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Newspaper
Canberra Times
Location
Canberra, Australian Capital Territory, Australia
Date
Aug 16, 1972
Page
3
Means test policies for navigation aid are easing while dues or charges see an increase, reflecting a shift in financial terms for related services and assistance programs. The change affects eligibility thresholds and the overall cost structure for users.
The government outlines plans to raise free means limits for age and pension eligibility, extend pensions and ancillary benefits, adjust treatment of superannuation, and introduce means tests free-of-means pensions for those aged 65 or over. It also covers tax and excise changes, including liquor, aviation charges, and stamp duties, with a committee to study financing national superannuation.
The discussion centers on shifting relief from sales tax to personal income tax with two exemptions. Estate duty relief is proposed as rising values push more modest estates into taxation. Current exemptions stand at 20,000 and 10,000 for general estates, with higher limits for primary producers. Proposals suggest doubling SPDR.
The proposal would exempt about half of dutiable estates and cut duties for those up to five times the exemption. It would cost about 3 million in 1972-73 and 19 million in a full year. Gift duty exemption rises from 4000 to 1000, with revenue costs of 400,000 in 1972-73 and 750,000 in a full year.
The proposal includes a $400 education deduction tied to income work, raises minimum taxable income to 4000, boosts dependents allowances, and trims top marginal rates. It argues inflation and rising wages justify relief, with revised PAYE schedules from September 1 1972 and a projected net revenue impact of 434 million in 1972-73.
The acting Premier Hamer calls the Budget a people’s plan promising renewed employment and consumer spending. NSW Premier Askin hails it as boosting the economy, while opposition Hills labels it late. RSL chief Sir Arthur Lee and Farmers Federation head Hogan react with mixed views on local government relief and welfare measures.
The Treasurer announces record welfare increases, estate duty reform, and personal tax cuts. The Budget aims to boost families with stimulatory measures while maintaining caution on inflation and wage growth. It signals a year of growth and prosperity, with ongoing focus on balancing demand and output.
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