Federal Budget

Sun (Auckland), Volume III, Issue 827, 22 November 1929, Page 9

Federal Budget

UNEXPECTEDLY PRESENTED Super-Tax to be Imposed CHARGE OF GROSS MISCALCULATION Received 10.35 a.m. CANBERRA. Today. THE Federal Treasurer, the Hon. E. G. Theodore, unexpectedly presented the Budget and Estimates of the new Government in the House of Representatives. He declared that the late Treasurer. Dr. Earle Page, has grossly miscalculated the commitments, and also probably the revenue.

Increased expenditure, for which inadequate provision had been made, totalled £ 50T,340. The Government proposed to raise a, further £885,000 by an increase in the income-tax. Existing rates would be increased by the imposition of a super-tax as follows: —On taxable incomes of those receiving £2Ol to £1,500, 10 per cent.; £1,501 to £3,000, 15 per cent.; £3,001 upward, 20 per cent. The revised estimate was £43,250,000, or £500,000 less than the Budget estimates. The Government does not intend to levy a 5 per cent, tax on the gross receipts from entertainments. The excise duty on petrol will be increased Id a gallon. The duty is to be increased on leather, rubber goods, motor-cars, cotton and wool yarn. The recent increase of 3d a gallon

n the beer excise will be reduced tc Id. The total revenue is estimated a! £64,589,000. and the expenditure at £64,574.442. leaving an estimated sur i>lus of £14,558.