FEDERAL BUDGET
BIG BORROWING PROGRAMME LITTLE INCREASE LIKELY IN TAXATION. INQUIRY INTO ‘’PAY AS YOU GO" / tßy Telegraph—Press Association—Copyright) (Received This Day. 12.35 p.m.) CANBERRA, This Day. The Federal Budget for 1943-44, to be introduced by the Treasurer (Mr Chifley) tomorrow, will be a record one of nearly £700.000.000. An increase in direct taxation is not expected. Indirect taxation will probably be slightly increased. A loan programme of about £250,000,000 is expected to be provided for and bank credit will probably be more than £20#,000,000. Last year the Government raised £250,000,000 by taxation, £200,000,000 by loans and £200,000,000 by bank credit.
A full investigation into the possibility of introducing “pay as you go" taxation in Australia has been ordered by Mr Chifley. Official quarters predict, however, that Mr Chifley will be advised that this system would be impracticable for at least another year. An approach to this reform is still influenced by the manpower difficulties of the Taxation Office.
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Wairarapa Times-Age, 28 September 1943, Page 4
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159FEDERAL BUDGET Wairarapa Times-Age, 28 September 1943, Page 4
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