Australia.

Waikato Times, Volume 116, Issue 19463, 31 December 1934, Page 3

Australia.

In common with other parts of the Empire recovery in the Australian Commonwealth has -been a slow and painful process. During the year the Federal Government has shown a greatly improved financial position and the return of confidence has had the effect of 'Stimulating trade, so that while the country is still hearing heavy taxation burdens and suffering much unemployment and poverty conditions are immeasurably better. In his budget speech Mr Lyons, Federal Prime Minister, was able to report a surplus of £1,302,000 instead of the deficit of £1,176,000 anticipated

a year before. -Revenue exceeded estimates by £3,362,000, of which £2,953,000 came from an increase in customs and excise duties, while expenditure was £2,884,000 above estimates, largely owing to the additional relief given 'to wheat growers. Federal Elections. The year 'has been a notable one for Australia. A multiplicity of parties contested the Federal elections, which resulted in the return -of the Lyons Government with a reduced majority, the state of the parties necessitating a coalition between the United Australia Party and the Country Party lea by Dr. Earle Page. Two important phases of the Melbourne Centenary celebrations were the visit of the Duke of Gloucester and the England;-Australia air race. Public Interest within and without Australia reached a high pitch in both events, which served not only to focus the attention of the world 'on Victoria and the Commonwealth generally, but resulted in a certain amount of internal trade stimulation. During the year the business world of Sydney was stirred by sensational disclosures concerning the - operations of a group of trust companies which were sifted by a Commission and resulted in new company legislation in both Australia and New Zealand.