AUSTRALIAN BUDGET

Southland Times, Issue 19311, 1 August 1924, Page 5

AUSTRALIAN BUDGET

THE YEAR’S F’NANCIAL OPERATIONS. SURPLUS OF TWO AND A HALF MILLIONS. (By Telegraph—Press Assn.—Copyright.) (Australian and N.Z. Cable Association.) MELBOURNE, July 31. (Received July 31, 11 p.m.). In the House of Representatives, Dr. Earle Page presented the Federal Budget. The Treasurer said that the revenue for the year amounted to £65,077,810, or £4,078,810 in excess of the Budget estimated. 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. The total expenditure out revenue was £62,484,169$ representing an increase of £1,532,321 over the estimate. The total revenue for the year was £66,017,203 and the expenditure £64,430,019, showing a surplus for the year of £2,587,184. This, when added to the accumulated surplus of previous years, made a total of £10,015,758, but from this £4,915,755 had been deducted to pay off portion of the National Debt. Therefore, the surplus was £5,100,003. Dr. Page announced that the income tax exemption would be increased from £2OO to £3OO and, with other new exemptions, all incomes up to £l2OO yearly would benefit. About 260,000 tax-payers would be relieved of payment of income tax altogether. The Treasurer estimates that as a result of this, the revenue will be decreased by £2,000,000. The estimated revenue for 1924-25 is £64,395,000 and the estimated expenditure £64,368,968.