Podcasts about medium term budget policy statement

Play Episode Listen Later Oct 30, 2024 5:47

The Congress of South African Trade Unions, COSATU will today picket outside Parliament ahead of the Medium-Term Budget Policy Statement. The union is unhappy with the government's economic policies, which they believe have failed to address the country's economic woes. COSATU has been critical of National Treasury's austerity measures, which they argue will worsen the economic situation. Elvis Presslin spoke to COSATU Parliamentary Coordinator, Matthew Parks to elaborate further on their concerns

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Analysis: Finance minister to deliver the Medium-term Budget Policy Statement

Play Episode Listen Later Oct 30, 2024 5:35

Finance Minister Enoch Godongwana is set to deliver the Medium-Term Budget Policy Statement today, and for a welcome change, South Africa's economic outlook is looking up. The country's recovery from the pandemic has been driven by decreasing inflation, easing interest rates, and increased energy security, showcasing the economy's resilience. Minister Godongwana is expected to highlight these positive trends, the lower political uncertainty and the benefits of the "two-pot system" withdrawals. Tax revenues are also on the rise, and business and consumer confidence are bolstering the economy. To dive deeper into these developments, Elvis Presslin spoke to Waldo Krugell, a Professor of Economics at Northwest University

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Brics+ moet meer van ons landbou-uitvoer koop

Die ekonomie minuut

Play Episode Listen Later Oct 28, 2024 1:54

Dit is mini-begroting week en daar is vooraf al baie gesê oor die MTBPS of te wel Medium Term Budget Policy Statement. Ek wil vandag eerder praat oor die onlangse Brics+ beraad. Hierdie episode word ondersteun deur Buro vir Ekonomiese Ondersoek in Stellenbosch en die NWU Sakeskool.

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Brics+ should buy more of our agri exports

Die ekonomie minuut

Play Episode Listen Later Oct 27, 2024 1:55

It's mini-budget week and a lot has already been said beforehand about the MTBPS or Medium Term Budget Policy Statement. Today I would rather talk about the recent Brics+ summit. This episode is supported by the Bureau of Economic Research in Stellenbosch and the NWU Business School.

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Standard Bank not expecting major fiscal slippage despite election pressures

Play Episode Listen Later Feb 7, 2024 4:05

This audio is brought to you by Endress and Hauser, a leading supplier of products, solutions and services for industrial process measurement and automation. Standard Bank chief economist Goolam Ballim does not anticipate "material fiscal slippage" in the 2024 Budget, despite expenditure pressures associated with the upcoming elections, as well as calls for additional support for Transnet, whose underperformance alongside ongoing power cuts and water disruptions continue to throttle growth and investment. Delivering his yearly economic outlook, Ballim acknowledged that there was likely to be some fiscal slippage relative to the forecasts provided by Finance Minster Enoch Godongwana in his Medium-Term Budget Policy Statement. However, he did not anticipate a major deviation on the revenue side from what was communicated in October, while on expenditure he highlighted recent statements by the Minister in which government's commitment to "fiscal containment" had been reiterated. In addition, Ballim did not anticipate an announcement of additional support for Transnet beyond the R47-billion guarantee facility announced in December, as any debt-relief or capital injection was likely to be linked to a decision on harnessing the Gold and Foreign Exchange Contingency Reserve Account; one that was unlikely to be made in time for the February Budget. Nevertheless, the political climate, including election uncertainty and ongoing problems relating to the performance of State-owned enterprises, would continue to "bedevil" the growth and investment outlook and eclipse other factors such as geopolitical tensions and high interest rates. Standard Bank is forecasting a moderation in the average inflation rate to 5% this year and cumulative rate cuts, starting from the second quarter, reducing the repo rate to 7.25% by year-end from 8.25% currently. The political headwinds could ease during the second half of the year, with Standard Bank anticipating an easing in the intensity of loadshedding, together with visible momentum on reforms designed to address the prevailing logistics crisis. The bank's election base case is for the governing African National Congress (ANC) to dip below 50% for the first time in the democratic era and it has ascribed a 65% probability to the ANC securing between 45% and 50% of the votes, from 57.5% in 2019. It has assigned only a 10% probability to the ANC securing more then 50% of the vote and a 25% probability to the ANC's share falling to about 40% and requiring a coalition with a bigger party, which Ballim said would be a binary choice between the Democratic Alliance or the Economic Freedom Front. The bank's analysis pointed to the ANC facing major difficulties in retaining its leadership position in provinces such as Gauteng, KwaZulu-Natal, the Free State and the Northern Cape. The election is likely to lead to a 0.2 percentage point fall in gross domestic product (GDP) for the year, which was relatively small when compared with the bank's estimate that power disruptions lopped two percentage points of growth in 2023 and Transnet between 0.5 and one percentage point. Ballim expected loadshedding to continue to weigh on GDP in 2024, reducing growth by a percentage point. But he argued that South Africa might have reached a turning point on the electricity front, owing to increased generation from Kusile and Medupi, as well as the investments made in rooftop solar and distributed generation. Transnet, which he dubbed 'Eskom 2.0', would continue to clog South Africa's trade arteries, but reform momentum should build later in the year, while water was emerging as 'Eskom 3.0'. Overall, Standard Bank is forecasting growth of only 1.2% for 2024, with fixed investment still leveraged towards closing infrastructure backlogs rather than growth projects. "I think the year will end more optimistically: power; momentum in Transnet; inflation better controlled; real incomes that will be positive; general upward momentum w...

