EFFECT OF WAR
The Minister in Charge of External Territories (Mr Nock), in a national broadcast, gave a warning that Australia would not be able to maintain last year’s level of saleable production, and that higher taxation for defence expenditure would still further reduce the normal residue that determined the living standard of the Australian people. Mr Nock said the Australian people had not yet formed any conception of the colossal total of the Commonwealth’s defence commitments. Compared with £55,000,000 spent in this direction last financial year, the total this year would easily reach £165,000,000. With ordinary Federal and State expenditures added, the total reguired this year would bo £300,000,000. The whole of the Australian people’s taxable income last year would not go half-way towards this staggering total. They could equitably borrow £100,000,000 of this amount, leaving £200,000,00 to come from taxation.
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Evening Star, Issue 23693, 28 September 1940, Page 3
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142EFFECT OF WAR Evening Star, Issue 23693, 28 September 1940, Page 3
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