Finance minister Tito Mboweni arrives with his team ahead of delivering the budget speech in Parliament. Picture: ESA ALEXANDERsurvives and thrives when times are tough. It actually prefers less water. It wins even when it seems the odds are against it.
In the five years from 2003 to 2008, growth averaged about 5%, and SA was among the fastest-growing major economies. The unemployment rate improved 5 percentage points. Persistent electricity problems will however hold back growth. Over the next three years, we expect growth to average just more than 1%.Last year, the government embraced the ideas contained in the document “Towards an Economic Strategy for SA”. This is our plan, and it contains the following basic and fundamental pillars of our approach:
This budget means that a teacher who earns on average R460,000 a year, will see their taxes reduced by nearly R3,400 a year. Hard-working taxpayers, who earn on average R265,000 a year, will see their income tax reduced by more than R1,500 a year. There will be a renewed focus on illicit and criminal activity, including non-compliance by some religious public-benefit organisations. Religious bodies must operate within the strict boundaries of the law if they are to enjoy tax exempt status.We have increased excise duties to keep pace with inflation. From today:A 750ml bottle of wine will cost an extra 14c;A bottle of 750ml spirits, including whisky, gin or vodka, will rise by R2.89;A 23g cigar will cost an extra R6.73.
Total consolidated government spending is expected to grow at an average annual rate of 5.1%, from R1.95-trillion in 2020-21 to R2.14-trillion in 2022-23. This is mainly due to mounting debt-service costs. The planning and implementation of integrated public transport networks will consequently be suspended in the Buffalo City, Mbombela and Msunduzi municipalities.
Working with the public sector unions, we have over the past 15 years sought to improve the lot of public servants, and we have committed significant resources for compensating them every year even as we have tried to increase their numbers in recognition of their demanding workloads.However, at the same time government wages also increased significantly.
Organised labour understands where we are. They have made constructive proposals on a range of issues.Mr President, you have directed your government to deal with wasteful expenditure. This is a vital step in restoring the confidence of the public in the government. We must get more value for our money.
At least this lot look a whole lot slimmer than the zuma lot did - perhaps we SAfricans won’t have to pick up their cardiovascular disease costs through too much drinking and overeating and partying and buggering the tax payer around !
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