FEDERAL FINANCE.

Waikato Times, Volume 100, Issue 16815, 5 June 1926, Page 7

FEDERAL FINANCE.

SURPLUS REVENUE ACT. ADJUSTMENTS TO TIIE STATES. - (United Press Association.; (Received June 5, 11.30 a.m.) MELBOURNE, June 5. In the House of speaking on the Bill to amend the Surplus Revenue Act, Dr. Earle Page, the Federal Treasurer, said the total taxation to be surrendered under the new proposals was £7,787,325. The per capita payments to tho States, which were also to be abolished, amounted to £7,687,500. The Commonwealth will make adjusting grants to four States, including South Australia £23,000, West Australia £152,000, and Tasmania £136,000. In addition, West Australia is to bo granted special assistance during the next five years, amounting to £450,000 per annum. Tasmania is to receive assistance of £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 he paid lo the States in proportion to their population. The Commonwealth can advance money free of interest to the States in anticipation of revenue to be received, but it must be paid back before the end of the financial year in which it is made.