REVENUE REDUCTION

Stratford Evening Post, Issue 38, 19 April 1930, Page 4

REVENUE REDUCTION

AUSTRALIA’S ECONOMY CRY STRAIGHT TALK BY TREASURER -SYDNEY, April 18. Speaking at the Royal Agricultural Show luncheon, the Federal Treasurer Mr Theodore, said there wquld be diminution of £10,000,000 in the national incoafci of Australia this year, in addition* a falling off of customs revenue due to the restrictions, on imports. There would also'be a shortage of taxable income of about £30,000,000. He added: ‘‘Whether we like it or not, there must be economy in all departments of the Government and public and commercial life. When we do go on the London market the entire proceeds will be required for the reduction of the existing overdrafts in London and for retiring certain treasury bills recently sold on the market. There is no prospect of Australia' looking to London for loan money for public works for a considerable time.”