expected to roach about £100,000,(XXL The main increase in the Budget is not for war but for other expenditure, which is up £37,000,900. The first payment to the Government’s National Welfare Fund, established as part of the plan for social security, is due this jyear and is estimated at £29,750,000. War and widows’ pensions will cost more than last year. Mr Chifley said Australia’s total working population was now 3,370,000, of which 1,370.000, or over 40 .per cent., were engaged in. the fighting services of defence construct on and tlie manufacture of munitions Including thos© producing food, llothing, other essential supplies and serviles core than 50 per cent, of the population are engaged in the war effort. This great, divers'on ol working population from civl requirements to war needs had about reached its limit. Two main impediments to expansion of production—transport and manpower—were both now receiving special attention, Mr Chifley sa'd. 'Ther© would he no relaxation of controls over civilian spending and consumption, neither would restrictions be suddenly relaxed in the immediate post-war period.