Finance Minister's Picture of Prosperity

Chronicle (Levin), 19 August 1949, Page 6

Finance Minister's Picture of Prosperity

"Generally, there- is cause for satisfaction 111 the trade position. The ( value figures are. records, as are .some of the volume figures. All volumes are at high levels, "• said Mr. Nash in his Budget statement last night. "Only by eoutinuing import control can New Zealand assist the United Ivingdom and also maintain necessary sterling reserves. ' "The £10 rebate from income tax ■ assessments last -year was of great benefit to many in.dividualsTo "1^5,-0001 persons who formerly paid income tax ; were totaliy exempt; and about half tlie number of taxpayers had their tax reduced by 50 per cent. or more. ' ' There is 110 way of reducing taxa- 1 tion very substantially, unless by cut- j ting sociai services and reducing the number of civil servauts. The Govern- i nient will do neither. Sociai Security i benefits, health ' services, education, development of resources, debt services — all must be paid for, mainly by taxation. The smaller taxpayer ultimately receives (in cash and kind), in the majority of cases, more than he has contributed to the State. "The Government is keeping a ciose supervision over • prices, and will continue to ensure that 110 excessive margins will bd charged. The people of New Zealand have cause for confidence and optimism in the state of the community. "\Ve are enjoying conditions of prosperity. Employment levels arevery high; wages and other incomes alford a comt'ortable . living for those who work; sociai security benefits provide for the aged, the widows and the disabled; and the volume of goods available in New Zealand has never been greater. "We should never lose sight of the fact that our standard of living depends ultimately on the goods and services available. Wise planning can ensure that these are distributed fairly within the community; but total production must contiuue to increase if the standard of living is to advance. "