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Tuesday, 16 August 1960

Coinage. - The profit from coinage varies markedly from year to year and is influenced largely by the public demand for the coins of various denominations. The estimate of £350,000 for 1960-61 compares with actual receipts of £415,000 in 1959-60 and £149,000 in 1958-59.

Defence. - It is estimated that, because of smaller disposal of plant and materials, receipts in 1960-61 will be £240,000 less than in 1959-60.

Civil Aviation. - The estimated increase of £594,000 in Civil Aviation receipts in 1960-61 includes increases of £182,000 in the dividend from Qantas Empire Airways Limited, and £49,000 in the payment in the nature of a dividend from the Australian National Airlines Commission. In addition, increases in air navigation charges now proposed are expected to yield £300,000 in 1960-61 and £450,000 in a full year.

Customs and Excise - Miscellaneous. - Revenue under this head was formerly brought to account under Items No. 1. - Customs Revenue and No. 2. - Excise Revenue.

Attorney-General's. - Receipts are expected to increase as a result of a general increase in fees and charges.

Shipping and Transport. - It is estimated that £985,000 will be received in 1960-61 from the Australian Coastal Shipping Commission as a payment in the nature of a dividend, compared with the payment in 1959-60 of £1,961,000, for a twoyear period.

Reserve Bank of Australia. - Under the Commonwealth Bank Act 1945-1953, the profit from investments of the Note Issue Department of the Commonwealth Bank was paid to Consolidated Revenue, and half the profit from Central Banking business was paid direct to the National Debt Sinking Fund. Under the Reserve Bank Act 1959, the profit of the Note Issue Department of the Reserve Bank of Australia will be paid, as in the past, to Consolidated Revenue. In addition, such proportion as the Treasurer determines of _ the profit of the Reserve Bank from Central Banking business is payable to the Commonwealth, but it is payable to Consolidated Revenue and not to the National Debt Sinking Fund. Payments from Consolidated Revenue to the National Debt Sinking Fund under the National Debt Sinking Fund Act 1923-1959 will, in consequence, be increased.

Commonwealth Banking Corporation. - Under the Commonwealth Bank Act 1945-1953, one half of the profits of the Commonwealth Trading Bank and of the Commonwealth Savings Bank was paid direct to the National Debt Sinking Fund. Under the Commonwealth Banks Act 1959, one half of the net profits of the Commonwealth Trading Bank and of the Commonwealth Savings Bank is payable by the Commonwealth Banking Corporation to Consolidated Revenue. Payments from Consolidated Revenue to the National Debt Sinking Fund under the National Debt Sinking Fund Act 1923-1959 will be increased accordingly.

War Service Homes - Interest. - The estimated increase of £1,180,000 in interest receipts reflects the increase in the total amount of loans outstanding under the War Service Homes scheme.

General Trust Fund - Interest. - Receipts of interest from this source are estimated to fall by £297,000 because of a reduction in holdings of Internal Treasury Bills and Inscribed Stock by the General Trust Fund.

Snowy Mountains Hydro-Electric Authority. - The interest and depreciation components of the proceeds from electricity sales are payable to Consolidated Revenue. The estimated increase in receipts of £159,000 reflects the increasing hydroelectric generating capacity and output.

Australian Atomic Energy Commission. - With the research reactor at Lucas Heights being brought up to full power, the Commission expects to receive £120,000 in revenue in 1960-61 from the hire of space in the reactor and from the sale of radio-active isotopes and other materials.

Repayment of Trust Account Balances. - It is estimated that miscellaneous Trust Account balances amounting to £2,400,000 will be available for transfer to Consolidated Revenue in 1960-61.

Other Revenue. - Included under this item are receipts from the sale of property and material, miscellaneous interest receipts, rents and repayments of sundry advances, &c.







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