N.S.W. BUDGET
TAXATION PROPOSALS. (Australian Press Association) SYDNEY, Dec. 10. Tu the New South Wales Legislative Assembly, the Treasurer, Mr Stevens, delivered his Budget speech. He said that the financial operations for the year ended June 30t.1i lust bad resulted in a surplus of £593,169, the revenue being £29,703,940, and the expenditure £20,110,771. Mr Stevens estimated that the revenue this year will diminish' by £420,137. There was, he said, the utmost difficulty in arriving at revenue estimates owing to the uncertain financial and trade outlook. He estimated the current year’s expenditure at £20,262,417, which was slightly greater than that of last year.
Commenting on the economic position, which he described as grave, he said that there was a diminishing purchasing power in the community, and a growth of unemployment, which was accentuated by the coal deadlock. Mr Stevens pointed out whereas the average amount received by Australia for the past five years from the sale of her primary products ,abroad was approximately £141,000,000 sterling, the amount which these would realise in the year 1928-29 would be only £112,000,000. In other words, lie said there would he twenty-nine, million lfcss coming to Australia for the sale of her products. The Treausurer announced that the New South Wales Government was compelled to reduce its loan expenditure from fourteen and a-lialf millions sterling to ten millions for this year, owing to an adverse in the market conditions for overseas loans.
He said the Government proposed to try I to stimulate production, and reduce the burdens on industry. It would reduce the income taxation this year by one million pounds sterling.
Mr Stevens said that the supertax of three pence in the pound on companies would not be levied this year. Tlie maximum rate of three shillings income tax would be reduced by three pence to 2s 9d in the pound. There also would be a general reduction of five per cent, in the rate of income tax on individual personal exertion and property. He said that the method of child endowment taxation would be substantiated by new taxation of one per cent, on the wages of all off the employees under that State awards, as from January Ist. This method, he said, would lift a burden off industry of approximately one million sterling annually.
He added that the Government also intended to obtain additional revenue from increased taxation on liqour and tobacco licenses and on betting. ‘ SYDNEY, December 10.
Treasurer Stevens announced they expected to finish the financial year with a surplus of £21,356. He intimated it was also proposed to impose a tax on amusement.
Referring to the growth of competition of the motor traffic against the railways, Mr Stevens said the time had arrived when the Railway Department would have to go after business rather than wait for it to come to the The Railways earnings last year were £19,000,000, working expenses aproximately £15,000,000, and Interest Bill over £6,000,000. The capital invested in New South Wales Railways was £124,000,000 aggregated almost half of the public debt.
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Hokitika Guardian, 11 December 1929, Page 5
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505N.S.W. BUDGET Hokitika Guardian, 11 December 1929, Page 5
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