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Standard Bank not expecting major fiscal slippage despite election pressures

Play Episode Listen Later Feb 7, 2024 4:05

This audio is brought to you by Endress and Hauser, a leading supplier of products, solutions and services for industrial process measurement and automation. Standard Bank chief economist Goolam Ballim does not anticipate "material fiscal slippage" in the 2024 Budget, despite expenditure pressures associated with the upcoming elections, as well as calls for additional support for Transnet, whose underperformance alongside ongoing power cuts and water disruptions continue to throttle growth and investment. Delivering his yearly economic outlook, Ballim acknowledged that there was likely to be some fiscal slippage relative to the forecasts provided by Finance Minster Enoch Godongwana in his Medium-Term Budget Policy Statement. However, he did not anticipate a major deviation on the revenue side from what was communicated in October, while on expenditure he highlighted recent statements by the Minister in which government's commitment to "fiscal containment" had been reiterated. In addition, Ballim did not anticipate an announcement of additional support for Transnet beyond the R47-billion guarantee facility announced in December, as any debt-relief or capital injection was likely to be linked to a decision on harnessing the Gold and Foreign Exchange Contingency Reserve Account; one that was unlikely to be made in time for the February Budget. Nevertheless, the political climate, including election uncertainty and ongoing problems relating to the performance of State-owned enterprises, would continue to "bedevil" the growth and investment outlook and eclipse other factors such as geopolitical tensions and high interest rates. Standard Bank is forecasting a moderation in the average inflation rate to 5% this year and cumulative rate cuts, starting from the second quarter, reducing the repo rate to 7.25% by year-end from 8.25% currently. The political headwinds could ease during the second half of the year, with Standard Bank anticipating an easing in the intensity of loadshedding, together with visible momentum on reforms designed to address the prevailing logistics crisis. The bank's election base case is for the governing African National Congress (ANC) to dip below 50% for the first time in the democratic era and it has ascribed a 65% probability to the ANC securing between 45% and 50% of the votes, from 57.5% in 2019. It has assigned only a 10% probability to the ANC securing more then 50% of the vote and a 25% probability to the ANC's share falling to about 40% and requiring a coalition with a bigger party, which Ballim said would be a binary choice between the Democratic Alliance or the Economic Freedom Front. The bank's analysis pointed to the ANC facing major difficulties in retaining its leadership position in provinces such as Gauteng, KwaZulu-Natal, the Free State and the Northern Cape. The election is likely to lead to a 0.2 percentage point fall in gross domestic product (GDP) for the year, which was relatively small when compared with the bank's estimate that power disruptions lopped two percentage points of growth in 2023 and Transnet between 0.5 and one percentage point. Ballim expected loadshedding to continue to weigh on GDP in 2024, reducing growth by a percentage point. But he argued that South Africa might have reached a turning point on the electricity front, owing to increased generation from Kusile and Medupi, as well as the investments made in rooftop solar and distributed generation. Transnet, which he dubbed 'Eskom 2.0', would continue to clog South Africa's trade arteries, but reform momentum should build later in the year, while water was emerging as 'Eskom 3.0'. Overall, Standard Bank is forecasting growth of only 1.2% for 2024, with fixed investment still leveraged towards closing infrastructure backlogs rather than growth projects. "I think the year will end more optimistically: power; momentum in Transnet; inflation better controlled; real incomes that will be positive; general upward momentum w...

