AUSTRALIAN FINANCE.

Evening Star, Issue 22442, 12 September 1936, Page 15

AUSTRALIAN FINANCE.

TO THE EDITOR. . Sir, —I wish ■to protest strongly against the publishing of such a mis* leading article as your editorial, ‘ Prosperous Australia.’ My protest is based on the following facts:—The public debt of New South \yales is fifteen and threequarter million pounds per annum, just one and three-quarter millions in excess of the total annual taxation yield from all sources. Will she borrow hersell into‘prosperity, or has she already done so ? According to the ‘ Official Year Book,’ the National _ Debt' in 1923 amounted to 929, millions, so that from 1923 to 1936 the. debt has _ increased by £326 millions, £92 millions have been paid off by sinking fund, which leaves a nett increase of £234 millions. Since the Lyons Government took over in 1931 over £IOO millions has been added to Australia’s national debt. Australia has paid during iha last 35 years over £B7O millions in interest alone, and detpite recent conversion operations, it still requires > approximately one million.pounds a week to meet the interest bill, or 10s q£ every £1 of taxation raised. Is this prosperity?—l am, etc.. Ken. W. Besnet. P.S. —New South Wales has 30,000 men on the dole and 16,000 on relief work; figures for July.