11
19. In summary, therefore, the budget now looks
like this:
Revenue
Expenditure
Difference
Less: Repeal of various
heads of the schedule
to the Stamp Ordinance
Reduction of stamp duty
on contract notes
$mn
10,366
10,266
+ 100
130 (1)
25
Extra Post Office revenue
+
10(?)
Extra tobacco duty
+
11
Extra fuel duty
+
2
Extra F.R.T.
+ 15
Budgetted Deficit
17
Note: (1) The extra $160 million from banks in
1979-80 (+$80 million thereafter) may be regarded as a part offset for the
abolition of many stamp duties.
20.
From a monetary point of view to budget effectively for a balance in 1978-79 is, I think, right; and to be able to budget for such a large increase in expenditure without major tax changes, without incurring debt and without drawing down our fiscal reserves will be politically popular and will do much for confidence.
SECRET
F.S. 6.2.78.
/
p.s.