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Treasury says equity injection can be averted as it unveils R47bn Transnet guarantee

Play Episode Listen Later Dec 1, 2023 3:40

A R47-billion guarantee facility, effective immediately, has been extended to struggling State-owned freight logistics group Transnet in support of its recovery plan and to meet its immediate debt obligations. The guarantee was announced following concurrence between Finance Minister Enoch Godongwana and Public Enterprises Minister Pravin Gordhan and follows a high-level meeting between government and business earlier in the week at which business leaders argued for immediate financial support for Transnet to address its port congestion crisis and to arrest the collapse in the rail service. In a statement, the National Treasury said that Transnet would drawdown an initial amount of R22.8-billion to deal with immediate liquidity matters such as settling maturity debt. It added that no equity injection had been considered given that the Budget for 2023/24 was "closed" and expressed confidence that the guarantee facility, alongside swift implementation of the Transnet Recovery Plan, would be sufficient to resolve the State-owned company's challenges. When announcing the Transnet Recovery Plan, Transnet chairperson Andile Sangqu said that the success of the plan would hinge on shareholder support. Media reports indicated that Transnet has requested relief covering R61-billion of its R130-billion debt, as well as a R47-billion equity injection. Godongwana reacted coolly to the request, saying in a Medium-Term Budget Policy Statement media briefing that further engagements were required before support could be extended, and expressed unhappiness that Transnet had seemingly simply presented the National Treasury with an "invoice". He also stressed that any support to State-owned companies would need to be governed by strict conditions, pointing to those that had accompanied recent support extended to Eskom and Denel. In the statement, the National Treasury said a "Guarantee Framework Agreement between the National Treasury, Department of Public Enterprises, and Transnet will include strict guarantee conditions that will be continuously reviewed and amended when deemed necessary". It added that any further drawdowns would be subject to Transnet meeting those conditions. "A Guarantee Framework Agreement must be concluded between National Treasury, the Department of Public Enterprises and Transnet within 14 days of the activation of the guarantee to ensure that any fiscal risks are mitigated and that the conditions of the facility are fully agreed to by all parties. "In addition, National Treasury will continue to work with Transnet to pursue other initiatives to revive its operations and financial viability," the statement reads. Godongwana also emphasised that government continued to pursue deep-running, broader reforms of the company and the logistics sector as a whole, adding that "without a comprehensive reform of the sector, rather than that of a single entity, we risk being faced with similar challenges in the future". However, he also expressed confidence that the reforms needed to put Transnet back on track could be achieved if the entity committed to meeting the strict conditionalities attached to the guarantee and if its speedily implemented the reforms informed by the National Logistics Crisis Committee. Transnet, the National Treasury added, would explore further the divestment of noncore assets, a reduction of its current cost structure, as well as alternative funding models for infrastructure and maintenance requirements. "The latter includes but is not limited to project finance, third-party access, concessions, and joint ventures." Gordhan highlighted the fact that Transnet remained critical to the South African economy. "A well-functioning logistics company is particularly important given the geographical distribution of economic activity in the country, our reliance on commodity and other exports, as well as our distance from key export markets."

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Treasury says equity injection can be averted as it unveils R47bn Transnet guarantee

Breakfast with Refilwe Moloto

Play Episode Listen Later Dec 1, 2023 3:40

A R47-billion guarantee facility, effective immediately, has been extended to struggling State-owned freight logistics group Transnet in support of its recovery plan and to meet its immediate debt obligations. The guarantee was announced following concurrence between Finance Minister Enoch Godongwana and Public Enterprises Minister Pravin Gordhan and follows a high-level meeting between government and business earlier in the week at which business leaders argued for immediate financial support for Transnet to address its port congestion crisis and to arrest the collapse in the rail service. In a statement, the National Treasury said that Transnet would drawdown an initial amount of R22.8-billion to deal with immediate liquidity matters such as settling maturity debt. It added that no equity injection had been considered given that the Budget for 2023/24 was "closed" and expressed confidence that the guarantee facility, alongside swift implementation of the Transnet Recovery Plan, would be sufficient to resolve the State-owned company's challenges. When announcing the Transnet Recovery Plan, Transnet chairperson Andile Sangqu said that the success of the plan would hinge on shareholder support. Media reports indicated that Transnet has requested relief covering R61-billion of its R130-billion debt, as well as a R47-billion equity injection. Godongwana reacted coolly to the request, saying in a Medium-Term Budget Policy Statement media briefing that further engagements were required before support could be extended, and expressed unhappiness that Transnet had seemingly simply presented the National Treasury with an "invoice". He also stressed that any support to State-owned companies would need to be governed by strict conditions, pointing to those that had accompanied recent support extended to Eskom and Denel. In the statement, the National Treasury said a "Guarantee Framework Agreement between the National Treasury, Department of Public Enterprises, and Transnet will include strict guarantee conditions that will be continuously reviewed and amended when deemed necessary". It added that any further drawdowns would be subject to Transnet meeting those conditions. "A Guarantee Framework Agreement must be concluded between National Treasury, the Department of Public Enterprises and Transnet within 14 days of the activation of the guarantee to ensure that any fiscal risks are mitigated and that the conditions of the facility are fully agreed to by all parties. "In addition, National Treasury will continue to work with Transnet to pursue other initiatives to revive its operations and financial viability," the statement reads. Godongwana also emphasised that government continued to pursue deep-running, broader reforms of the company and the logistics sector as a whole, adding that "without a comprehensive reform of the sector, rather than that of a single entity, we risk being faced with similar challenges in the future". However, he also expressed confidence that the reforms needed to put Transnet back on track could be achieved if the entity committed to meeting the strict conditionalities attached to the guarantee and if its speedily implemented the reforms informed by the National Logistics Crisis Committee. Transnet, the National Treasury added, would explore further the divestment of noncore assets, a reduction of its current cost structure, as well as alternative funding models for infrastructure and maintenance requirements. "The latter includes but is not limited to project finance, third-party access, concessions, and joint ventures." Gordhan highlighted the fact that Transnet remained critical to the South African economy. "A well-functioning logistics company is particularly important given the geographical distribution of economic activity in the country, our reliance on commodity and other exports, as well as our distance from key export markets."

