AUSTRALIAN POLITICS.

Taranaki Daily News, 14 August 1915, Page 4

AUSTRALIAN POLITICS.

" MR. FISHER'S BUDGET. GOOD HARVEST PROSPECTS. By Cable—Press Assomtion—Copyright. Melbourne, August 13. In the Budget, Mr. Fisher estimated the naval expenditure for 1915-16 would total £7,280,450. The principal item was 5J millions for tho hire of transports. Tho war expenditure was estimated at £38,400,000. The amount «|. ready borrowed from the British Goveminent was £18,100,000, leaving £fi. 400,000 still to be borrowed. Of eighteen millions borrowed on behalf of the States they had already received £12,125,000.

Ho reviewed the war. Up to Augmt 8 Australia had equipped and sent 76,860 troops to the front, and 5300 reinforcements were being sent monthly. For October and November this number would be doubled. Over forty thousand were in camps training. The total easualtiea were 13,970, but a large proportion of the sick and wounded would bo able to rejoin. ,

The crop outlook throughout the Comujonwealth, excepting in the greater part of Queensland, where the rain was' below normal, was very favorable. The estimate of the wheat area was in the vicinity of 13'/ a million acres. With favorable weather there would be a record crop. Regarding income-tax, he explained the exemption of £136 was gradually abated as the incomes increased till it disappeared when the income was £IOOO. There was an additional exemption of £l3 for every child under sixteen, irrespective of income. Companies, would be taxed only on undistributed profits. Mr. Hughes obtained leave to introduce the Federal Income Tax Bill. \a ' foreshadowed,' it will provide for a graduated tax ranging from 3d to 5s in the .C. Mr. H»ghes promised details on the second reading to-day. •

Mr. Fisher estimated the revenue for tio current year at £23,5*0,000, and expenditure at £74,043,104, an, increase of £37,210,480. This was chiefly, special w»r expenditure, which was estimated at £45,74»,4")0. Tho new income tas was expected to yield four millions. Sydney, August 12.

The wheat harvest is officially estlmated'at sixty inillion bushels. This is double last year*a yield. The Government has placed an order abroad for twenty locomotives, costing £IOO,OOO, to cope with the grain traffic.