FEDERAL FINANCE.

Poverty Bay Herald, Volume L, Issue 16497, 1 August 1924, Page 5

FEDERAL FINANCE.

SURPLUS OF £2,587,184.

INCOME TAX EXEMPTIONS

(Elec. Tel. Copyright—United Press AssnJ MELBOURNE, July 31.

In the House of Representatives Dr. Page presented the Budget.: He said the revenue for the year amounted to £65,077.810, or £4,078,810 in excess of the Budget estimate. The revenue from Customs and excise amounted to £35;750,784, which was a record. The estimated revenue from this source was £29,650,000. TheUtotaLexp.@ndjtufe out of revenue was £62.484.169, representing an excess of £1,532,321 over the estimates. The total revenue for the .van’ was £66.017,203,- and -the ' expenditure £64^,430,019,, showing a. 'surplus for the year of £2,587,184. This, added to the accumulated surplus of previous years makes a total of £10,015,758, but from this £4,915,755 is deducted to pay off a portion of the national debt. . Therefore the accumulated surplus was £5,100,003. The income tax exemption has been increased from £2OO to £3OO, and

with other new exemptions all. incomes up to £I2OO yearly will benefit. Two hundred and sixty thousand taxpayers will be relieved of payment of income tax altogether. The Treasurer estimates that the result of this will be' that the revenue will be decreased by £2,000.000. The estimated revenue for 1924-25 is £64,395,000. and estimated expenditure £64,368.968.

(Received August 1, 1 p.m.) . MELBOURNE, August 1. . The Budget states that- the tax payable by persons with incomes above £I2OO per annum iwill be reduced by ten per cent. .Profits redived from gold mining be ex- ' empt from tax. The revenue derived from income tax during the 'past year amounted to £11.057,555. Payment of old age and invalid pensions amounted to £6,523,881't0 155,671 people, Maternity allowances show a falling off which indicates a reduction in Hie birth rate. Interest charges total £19,963,818. The reduction on postage rates which took effect oh October Ist resulted in a loss of £800,COO! The Federal. Government intended to relinquish permanently the taxation of lotteries in Tasmania, which yielded £lll,OOO annually, but the Tasmanian Government would re-impose this taxation; The Defence policy was to be established on a solid basis. The modest programme of development upon which tlie Ministry had' decided' would require an additional million this year towards tlie construction of two modern ten thousand ton cruisers. Further encouragement would be offered' to' the State to induce & large flow of immigrants up to a total of fifty thousand 1 annually. A sum of £SOOO would be placed on the estimates to begin research into the cause of cancer. No more tax-free Federal loans are to be issued. Tho gross debt of Australia per head of popuktfon is £l5B. \ • -