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Wednesday, 8 October 1941


Senator KEANE (Victoria) (Minister for Trade and Customs) .- I move -

That the hill .be now rend a second time.

Following the practice observed since the commencement of the war it is necessary to obtain a further appropriation for war expenditure. The purpose of this bill is to obtain an appropriation of £50,000,000 for war expenditure and for the raising of a corresponding amount of loan moneys to finance that expenditure. At the 30th June, 1941, there was a balance of approximately £72,000,000 of loan appropriation. This will suffice to cover the expenditure of this month and part of November. It is essential that a safe margin of parliamentary approval should be available, and the present bill is designed to cover expenditure after that date for a further period within the present financial year.

It is estimated that the total war expenditure in 1941-42 from loan will be about £150,000,000. At present, expenditure is averaging about £18,000,000 a month on defence and war services from revenue and loan sources. Of this it is possible to charge an average of about £4,000,000 monthly to revenue. Later in the financial year, when taxation collections are being received in much greater volume, it will be possible to charge a greater proportion of war expenditure to Consolidated Revenue. A schedule showing details of gross war expenditure will be found in pages 40 to 58 of the Estimates as presented by the previous Government.

The War Loan Appropriation Acts already passed by Parliament since the outbreak of war are -

 

I commend the bill to the Senate.







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