FEDERAL BUDGET PRESENTED.

Timaru Herald, Volume CXXV, Issue 18351, 23 August 1929, Page 8

FEDERAL BUDGET PRESENTED.

Deficit Exceeds Two Millions.

INCREASED TAXATION PROPOSED. (UniHu rre>i AssoeinUon— By Elictri* • -r®j vrifhl.) (Received August 23, 9.35 p.m.) CANBERRA, August 22. Dr. Earl Page, Federal Treasurer, delivered the Budget speech to-day. The accounts showed; £ Revenue 61,419,000 Expenditure .. .. 63,780.0)0 Deficit 2,353,000 The deficit, Dr. Page explained, was caused by the failure of the Customs and excise revenue to reach the estimate by £2,241,429. The Postal revenue showed a surplus of £158,000. Dr. Page estimated the public debt now amounted to £173 10s 8d per head of population. During the past six years, the Commonwealth had redeemed £7,416.000 of public debt, out of revenue, effecting a permanent saving of £400,000 yearly in interest. He estimates the revenue for 1923-30 at £64,198,000, and expenditure at £63,837.000.

Dr. Earl Page announced that in order to reduce the deficit, the Government intended to impose a supertax of 10 per cent, increase on taxable individual incomes, exceeding £2OOO, also to reimpose the amusement tax of 5 per cent, on the total receipts for admission to entertainments.

Dr. Page directed attention to the fact that war repatriation service, old age, a*id invalid pensions had absorbed £,i 1,500,000 of the total revenue.