AUSTRALIAN FINANCE

Evening Post, Volume CVIII, Issue 141, 11 December 1929, Page 13

AUSTRALIAN FINANCE

NEW SOUTH WALES BUDGET

TREASURER'S VIEWS

United Fress Association—By Electric Tele-

eraph—Copyright.

SYDNEY, 10th December

In the Legislative Assembly the Colonial Treasurer, Mr. B. S. B. Stevens, delivered his Budget speech. He said that the financial operations for the year ended 30th June last resulted in a surplus of £,593,109, the revenue being £20,703,940 and the expenditure £20,110,771.

Mr. Stevens estimated that the revenue this year will diminish to the extent of £420,137. There was the utmost difficulty iv arriving at revenue estimates owing to the uncertain financial trade outlook. He estimated the current year's expenditure at £20,202,----417, which was slightly, greater than that of last year. ECONOMIC POSITION. Commenting on the economic position, which he described as grave, and j the diminishing purchasing power of the community, the growth of unemployment, accentuated by the coal deadlock, Mr. Stevens pointed out that whereas the average amount received by Australia for the past five years from the sale of her primary products abroad was .approximately 141 millions sterling, the amount which these would realise in 1928-29 would be only 112 millions sterling. In other words there would be twenty-nine millions less coming to Australia for the sale of her products. He announced that the Government was compelled to reduce the loan expenditure from fourteen and a half millions sterling to ten millions for this year owing to the adverse market conditions for overseas loans. GOVERNMENT PROPOSALS. The Government proposed to try to stimulate production and reduce the burdens on industry. It would reduce income taxation this year by a million sterling. Tho super-tax of three-pence in the pound on companies would not be levied this year, while the maximum rate of three -shillings would be reduced by threepence to 2s 9d. There also would be a general reduction of 5 per cent, in the rates on individual personal1 exertion and property. ' The existing method of child endowment taxation, Mr. Stevens continued, would be substantiated by taxation of 1 per cent, on the wages of employees under State awards as from Ist Januady. This method would lift a burden off industry of approximately one million sterling annually. The Government also intended to obtain additional revenue from increased liquor aiid tobacco licences and betting.