AUSTRALIA'S WAR BUDGET

Dominion, Volume 10, Issue 3022, 8 March 1917, Page 5

AUSTRALIA'S WAR BUDGET

POLICY OF SELF-DENIAL

HUGE PUBLIC DEBT Melbourne, March 7. In the Federal House of Representatives tho Treasurer (Sir John Forrest) unexpectedly delivered the Financial Statement. Ho said that the outstanding features of the 1916-17 Estimates were the great increases in revenue and tbe greater increase in expenditure. The estimated revenue for that .period was £33,909,290, lesa _ a million estimated revenue from detained enemy vessels. The actual revenue for 1915-6 was £30,116,007. The expenditure out of revenue, not including the war, for 1915-16 was £23,984,368, and i?he estimate for 1916-17 was £28,639,455, a startling increase, leaving the war out of consideration. The Estimates for 1916-37 showed: revenue £32,909,290, expenditure £28,639,455, leaving a balance not sufficient to meet tho war expenditure payable from revenue, which. amaunt was £3,903,551, though apparently leaving a surplus of £366,284. _ lAltkragli tho Government could pay its way out of revenue during'this year, owing to. three millious being brought forward last year, there, would really bo a deficit of £2,633,716. Tho position was very unsatisfactory. A policy of self--denial was required, and immediate action necessary to curtail the expenditure. Already £28,000,000 had been paid on account of tho old wheat pool. The war expenditure from loans amounted to eighty millions yearly. Notes in circulation amounted to £46,638,069, against' which £16,139,482 was held in gold. Tho war expendi- , ture for 191 fi-17, not including interest, sinking; fund, and war pensions, which would be charged to revenue, was estimated at £78,782,364. Tlie.- public debit of the Commonwealth was now £159,065,758.—Pre5s Assn.