HEAVY TAXATION

Dominion, Volume 34, Issue 44, 15 November 1940, Page 8

HEAVY TAXATION

Warning’ To Australians By Federal Treasurer WAR EXPENDITURE (By Telegraph—Press Assn.-Copyright.) SYDNEY. .November 13. The Federal Treasurer, Mr. A. \V. Faddon. in a national broadcast tonight, warned .Australians to get readv for very heavy taxation, predicting that the Commonwealth war expenditure would amount to. £15,000,000 a month by June. The war. he said, must be won at all costs. The Government had s|H?eded up its war organization, which must he maintained at the fullest pressure. Some money must be obtained almost immediately. A still greater problem was Io keep the economic machine at its highest pitch. The Government would use credit expansion in due measure, but there was a strict limit, to that policy which must and would be observed. The greater portion of the money would have to come from public loans and taxation. A Idg loan would shortly be launched, but as there were limits to borrowing, much higher taxation was inescapable. Everybody would have to contribute directly or indirectly. Conditions in Australia were good and tlie burden must be borne. Business interests would probably suffer and feel discouraged, and vital adjustments would have to be made by individuals'. but he had no doubt that when the situation was viewed in its proper light and in the knowledge of what Britain, Canada, and New Zealand were paying, Australians would face up to their obligations spontaneously and cheerfully.