Chapter 25 - Chapter 25: Chapter 25: Funds Crisis

Chapter 25: Chapter 25: Funds Crisis

Translator: 549690339

The one-week period that Arthur had reserved was not only meant to give the newly elected cabinet members some time to familiarize themselves with their positions but also to allow them to access and deeply understand the various data and information about the country.

Eleven cabinet members, apart from the six original governors, were also from governmental backgrounds; however, they did not have permission to access the data and information at the national level in Australia, so their understanding was not very clear.

Under such circumstances, if they were immediately thrown into cabinetwork, they would be as confused as a swarm of flies.

Therefore, it was better to give them some time to understand and adapt, so that the cabinet government could work better.

In the blink of an eye, a week had quickly passed, and soon it was time for the cabinet meeting that Arthur had mentioned.

The cabinet members were very obedient and had resigned from their previous jobs before today.

However, because of the different election situations in the state parliaments, the governors of the original states still had to hold their positions temporarily.

The familiar Administrative Building and the familiar meeting room, but the number of people attending the meeting had been reduced from 199 to 12.

Sitting in the central position, Arthur looked at the expectant crowd and said with a smile, “Gentlemen, I believe that after a week of understanding, you have learned about the basic situation of Australia. Now we can officially start discussing the Australian development plan and set the country on the path to prosperity.”

“Let’s talk about the status of each department and your thoughts. Feel free to speak your mind, as long as it benefits the country’s development, everyone can propose ideas for discussion together,” Arthur said with a smile.

Although Arthur had the soul of a Time Traveler, and would not make a mistake in the overall direction of national development.

But as the saying goes, many hands make light work, and those who were elected to the cabinet were more or less capable, and some of the opinions they put forward might not have occurred to Arthur.

“Let’s start with the Ministry of Finance. What is the current financial situation of our country? How much is left in the national available funds?” Arthur looked at Finance Minister Roger Joseph Albert and asked.

As the saying goes, the troops will not move without adequate supplies. The development of the country is the same. Before formulating various development plans, it is essential to ensure that the country has sufficient funds for development.

Without enough funds, developing the country would ultimately be just an empty talk.

“Your Highness, it’s not very ideal. Although the integration of the six original colonies into a single country has resulted in some growth in our economy and various industries, the government’s funds are currently lacking and can only support its operation,” Roger Joseph Albert shook his head with regret.

After all, Australia’s integration had taken too little time. Although the economy had already shown signs of growth, it would be impossible to achieve more financial revenue without several years.

Furthermore, Arthur had previously reduced many taxes for Australians, which directly led to a decrease in the Australian government’s revenue.

“How much money is available in the government’s financial account?” Arthur inquired as he furrowed his brow.

After the colonial reform, the states’ tax collecting methods were changed from independent development to collecting taxes from the states, with most of the funds going to the government and a small portion kept for their use.

However, so far, taxes have only been collected once, and due to Arthur’s substantial tax reduction, the government’s tax revenue is only slightly over one million pounds.

Adding other income sources, Australia’s total government revenue is still less than 3 million pounds. After covering various expenses, the government’s available funds are less than two million pounds.

“Your Highness, after deducting all expenses, the government’s available funds are now just over 1.9 million pounds,” said Minister Roger Joseph Albert.

There was still so much money left because the previous temporary Australian government had hardly taken any action, so the only expenses were the salaries of government personnel.

But less than two million pounds of funding for Australia’s development is undoubtedly a drop in the ocean, not even enough to make a ripple.

Hearing Minister Roger Joseph Albert’s statement, the crowd was in an uproar.

As the others imagined their departmental plans, Minister Roger Joseph Albert’s words undoubtedly poured cold water on them, extinguishing their barely-born plan in their minds.

“Minister Roger, is that true? With so little government funding, it’s not even enough to buy equipment,” Prime Minister Evan, who was the most surprised, said. During his tenure as the Prime Minister of New South Wales, the annual tax revenue of New South Wales was as high as two million pounds. How could the government’s funds after integration be less than two million pounds?

“Of course it’s true. According to our tax policy, if we want to get more income, we’ll have to wait until October this year,” Roger Joseph Albert nodded.

People’s eyes turned to Arthur since the main reason for the current lack of funds in the Australian government was Arthur’s substantial tax cut.

The people’s wishes were simple; now that the government was in trouble, it was only right for Arthur, the ruler, to find a solution.

“Alright, this is what I’ll do! On behalf of the royal family, I’ll grant an interest- free loan of £100 million to the government and provide another 50 million pounds worth of industrial equipment to the government at market price. That way, the government won’t have to buy industrial equipment at high prices from Europe, and there will be enough money for development,” Arthur decided, ending the awkwardness of the meeting.

Seeing that the government had funds, and their plans could be realized, everyone was motivated and tried to get more funds allocated to their departments.

“The industry is of paramount importance. Let’s start with the Ministry of Industry’s plan,” Arthur called on Pierre Silvio Berlusconi.

Minister Pierre Silvio Berlusconi was not at all intimidated, standing up and saying, “Your Highness, our country’s industrial development is severely lagging behind, whether it is basic industry or advanced technology industry, it is extremely scarce. My suggestion is to focus on developing basic industries. Relying on our western mining resources, we can build a large industrial base. Once our basic industries are developed, it will not be too late to study those advanced technology industries.”

Australia is currently weak in its foundation, and it cannot become a superpower overnight.

Only by fully constructing Australia’s basic infrastructure and industries can we concentrate on researching more advanced technologies and industries and catch up with European nations.