THE FEDERAL BUDGET

Dominion, Volume 12, Issue 2, 27 September 1918, Page 5

THE FEDERAL BUDGET

COMPULSORY SUBSCRIPTIONS TO THE WAR LOAN DRASTIC MEASURES ' Melbourne, September 26. Mr. Watt, in his Budget speech, said that tho estimated revenuo for 1918-19, not 'including the additional taxation, which would amount to £5,356,000, was £89,219,591, and the estimated expenditure £45,344,595. The proposed additional income tax would yield £2,200,000, the entertainment tax £275,000, postago £516,000, and Customs ana oxciso £1,985,000. The Public Debt now amounts to £284,022,072. Outlining the proposed scheme for compulsory investment in way i loans Mr. Watt said that it provided for a penalty of twice the annual average incomo tax of 'non-subscribers, and tho enforcement of tho penalty did not absolve from the obligation to subscribe the amount demanded. This measure would apply to the present war loan. Mr. Watt concluded' by remarking that Australia should bo congratulated oil the genaral condition of, finance, production, trade and manufacture. No amount was included in the estimates for the bachelor tax. The Acting Prime Minister tabled the new schedule of duties on liquors and tobacco. The duties on imported spirits 'have risen to '255. per gallon. Australian spirits will pay nn excise tax of 21s. a gallon, and beer Is. a gallon. Imported tobacco will pay an increase of Bd. per pound, cigarettes 25., and cigars Is.—Aus.-N.Z. Cable Assn.

STATE TAXATION

BACHELOR IMPOST IN SOUTH AUSTRALIA. Adelaide, September 26. In tho .Legislative Assembly, the Treasurer, outlining the taxation proposals, said an additional tax of £1 would be imposed on bachelors and widowers without dependants who liad not enlisted, and whose incomes were over £100 per annum. —Press Assn. \ _