GOOD FINANCES

Waikato Times, Volume 121, Issue 20284, 28 August 1937, Page 7

GOOD FINANCES

THE AUSTRALIAN BUDGET NO REDUCTION IN TAXATION RECORD OUTLAY ON DEFENCE United Press Assn.—Elec. Tel. Copyright. CANBERRA. August 27 The Commonwealth Treasurer, Mr R. G. Casev, announced in his Budget speech to-day that there would be no reduction of Federal taxation. The revenue this year was estimated to produce £85,190,000 and the ependltur was expected to be £85,160,000, leaving a surplus of £30,000. Old age, invalid and war service pensions are to be increased from 19-9 to £1 a week. A record sum of £11,500,000 will be spent on defence this year. Of the total £2,500,000 will come from loan money, £6,000,000 from the Budget, and the remaining £3,000,00 from the Defence Trust Account. For the promotion of the health of women and children £IOO,OOO will be provided. The Government, said Mr Casey, was giving close attention to national unemployment and health Insurance and pensions, and was providing £75,000 toward the Initial expenses inaugurating its policy. For the apple and pear Industry £65,000 would be provided as a subsidy on exports, and 2s a case would be paid on exported oranges, grapefruit and lemons. Road grants to the States would amount to £3,739,000. while overseas trade and travel publicity would absorb £60,000. Sufficient Credits Mr Casey said it was estimated Australia's total credits were sufficient lo settle all overseas liabilities and add £20,000,000 to the London reserves. Of the defence vote £3,616.000 will go to the Navy, £3,264.000 to the Army, £2.672,000 to the Air Force, £1,039,000 to munitions, and the remaining £909,000 to civil aviation.