PREMIERS MEET

Hokitika Guardian, 29 June 1932, Page 5

PREMIERS MEET

IN AUSTRALIA -.'Hl' V'

EFFORT TO REDUCE DEFICIT.

(Australian Press Assdciat ffohV)

CANBERRA, June ~28

The Prime Minister, Mr Lyons, opened the Premiers’ Conference here to-day. The Prime Minister said he ci.timMed the total deficits cf the .'Australian Governments” for this year •at £16,390,091),’ whilst the estimate for 1 O.'L-bB was twenty millions. He said that the task "of the Conference, was to'decide ways’ and nieahij of ,i;educin'g this' deficit to,six millions.,, which the Commonwealth Bank regarded* as tile limit to which it could finance for next year without endangering .stability of banking in Australia.

Mr Lyons emphasised that the Ccmmcmvealth Government had not contemplated any further taxation, but it was felt that it would have to undertake a great deal of unpleasant work in order to keep faith with its obligations. He impressed ch the, Mates tlntt they must steel .themselves to make fi/ei-h efforts in !order to bring the day of balanced budgets nearer, Ho said also that an earnest attempt must he made to reduce their present short term of indebtedness of forty-five millions in Australia, and nearly forty millions abroad. The Commonwealth Bank was quite unable L o afford any further financial rel.ef to the unemployed.