AUSTRALIAN PUBLIC DEBT

Taranaki Daily News, 8 June 1931, Page 9

AUSTRALIAN PUBLIC DEBT

HUGE INCREASE IN QUARTER

ADDITION OF £34,000,000.

I ______ . . The latest official statement of the public debt of Australia shows that the total at March 31 was £1,153,354,029. In comparison with previous returns, this indicates an increase of £18,618,923 in the six months ended December 31, followed by ait increase of £34,137,908 in the three months ended March 31.

As Australia has not recently been a long-term borrower, the addition tt> the public debt during the March quarter is an indication of the increasing , rapidity with which Government indebtedness on short-term account has exp nded. The addition during the three months comprised £10,569,968 on ac_ count of the Commonwealth, dnd £17,567,940 on account of the States. The addition to the amount of debt maturing in Australia was £10,106,224, and to that maturing overseas £24,031,685. The debt per head of population rose from £l7O 17s 6d at June 30 to £177 14s 9d. at March 31. The , following summary ‘ shows the distribution of the total debt between the Commonwealth and the States and between internal and overseas indebtedness:— Australia Overseas Total.

The Commonwealth war debt includes indebtedness to the British Government which; was originally £92,480,156, but , had been reduced- by March 31 to £/?,• 724,220. ’ . J ’ A similar classification 'of interest payments is as follows: — v Australia Overseas : ITOtal, £ • £ . £ C’wealth

The Treasury bills outstanding at March 31 amounted to £23,667,000 in Australia, and £12,950,000 in London. These sums are included in the statement of total debt. The latest information regaiding the public debt of New Zealand states the position at March 31, 1930. The amount was then £267,3'83,343, equivalent to £179 12s 5d per head of population. The interest payable was £11,991,370, comprising £5,228,455 in New Zealand, £6,470.369 in London, and £292,546 in Australia.

£ C'wealtii — S 90,744,380 85,281,349 £ 278,781,388 110,255,364 War Other 188,037,00: 24,971,015 States 213,008,023 340,516,876 176,028,729 423,800,401 389,036,752 764,817,27'7 Totals 553,524,893 599,829,130 1153,354,029

War Other 10,105,603 1,280,445 4,570,782 4,127,708 14,676,385 : 5,408,153 States 11,386,048 17,457,950 8,698,490. 19,869,452: 20,084,538 3'7,327,917 ... x. Totals 28,843,998 218,568,453 57,412,450