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Money on a Monday – How the MTBPS impacts YOU

Play Episode Listen Later Nov 6, 2023 6:51

Lester Kiewit speaks to Neesa Moodley, Personal Finance Editor at Daily Maverick, to discuss how the key issues raised by Finance Minister Enoch Godongwana in his Medium-Term Budget Policy Statement, will impact a typical household in South Africa. See omnystudio.com/listener for privacy information.

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How the medium-term budget policy statement affects the average South African?

The Wealth Nation Podcast

Play Episode Listen Later Nov 6, 2023 6:24

In this episode, we'll be discussing the Medium-Term Budget Policy Statement delivered by South Africa's Finance Minister, Enoch Godongwana, on November 1, 2023. We'll be unpacking the key points of the statement and discussing what they mean for the average South African.

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Public Service Accountability Monitor asks Cabinet to give responses and justifications for their policy choices and budget adjustments

The Weekend View

Play Episode Listen Later Nov 4, 2023 11:36

Following this week's tabling of the Medium Term Budget Policy Statement by Finance Minister Enoch Godongwana, there has been growing opposition to continued cuts to social service budgets. The Public Service Accountability Monitor -PSAM - has put the blame for budget cuts squarely on the government's hands through its failure to curb the intentional erosion of public finances through fraud, corruption and dismal financial management, particularly at the provincial and municipal levels...The organisation is now calling on the Cabinet to give responses and justifications for their policy choices and budget adjustments that will have a direct impact on constitutional and human rights obligations. Sebenzile Nkambule spoke to PSAM Head of the South Africa Programme, Zukiswa Kota...

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Big Idea - MTBPS: examining key challenges & SA's economic outlook

Business News Leaders

Play Episode Listen Later Nov 2, 2023 18:03

The Medium-Term Budget Policy Statement has shed light on the critical fiscal challenges facing South Africa and the latest budget data paints a grim picture, due to a significant underperformance in revenue collections and soaring expenditure projections for 2023/24. Business Day TV unpacked the fiscal issues, and analysed their potential impact on South Africa's economic future with Gina Schoeman, Chief Economist and Head of Research at CEEMEA Economics, and Annabel Bishop, Chief Economist at Investec.

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MTBPS: More funding to Health, Education & Police Services

Play Episode Listen Later Nov 2, 2023 7:33

Finance Minister Enoch Godongwana has announced additional funding to frontline sectors such as Health, Education and Police Services. Godongwana tabled the 2023 Medium-Term Budget Policy Statement (MTBPS) yesterday. Funding of R24 billion this year and R74 billion over the medium term will be used to fund the 2023/24 wage increase and the associated carry- through costs in these sectors. For a reaction to the Medium-Term Budget Policy Statement, Elvis Presslin spoke to Matshidiso Lencoasa, a budget researcher at Section27

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Terence Creamer speaks about: Medium-Term Budget Policy Statement highlights

Play Episode Listen Later Nov 1, 2023 13:28

Engineering News editor Terence Creamer discusses the main talking points in this year's Medium-Term Budget Policy Statement, which was presented to Cabinet by Finance Minister Enoch Godongwana on November 1.

