HEAVIER TAXES

Wairarapa Times-Age, 22 September 1938, Page 7

HEAVIER TAXES

THE AUSTRALIAN FEDERAL BUDGET DEFENCE & SOCIAL SERVICE COSTS. INAUGURATION OF NATIONAL INSURANCE. By Telegraph—Press Association. Copyright. CANBERRA, September 21. Heavy increases in taxation were announced in the Federal Budget speech by the Treasurer, Mr R. G. Casey, in the House of Representatives today. Federal income tax, payable by companies and individuals, is being increased by 15 per cent, land tax is being increased by ’ approximately 11.1 per cent, and sales tax will be increased from tomorrow from 4 to 5 per cent. Mr Casey stated that the estimated revenue for the year would amount to £93.162,000 and expenditure to £93,136.000, leaving a surplus of £26,000. The total additional revenue to be raised from taxation is expected '.to amount to £3,210,000, which is being devoted to an enlarged defence programme, /invalid and old-age pensions, and the inauguration of national insurance. The total defence expenditure this year will reach the colossal figure of £16,796.000 or £5,000,000 above last year. Invalid and old-age pensions are expected to absorb £16,150,000 and wa” pensions and repatriations about £9.400.000. During the year the Government will introduce legislation providing for reciprocity between Australia and New Zealand on invalid and old-age pensions. This will mean that time spent in either country will be taken into account in determining the residential qualification.