READJUSTMENT OF AUSTRALIAN FINANCE.

Star (Christchurch), Issue 17865, 5 June 1926, Page 1

READJUSTMENT OF AUSTRALIAN FINANCE.

STATES WILL BENEFIT UNDER NEW BILL.. By Telegraph.—Press Assn.—Copyright. Aus. and N.Z. Cable Association. (Received June 5, 10.30 a.m.) MELBOURNE, June 5. In the House of Representatives, speaking on the Bill to amend the Surplus Revenua Act, Dr Earle Page said the total taxation to be surrendered under the new proposals was £787,325. The per capita payments to States which will also be abolished, amount to £7,687,500. The Commonwealth will make adjusting grants to four States, namely Queensland, £289,000, South Australia £23,000, West Australia £152,000, and Tasmania £136,000. In addition, West Australia is to be granted special assistance during the next five years amounting to £450,000 per annum. Tasmania is to receive assistance totalling £378,000 per annum for two years. Dr Page said there would be a gain to the taxpayers of the States of £1.527,852. Any surplus revenue in the hands of the Treasurer at the close of the financial year will be paid to the States in proportion to population. The Commonwealth can advance moneys free of interest to the States in anticipation of revenue to be .received, but the money must be paid back before the end of the financial year in which the payments are made.