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The public service will henceforth have to accept inflation-related increases or face staff cuts, Finance Minister Nhlanhla Nene warned on Wednesday in his first mid-term budget.
Raised revenues and slashed spending are among firm fiscal measures announced by Finance Minister Nhlanhla Nene on Wednesday in a “turning point” mid-term budget.
The mini budget for 2014/2015 will be presented to Parliament tomorrow. In this transcribed video previewing it, Matthew Lester paints the background.
It’s always important to pay attention to the way people elsewhere in the world will regard South Africa’s National Budget. As this Reuters piece is likely to be widely republished, it provides a useful insight into what foreigners will absorb. As always, Reuters is clear and balanced and its headline: “SA Government cuts Budget deficits … Read more
A worrying point in the detail of the 2014 Budget is the way servicing of National Debt is projected to continue to growing from the current 8.8% to 9.6% in the next three years (see our table below). It’s not a bearish call on the Exchange Rate either, as Finance Minister Pravin Gordhan explained in … Read more
It’s easy to get distracted by all of the detail in the trillion rand plus Budget delivered today to Parliament by Pravin Gordhan. But the key numbers show despite this being an Election Year, feared populism has not materialised. Quite the contrary. Indeed, Treasury’s projections for the next three years reflect serious fiscal conservatism. Little … Read more
Pravin Gordhan kicked off just after 2pm. Here is the full Budget Speech as presented to Parliament. You can download all the detail at a special section of the Treasury’s website by clicking here. – AH 2014 National Budget Address by Finance Minister Pravin Gordhan: I have the honour to present the fifth and … Read more
There is significant speculation today will be South Africa’s widely admired Finance Minister Pravin Gordhan’s final Budget Speech. Former Central Bank Governor Tito Mboweni has been widely tipped to succeed the 64 year old who followed the equally highly rated Trevor Manuel. The perfect time to switch would be after May’s Election when the ANC … Read more