COMMONWEALTH BUDGET
Received Tuesday, 7.50 p.m. SYDNEY, March 12. I11 a broadcast address, opening the £7u,:oo,)u0 Security Loan campaign, Mr. Chifley annouflced that the Common vsaitii Budget for 1946-1947 will pro', ide .for the expenditfli'e of. between L2!«..opq,00U and £310,000,000. The'estimati; Ihttws a fall of abaht £200,000^000 from t.ie current year's estimated expendtture of £492,000,000. Defence expeiK'itnre is expected to drop from £3(i«).00u.000 to betv/een £40,000,000 and £6u,000,000 next year. In the last prewar j. ear the total expenditure was only £93,162,000. Mr. Chifley did not mention any proposal to reduce taxation. The Federal Government, he said, proposed to reduce ihe total expenditure by about •lo per eent., but could not reduce taxatiuii by an additional 27 £ per cent. un lt-ss it raised sufficient loan money to bndge the gap between expenditure and revenne. Included in the Estimates would be payments of £20,000,000 for World War I. and £85,000,000 for World War H., £74,000,000 for social services, £17,000,000 l'or payment to States, and other payments, including subsidies vj'al in keeping prices down, £1", 000, 000.
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Chronicle (Levin), 13 March 1946, Page 5
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175COMMONWEALTH BUDGET Chronicle (Levin), 13 March 1946, Page 5
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