AUSTRALIAN POLITICS

Taranaki Daily News, 8 December 1916, Page 4

AUSTRALIAN POLITICS

NEW TAXATION. Australian-N.Z, Cable AsaociatJofc Melbourne, Dec. < The treasurer has announced a redud tion in the war time profits tax. Thai Government'has decided to limit the tax to fifty per cent, war profits over par-', nutted percentages for the first year of war, and Revo/ity-flve per ecnt. In the second year. The mining companies and fruit growing concerns are exempt. The treasurer outlined a new schenMi of wealth conscription for repatriation' purposes, whereby the annual payment of Us per cent, wealth per year for flv# years income tax is increased to five per cent. An entertainments tax i|i to be levied on tickets over sixpence. Melbourne, Dec. 6. The treasurer estimates the war pro* fits tax on the first year to produca :C(;00,000, the repatriation tax £1,835,4. 000. and the entertainments tax £700,*, 000. The exemptions on incomes over live hundred will disappear, and £26 willj be allowed for each child under sixteen* The exemption is reduced to one hum dred for unmarrieds without dependent*.

The revised estimates submitted by) the Federal Treasurer show a decrease of revenue of £1,750,000 and a decrease of expenditure of £2,414,000, or a net baling of £003,000, compared, with the estimates of the previous treasurer 1' War loans are exempted from the wealtfy tax. r ihe Treasurer suggested a sinking fund of one per cent., which, aceumu-' hiti-d at 41 per cent, interest, is estimated to extinguish the war debt in 30 years. : He strongly urged the necessity of! economy. Australia has passed through; a phenomenal decade of prosperity From' £'!8,?8(i,000 in KlOli the savings bank i deposits have increased to £90,284,Q00! in mo. , A RECORD SITTING. Received Dec. 7, 10.10 p.m. Sydney, last Xight. The Assembly has established a recent, sitting continuously since Monday, debating the Estimates. Mr. Hoiman, ju.-.Lifyiug the expenditure of £il;)0lt on representation in America, quoted Mr. Nielsen's report, showing that, whereas Xew Zealand was nearer America, than Australia, the freights were ij per cent, lower. Xew Zealand exports to America in the last three years increased by 2;li per cent.,; 'or £1,250,0C-'), while Australia's exports to America were f>oo per cent. and. €!> in mis. The balance |of trade with Amerifa against Xew Zea,iiml was :>l per cent. In 11)18, and 18 per cent., against Australia's 59 'and 4 ;er cent. OUTPUT OF MUMTIOXS. Meibourne, Dec. t. Mr. Hughes announces that step? aro Icing taken to increase the output of ammunition, rifles, a::d large ordnance, He promised consideration of a rc> quest to pass regulation-', under the Wai 1 rccautioiu Act to declare the I.W.W, an illegal organisation. THE LA 130R CONFERENCE. Ti'e Labor (Yr.feivnee re-olved to pro test against an.- proposal for Tinfederation involving thr> slightest surrender of Australia's self-governing •.owers in return for a voice in the Empire's foreign policy which, it claims, v.oiilii be disastrous to Australian ideals, and should not be entertained.