AUSTRALIA: Brief Surplus

Proudest man in Australia last week was tousle-haired Premier Joseph Aloysiu Lyons. When he took office 22 month? ago Australia's finances were an Empire scandal. Commonwealth bonds were on the verge of interest default. Joe Lyons, who had only recently emerged from the political wilds of Tasmania, formed a Cabinet and pulled in his belt. Things looked better last year, and last week he had real news. Reading his budget speech before the House of Representatives, he announced that the Commonwealth had, instead of an estimated deficit of £1,302,000, a surplus of £3,547,000.

This money will not lie long in...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!