FEDERAL FINANCE

Hawera Star, Volume XLVIII, 1 August 1924, Page 5

FEDERAL FINANCE

BUDGET PRESENTED. SUBSTANTIAL SURPLUS. REDUCED TAXATION. it CABLE—PRESB ASSOCIATION—COPYRIGHI MELBOURNE, July 31. In the House of Representatives, Dr. Earle Page (Minister for Finance) presented the Budget. He said the revenue for the year amounted to £65,07-7,810, or £4,078,810 in excess of the Budget estimate. The revenue from "Customs and excise amounted to £35,750,784, which was a record. The estimated revenue from this source was £29,650,000. The total expenditure out of revenue was £62,484,169, representing an excess of £1,532,321 over the estimate.

The total revenue for the year was £67,017,203 and the expenditure £64,430,019, showing a surplus for the year of £2,587,184. This, added to the accumulated surpluses of previous years, makes the total £10,015,758, but from thi s £4,915,755 had been deducted to pay off a portion of the national debt, and therefore the accumulated surplus was £5,100,003. The income tax exemption lias been increased from £2OO to £3OO, and with other new exemptions all incomes up to £I2OO yearly will benefit. A total of 260,000 taxpayers will be relieved of the payment of income tax altogether. ' The Treasurer estimates' that as a result of this the revenue will be decreased by £2,000,000. The. estimated revenue for 1924-25 is £64,395,000, and the estimated expenditure £64*368,968.