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Tuesday, 16 August 1960

Total revenue in 1959-60 amounted to £1,431,818,000. This was £46,555000 greater than the Budget estimate. Taxation revenue was £38,974,000 greater than had been estimated, and other revenue exceeded the estimates by £7,581,000.

Customs revenue was £8,681,000 greater than the Budget estimate, mainly because of the progressive removal of import restrictions.

Excise collections exceeded the estimate by £5,889,000. Clearances of beer, cigarettes and petrol were greater than expected; clearances of tobacco, however, were less than expected.

Sales Tax collections exceeded the Budget estimate by £14,185,000. Sales of most taxable goods reached higher levels than expected, higher sales of passenger cars and station wagons accounted for nearly half of the excess of actual collections over the estimate. Collections from sales of television sets were also substantially greater than estimated.

Income Tax collections from individuals exceeded the Budget estimate by £10,839,000, mainly because wage and salary incomes, and hence " pay-as-you-earn " collections from these incomes, increased faster than had been expected. The increases in wage and salary margins paid to many employees in the second half of the financial year contributed largely to the rise in incomes.

Collections of Income Tax from companies fell short of the Budget estimate by £3,470,000. Collections from arrears were somewhat less than had been expected.

Pay-roll Tax collections, which were also affected by the increases in wage and salary margins granted to many employees during the year, were £1,961,000 greater than the Budget estimate.

Estate Duty and Gift Duty receipts exceeded the estimates by £453,000 and £435,000, respectively. The numbers of estates and gifts on which duties were paid during the year were greater than expected.

Total revenue from Business Undertakings was £137,238,000, or £2,498,000 greater than the Budget estimate. Receipts from the Railways, the Post Office, and from Broadcasting and Television were all somewhat in excess of the Budget estimates.

Revenue from Territories was £766,000 greater than the estimate, due to higher revenue from services which expanded to meet a rate of growth greater than expected.

Miscellaneous Revenue was £4,317,000 greater than the Budget estimate. Defence receipts were £2,000000 greater than estimated. Of this amount, £569,000 came from the sale of the Echuca ballbearing factory, £425,000 from the sale of copper ingot donated to India under the Colombo Plan, and £341,000 from sales of other plant and materials. Civil Aviation receipts exceeded the estimate by £359,000 mainly because of increased revenue from air navigation charges, increased dividends from airlines and increased revenue from the airport business concessions. Other unforeseen receipts included £350,000 repaid by the Commonwealth Superannuation Fund under Section 77 of the Superannuation Act, £315,000 from the Flax Commission in repayment of advances and approximately £650,000 from the sale of property and material. Receipts of the Snowy Mountains Hydro-Electric Authority were £255,000 less than estimated, mainly because, with a lower water supply, revenue from the Tumut 1 Station was less than expected.

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