On November 30 the Federal Treasurer submitted a supplementary budget for the current year, which provides £62014000 for expenditure on defence. This amount will be obtained from Revenue mitted on September 8 shows an increase in estimated defence expenditure of £28877,000. Of this additional amount £27,109,000 will come out of loan funds and only £1,768,000 from taxation. Increases in taxation, which aggregated £8,000,000, were announced in September, and the uncertain outlook and the need to maintain general economic activities at as high a level as possible were advanced as reasons for avoiding further increases in taxation at present. When the effects of the larger income from exports and the exvanded defence expenditure are apparent, the Government intends to review the position and determine what changes should be made in its financial policy.
Text read from the printed page and cleaned; old type leaves the occasional error.