As Treasurer, Page formed a close working relationship with Bruce. Due to favourable economic conditions the government was able to abolish land tax, cut income tax, and establishment the national sinking fund that Page had campaigned on. The government also established an investment fund for the Council for Scientific and Industrial Research and sponsored the first national housing program. The final years of Page's treasurership were marked by the beginnings of an economic downturn. The budget went into deficit in 1927 and his 1929 budget speech referred to a "temporary financial depression". He was a strong believer in orthodox finance and conservative policies, as well as a "high protectionist" supporting tariff barriers to protect Australian rural industries.