FINANCE IN N.S.W.

Taranaki Daily News, 16 September 1922, Page 5

FINANCE IN N.S.W.

FEATURES OF THE BUDGET. By Telegraph.—Press xs— —Copyright. Sydney, Sept. 14. In the Assembly Mr. Cocks, delivering the Budget, announced that the estimated revenue was £35,472.000, and the expenditure £35.406.000. No details were given respecting the proposals for a reduction of taxation, but it is understood the income-tax exemption will be reduced to £2OO as & set-off to the abolition of the 6.1 in the £ .super-tax. The railway position is so gloomy that it will not permit a drastic reduction in fares and freights. State enterprises showed a total loss of £105.000, including the timber yards. There was a loss of £40,000 on the trawlers. Mr. Cocks’ income tax estimates were framed on the assumption that £253.000 le-s would be collected thTs year than last, and to provide that taxpayers with moderate incomes would be given considerable relief. The Budget makes no provision this year to wipe out the accumulated deficit of £2,578,000 or to provide a sinking fund for the existing public debt. It is estimated that the dey rt men tai expenditure will show a decrease of £777,000. The Government generally aims at economy without, however, attemptins in any way to underpay the public servants.