AUSTRALIAN FINANCES

Evening Star, Issue 19802, 28 February 1928, Page 7

AUSTRALIAN FINANCES

BURDEN OF GOVERNMENT IMPOSTS WASTEFUL EXPENDITURE DEPLORED. Press Association—By Telegraph—Copyright HOBART, February 28. (Received February 28, at 11.5 a.m.) Sir Wallace Bruce, chairman of the Associated Chambers of Commerce, at the opening of the annual conference of the associated chambers, said: “The burden of Government imposts in the Commonwealth as a whole is heavier this year than at any previous time. During times of prosperity Governments should be as stringent as possible in the expenditure of loan funds. It is noteworthy that the two industries which represent the basis of our prosperity—wool and wheat—are among the very few industries which are not in receipt of direct or indirect assistance. During the ten years 1916-26 tho indebtedness of the several Govern* ments of Australia increased by £665 000,000, which represented an average of £56,000,000 per annum. It is indisputable that the regular augraentatation of Australia’s wealth on such a scale has contributed materially to tho briskness of trade and industry in recent years. That such a rate cannot be continued indefinitely is evident to everybody who is seized of the position.” Sir Wallace Bruce added that many responsible persons and organisations throughout the Commonwealth had persistently sounded a warning note of tho financial position, and the Governments were forced to act upon this recommendation, and this sudden curtailment was seriously felt in many directions. Ho appealed to the Governments to let their expenditure bo wise, not wasteful or non-productive, the spending of money on which objects had been too common since tho war.