GLOOMY PREDICTION.
S. AUSTRALIA'S OUTLOOK. DIFFICULT AND DELICATE. BURDEN BECOMING TOO HEAVY. (United Press Association). (Received Oct. 5, 11.45 a.m.) ADELAIDE, Oct. B. The Auditor-General, in his annua) report, states: " I feel bound to say the financial position of the State is delicate and very difficult. It has been aggravated by the re- , cent Commonwealth Arbitration Court awards, the effect of which has not had time to develop. The future position will be still more difficult, and If adverse seasonal and economic conditions occur a very serious position might arise. The financial drift, which has been evident for some years past, due to the large expenditure of loan funds on non-productive works, and the Increasing costs of supplies and services, is a matter of very grave concern. It is quite clear the financial resources of the State cannot stand for long the annual increase in taxation, which the present rate of unproductive loan expenditure would require. There is no alternative; loan expenditure on non-productive works must be steadily reduced by a considerable amount, and that at no distant date, otherwise the burden of taxation will continually Increase."
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Waikato Times, Volume 102, Issue 17223, 5 October 1927, Page 7
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187GLOOMY PREDICTION. Waikato Times, Volume 102, Issue 17223, 5 October 1927, Page 7
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