I have chosen as the title for my Lecture the financial and economic position of Australia. I recognize, of course, that it would be impossible within the limits of any one lecture to deal adequately with this subject. I will not attempt to do so, nor do I propose to wander into the realms of controversy. There are probably no subjects which occupy our attention to-day with regard to which more divergent theories are held than in connection with our public finances, and all our economic questions. All I will attempt to do is to set out in broad outline some aspects of these problems, and try to do so in simple language which will be understandable by anyone who will take the trouble to consider what I have said.

It appears to me that the difficulties which the average man experiences in understanding any question are generally not due to the complexity of the question itself, but to the confusion which is created by the differences of opinion of those who are supposed to be authorities upon it. No better example of this fact could be taken than the confusion which exists in the minds of the public with regard to finance, and the difficulties they experience in coming to any conclusion as to our present economic position, and what action should be taken to cure some of the obvious defects that at present exist.