AUSTRALTAN FINANCES.

Taranaki Daily News, 27 October 1932, Page 4

AUSTRALTAN FINANCES.

So far as it goes the latest financial conference ’between the .State and I'edieral Governments in Australia seems ■satisfactory. The Federal Ministry has .balanced its Budget and the State Treasurers are satisfied that the deficits they anticipate for the current financial year will not exceed the limits iaid down at former conferences. Although the State deficits are expected to prove “manageable,” they will reach the substantial total of £8,000,000, even if full allowance is made for the improvement in revenue that has been indicated. Financial recovery is still gome distance away, but the Governments can claim to have re-established confidence throughout the Commonwealth. 'Proof of this is found in the prices investors are now prepared to pay for Government stock and the proposal to seek an internal conversion loan of £20,000,000. With confidence renewed the financial resources of Australia are fairly extensive and capable of meeting any ordinary emergency. .But although the various governments have made real efforts to economise it seems somewhat remarkable that the financial difficulties of the past two .years have not induced a determination to reduce the costs of government by abolishing some of the 13 Houses of [Parliament which are now maintained. .The duties of the Federal and State Governments have been shown to overlap in various directions, and the present need for economy would seem to afford an excellent opportunity for some drastic reduction in the number of Parliaments. Such action would be likely to strengthen belief in Australia’s determination to live within its legitimate income and convince taxpayers that the sacrifices they arc called upon to make are not to be permanent.