AUSTRALIAN FINANCE.

Waikato Times, Volume 108, Issue 18170, 7 November 1930, Page 7

AUSTRALIAN FINANCE.

THE NEW DUTIES.

COMMENTS BY OPPOSITION. DEFEAT OWN PURPOSE. United Press Assn. —Elec. Tel. Copyright. SYDNEY, November 6. Mr J. G. Latham, Leader of the Opposition, expressed the opinion that the new duties and taxation would still further diminish the revenue, and, therefore, defeat the Government’s object. The fact that the Government did not intend to balance the Budget this year gave rise to l the idea that it might default in its payments, either in Australia or overseas, with disastrous consequences to the country. Dr. Earl Page, Leader of the Country Party, said: “The old delusion that we could tax ourselves hack into prosperity is being perpetuated. This revised Budget will scarcely' bring back confidence in our methods of extricating ourselves from our difficulties."

The new tobacco duties are causing much adverse comment. Sir Mark Sheldon says they will diminish production and cause further unemployment. Some retailers predict that the small men will have to go out of business as tobacco prices must be raised 20 per cent.

Mr Bavin’s Strlotures. The Leader of the New South Wales Opposition, Mr T. R. Bavin, issued a statement to'-day severely criticising the Federal Ministry for failing to honour the promise given at the Premiers’ Conference in August to balance its Budget, effect substantial economies, and refrain from imposing further taxation. Mr Bavin described the action of the Federal Government as the worst example of political cowardice. He said it amounted to repudiation, and Australia would be further discredited in the eyes of the world.

Had it been thought that the Federal Ministry wmuld not keep faith with the State Premiers and its own solemn undertaking, there would not have been the slightest chance of an agreement being arrived at in August.