TOO MANY LUXURIES

Poverty Bay Herald, Volume LV, Issue 17229, 8 April 1930, Page 7

TOO MANY LUXURIES

ECONOMY IN AUSTRALIA HEAVY LOSS OF REVENUE SYDNEY, April 7. The Federal Treasurer, Mr. Theodore, replying to criticism on the tariff, said he was well aware that there would be a serious fall in the customs revenue, due to the tariff increases and restrictions. He anticipated this would aggregate £5,000,000 and some means would have to be taken to bridge this gap. He added that the adverse effect upon the importing houses would be more than counter-balanced by the increased activity in Australian industries. “We were forced by economic circumstances to take drastic action, but we are not aiming at any country in particular.” Speaking at a luncheon in connection with an exhibition of wool products, Mr. Theodore, the State Terasurer, said that luxury importations into Australia amounted to £27,000,000 annually, most of which could be well done without. The Premier, Mr. Bavin, pointed out that the value of the wool in a man’s £8 8s suit was about 7s. He said a reduction should be made to the consumer and added: “The best way to sell more wool was to sell more wool cheaply to Australians.”