II. Per Head of Population. 
Public debt. 
Year ended 30th June. 
Revenue. 
Expenditure. 
Qurvlus. 
Deficit. 
1921-22... o 
1922-23 ... wee 
1923-24... nol 
1924-25 ... wey 
1925-26 ... 5 
"Q9R._97 i 
aa 
a 
£8 a. 
25 19 3 
25 17 5 
26 7 11 
75 9 
ww 14 4 
29 11 0 
cs d. 
% 8 7 
25 14 0 
26 17 4 
27 hb 7 
28 9 11 
2 4 7 
s. d. 
3 5 
os 
Pa 
s. d. 
9 4 
os 
5 7 
1 10 
Average for six years 
»7 8 RAR ' 27 7 A” 
These figures are satisfactory enough, but we cannot feel the 
same degree of satisfaction in regard to Australia’s public indebted- 
ness, though there is no doubt of her amvle power to discharge 
her obligations. 
8. The public debt of the Commonwealth and States for the 
six vears to 1928 is shown hereunder :— 
AUSTRALIAN PuBric DEBT. 
Total Debt on Account of — 
30th June. 
1922 soe 
1923 a 
| 924 - 
1925 we 
1926 i wi 
1927 se vey 
1998 . 
Jommonwealth, 
£1.000.000, 
364.8 
358.5 
242.0 
32.1 
AT 
364. F 
AT 
States, 
£1.000.000 
319.6 
47.0 
388.3 
301.0 
r92q, 1 
677.1 
792 () 
Commonwealth 
and 
States combined. 
£1 000.000. 
384.4 
905.5 
950.3 
963.1 
V4.0 
042.7 
NGF KR 
Combined 
Debt per 
Head of 
Population. 
£ 
159 
159 
164 
162 
167 
169 
174 
9. For the redemption of the debt of both Commonwealth and 
States an annual payment on a compound interest basis is being 
made to a sinking fund, which will redeem the whole of the 
existing debt within the next 58 years, and will provide for 
the liquidation of any new loans over periods ranging from 30 
to 53 years from the dates of flotation.* 
10. The amount of the combined debts of the Commonwealth and 
of the States, and the frequent recourse to the loan market which 
has taken place in the years since the war has to some extent 
* The arrangements at present existing for the redemption of Australia’s debt 
are shown in an Appendix to this report.