Finance minister Tito Mboweni delivered his 2020 medium-term budget speech in parliament, Cape Town, on Wednesday October 28. Picture: SUNDAY TIMES/ESA ALEXANDER
BusinessTech listed six laws “you should know about in 2020”. All six envisage more, where the budget promises less. The worst by far — not in their list — is the Upgrading of Land rights Act Amendment Bill, which proposes expropriation without compensation for 4-million low-income black-owned homes worth nearly R1-trillion.
A R300bn spending cut was promised by 2024 — a meaningless proportion of a R5-trillion budget. Its virtue is not size, but the prospect of a cap on spending. According to Rain’s Michael Jordaan, only 15 countries have higher personal tax rates than SA. Much more substantial cuts are needed than were promised, but thanks for small mercies.
The looniest part, on which there is consensus among opposition political parties, was another R10.5bn for SAA. That brings total grants and guarantees to an amount approaching R80bn, enough for nearly 1-million houses, 10,000 clinics or 500,000 police officers. Instead the police budget was cut. To reallocate spending from the poor, who do not fly, to the rich, who do, is unconscionable.
The lockdown destroyed 7% of GDP wealth; closer to 15% according to some experts. Tweeting about his and the Treasury’s bold proposals in August 2019, Mboweni wrote: “What are critical Economic Strategic Reforms? Read the National Treasury … Document! Let us move Forward! Many Steps at the same Time!! Movement!! No time for procrastinating!!” Indeed, but there was not enough of those pro-market proposals in this budget.
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