AUSTRALIAN BUDGET.

Taranaki Daily News, 27 September 1918, Page 3

AUSTRALIAN BUDGET.

COMPULSORY INVESTMENT IN JVAR LOANS. Melbourne, Sept. 2C. Mr. Watt, in his Budget speech, estimated the revenue lor IiHS-lil, not including the additional taxation, which would amount to £5,350,(>'G0, at £31),219,501. Ho estimated that the expenditure would be £45,3-14.595. The proposed additional income tax would yield £2 200,000, the entertainments tax £275.000, postage £5K,000, and Customs and excise £1,985,000,

The publi. debt now amounts to £2-S-t,(t02,u72.

Outlining the proposed measure for compulsory investment in war loans, Mr. Watt said the scheme provided a penalty of twice the annual average income tax on non-subseribcrs and the enforcement of the penalty did not absolve from the obligations to subscribe the amount demanded. This measure would apply to the present war loan. He remarked that Australia should be congratulated on the general condition of finance, production, trade, and manufactures. No amount was included in the estimates for the bachelor tax. — A'.'s.-N.Z. Cable Assoc-

In the House of Representatives, MrWatt pttt on the table the new duties for liquors and tobacco. Duties on imported spirits have been "aised to 25s a gallon; Australian spirits pay excise of 24s a gallon and beer Is a gallon. Imported tobacco will pay an increase of 8d per pound, cigaretttes 2s, and cigars Is. A BACHELOR TAX. Adelaide. Sept. 20. In the Assembly, the Treasurer, outlining (he taxation proposals, saiil an additional £1 tax on non-enlisted bachelors and widowers without dependents .with incomes over £IOO would be im-posed.—Aus.-N.Z. Cable Assoc.