Caution in a Holding Budget Reflects Inflation Pressures
The Government raises taxes on postal and telegraph services, cigarettes, petrol, and increases pensions to meet cost of living rises. Treasurer Snedden calls inflationary pressures serious and presents a holding budget with a pledge to monitor the situation and adjust policy if needed. Income tax up 24 percent, company tax up 5 percent on the first 10 000, cigarette duties rise 3c per pack, petrol by 2c a gallon, and prescription charges under the National Health Scheme doubled to 1.
MENTIONED IN THIS ARTICLE
Australia
Snedden
Snedden Pre
Details at a Glance Budget 1971 72 summary figures
The budget shows 1971 72 expenditure at 8 833 million up 9 percent from last year Revenue at 8 822 million up 9 9 percent with a deficit of 11 million compared to 75 million prior Domestic surplus estimated at 5630 compared with 460 last year Personal income tax levy up to 5 percent from October 1 Company income tax first 10 000 increased by 5 percent Local telephone charges rise to 4 1 2 cents per call Public and private trunk call rates up New installation cost 50 Rentals up Pensioner concessions continue Postage up from 6 to 7 cents Radio licence to 8 TV licence to 19 combined to 26 50 New lodging house licence class Pensioner licences unchanged Petrol fuel costs up 2 cents per gallon due to duty Cigarettes up about 3 cents a pack due to duty War and pension entitlements increased various amounts Child endowment raised Third child onwards up 50 cents a week War pensions up 3 50 a week and other rate changes Orphan repatriation pension up 2 a week War service housing loan limit raised to 9 000 with grants to replace concessional state loans.
MENTIONED IN THIS ARTICLE
Orisher 1
War Service Homes
Canberra
Sait Dancele Pensioner
Rural Wool Payments Set At 36 Cents A Pound
Government to pay deficiency for most wool at 36 cents per pound greasy for entire clip. rural industry subsidies total 275 million dollars, up 65 million from last year. defence outlays rise by 117 million to 1252.4 million.
MENTIONED IN THIS ARTICLE
Twis News Haven
Tate
Nixon warns of code war with allies over duties
President Nixon is said to have triggered a code war on the United States partners, notably Japan and West Germany, in moves to protect duties, according to reports from Moscow and agency sources.
MENTIONED IN THIS ARTICLE
Moscow
Nixon
United States
Japan
West Germany
Censure motion falls short against Prime Minister McMahon
The House of Representatives defeated a censure motion against Prime Minister McMahon by 62 votes to 56. The outcome followed a tight division on the motion as votes were tallied.
MENTIONED IN THIS ARTICLE
House of Resentatives
Centre
McMahon
Postal charges rise in broad budget moves
The budget hikes touch telephone rentals from 47 to 55 dollars in Canberra, local call costs, and letter rates from 6c to 7c. Radio and TV licences rise to 26 450 collectively, while pension and child endowment increases are outlined. Rural support includes wool grower payments and retraining plans, with overall social expenditure up 268 million from last year.
Growth balancing act in Budget delays as tax rises curb demand
The Budget aims to moderate growth by shifting resources from government to private sectors and restraining Federal Public Service expansion. Tax increases on companies and individuals fund a planned domestic deficit of 630 million, with higher prices expected from postal charges and indirect taxes. Revenue growth and lower expenditure support limited borrowing, while monetary policy and foreign capital inflows will influence money supply. Wool deficit payments are noted as improbably low. Business Editor comments on page 15.
MENTIONED IN THIS ARTICLE
Eee Ees Cere
Federal Public Service
Busines
Omments
Wool Subsidy Deficit Estimates Stir Budget Winds
The budget relies on a wool subsidy forecast of 60 cents a pound, with an assumed average price of 36 cents. Prices fell by one cent, raising questions about accuracy and the risk to a projected domestic surplus of 630 million dollars if wool moves worsen. Treasurer Snedden warns that estimates carry large uncertainty due to textile industry conditions in Japan and broader market swings.
Commonwealth Public Service to plan three-year rolling program
Treasurer Snedden signals a major shift toward three-year rolling government estimates across departments. A new review of functions will accompany the continuing recruitment freeze, with full-time Public Service growth capped at 3.1 percent this year. National Capital area faces no further growth this year.
MENTIONED IN THIS ARTICLE
Defence Department
Japan
National Capital
Whitlam Criticizes Snedden Budget Over Stagflation Fears
Opposition leader Mr Whitlam labeled Treasurer Snedden's budget a perfect recipe for stagflation citing rising unemployment and inflation. He warned Australia would suffer without addressing American economic moves under Nixon. Senators Gair and Irene Ellis of the Commonwealth Pensioners Federation joined criticisms on social services cuts and pension rises while NSW and Victorian leaders offered mixed reactions.
MENTIONED IN THIS ARTICLE
Whitlam
Snedden
Australia
DLP
Gair
Indian Ocean
Australian Commonwealth Pensioners Federation
Irene Ellis
ACTU
Commonwealth Pensioners Federation
Anid
Sydney
NSW United Farmers and Woolgrowers Association
K. H. Black
Nsw
Askin
Melbourne
R J. Hamer
T Financial Advisers
The
Federated ‘Taxpayers Association of Australia
Eric Risstrom
Waid
Lease sales boost ACT revenue this financial year
The value of lease sales in the ACT is expected to exceed last year by 3.3 million dollars, reaching 58.5 million dollars for works by the NCDC and related agencies. The note cites urgent action needed as camps of India were to be addressed within 10 days.
MENTIONED IN THIS ARTICLE
NCDC
Commonwealth
India
G.A.C. Discount Promises Competitive Prices on Tools
The message touts G.A.C. as offering the best tools on the market at competitive prices. It emphasizes being a discount retailer and advertises savings available by choosing G.A.C. for purchases from the Tool Shed.
MENTIONED IN THIS ARTICLE
G.A.C
Also Mentioned on This Page
David Solomon
Magnus Cormack
Senate
Defence Defence Rote
Labour and National Service
Lynch
Warwick Bracken
P.S
Bruce Judder
Commonwealth Public Service
Mr Whitlam
America
Hong
World News
Newcastle Street
Fyshwick
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