AUSTRALIAN FINANCE.

Taranaki Daily News, 11 May 1916, Page 2

AUSTRALIAN FINANCE.

TREASURER'S STATEMENT, DEFENCE EXPENDITURE. By Cable.—Press Association—Copyright Melbourne, May 9. The Treasurer has delivered the financial statement for the year "ending June 30 next, The estimated receipts are £89,092,110, from revenue £28,490,600, and the loans £69,801,000. The expenditure is estimated at £70,057,826 and the balance £13,034,534, whiclf 'will bo carried forward to meet the war expenditure in the coming year, In the House of Representatives, the Treasurer stated that the naval and military estimates were £44,502,039, against £17,537,255 last year. From June, 1914, to June, 1918, over £70,800,000 had been agent on defence. The defence expenditure ig estimated at £49,881,975. The Treasurer stated that in his opinion the time had arrived when Australia should at least pay her own share of the war expenditure, indeed lend money to the Imperial Government. Parliament would be asked to authorise the borrowing of fifty millions for the Commonwealth and nine millions for the States. He foreshadowed a 50 per cent, tax on war-time profits accruing from June 30, 1915. Progress returns reveal that aggregate net income of persons in the Commonwealth to April 3 was 183 millions. It is expected it will reach 200 millions. ' The Statistician estimated the private wealth at a thousand millions.