XN000022-1974-02-27 — Page 16

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Wednesday, February 27, 1974

programmes is tending to outstrip the funds which I can readily assume

will be available. But provided we watch what we are doing in the year

immediately ahead and in the medium tern the three following years -

I do not think we need trouble ourselves too much at this stage with

the longer term.

To sum up then: I am budgeting for a safe balance in 1974-75

so that we can safeguard our policies and programmes in the three following

years. Even so, so that we can finance expenditure cn capital works

of nearly $21⁄2 thousand million in each of these three years, we shall

have to find an extra $500 million a year over and above the extra

$175 million to be raised next year. I intend that wo should find this

extra money by additional taxation and by raising loans for projects

which can properly be financed this way. We shall have to spread tho

other $2,000 million worth of expenditure over later years. Tet, total

Government oxpenditure in 1977-78 four years from now - will be

-

nearly $71⁄2 thousand million compared with about $51⁄2 thousand million

in 1974-75. So, though this year's budget is a cautious one, I have

made it so for a very good reason: to protect our future.

"Goodnight."

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