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Political parties share their expectations ahead of Medium-Term Budget Policy Statement

Play Episode Listen Later Nov 1, 2023 12:27

Some economists say the Finance Minister Enoch Godongwana is facing a difficult balancing act in cutting government spending in the wake of dwindling tax revenue collection. They say country's tough economic situation will make it difficult for the Finance Minister Enoch Godongwana to deliver a budget that is satisfactory to all. The Minister will deliver the Medium-Term Budget Policy Statement this afternoon in Cape Town.

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Finance minister faces tough balancing act ahead of Medium-Term Budget Policy Statement

Play Episode Listen Later Nov 1, 2023 11:43

Some economists say the Finance Minister Enoch Godongwana is facing a difficult balancing act in cutting government spending in the wake of dwindling tax revenue collection. They say country's tough economic situation will make it difficult for the Finance Minister Enoch Godongwana to deliver a budget that is satisfactory to all. The Minister will deliver the Medium-Term Budget Policy Statement this afternoon in Cape Town. Sakina Kamwendo spoke to Dawie Roodt, Chief Economist of the Efficient Group,

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Cosatu and Professor Jannie Rossouw weighs in on today's MTBPS

Play Episode Listen Later Nov 1, 2023 10:52

Finance Minister Enoch Godongwana will today table the Medium-Term Budget Policy Statement in the National Assembly. The mini-budget sets government policy goals, priorities and projects the fiscal framework over the next three years by outlining spending and revenue estimates. For more on this Elvis Presslin spoke to Matthew Parks, Acting National Spokesperson and Parliamentary Coordinator for COSATU and Professor Jannie Rossouw, a visiting Professor at the Wits Business School

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Terence Creamer speaks about: Medium-Term Budget Policy Statement highlights

Early Breakfast with Abongile Nzelenzele

Play Episode Listen Later Nov 1, 2023 13:28

Engineering News editor Terence Creamer discusses the main talking points in this year's Medium-Term Budget Policy Statement, which was presented to Cabinet by Finance Minister Enoch Godongwana on November 1.

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Lead: COSATU's view on the MTBPS

Play Episode Listen Later Nov 1, 2023 9:21

Africa Melane is in conversation with Matthew Parks, parliamentary coordinator with COSATU. Matthew is delivering COSATU's input, into the much-anticipated Medium Term Budget Policy Statement.See omnystudio.com/listener for privacy information.

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ACDP and SAFTU weigh in on tomorrow's MTBPS

Play Episode Listen Later Oct 31, 2023 12:58

The African Christian Democratic Party (ACDP) says it expects increased budget deficit and government debt levels, given reduced tax revenue and expenditure overruns, when Finance Minister Enoch Godongwana tables his Medium Term Budget Policy Statement tomorrow. The party says the only long-term solution to this debt spiral is a rejuvenated economy, premised upon stabile energy provision and a vastly improved logistics network. For more on this Elvis Presslin spoke to ACDP Parliamentary Whip and spokesperson on finance, Steve Swart and SAFTU spokesperson, Trevor Shaku

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Transnet's recovery plan premised on securing govt capital injection

The Midday Report with Mandy Wiener

Play Episode Listen Later Oct 26, 2023 6:50

Absent an equity injection or debt relief from government, Transnet chairperson Andile Sangqu says the State-owned entity will not be able to deliver on what he described as a "credible" recovery plan for turning around the group's dismal operational and financial performance. The slump in the group's performance is epitomised by the 77-million-ton collapse in rail volumes over the past six financial years, from 226-million tons railed in 2017/18 to only 149-million tons in 2022/23, as well as a decline in revenue over the period from R73-billion to R69-billion. The group, which recently shed its CEO, CFO and rail head, reported a R5.4-billion loss last year and will also report a loss during the current financial year. Transnet has advertised the CEO position internally and externally, with a closing date of October 19. Without being drawn on the specifics, Sangqu confirmed during a briefing that Transnet had approached both the National Treasury and the Department of Public Enterprises with various funding options but that it was the prerogative of the shareholder to decide on the nature and timing of any possible assistance. Media reports indicate that Transnet has requested relief covering R61-billion of its R130-billion debt, as well as a R47-billion equity injection. Finance Minister Enoch Godongwana is due to release the Medium-Term Budget Policy Statement on November 1 in a context of a fiscal position that is expected to have deteriorated since the February Budget, which included a R254-billion debt-relief package in favour of struggling State power utility Eskom. Sangqu acknowledged that government had "many other constraints and that it will be a balancing act" if Transnet were also to be funded. "What we have been able to present is a credible plan that we believe will be able to turn the fortunes of the company around and also restore confidence in the logistics sector," Sangqu said, likening the request to those regularly made by private companies when in need of a capitalisation when asked whether Transnet was seeking a bail-out. "So, we are really hoping that on the basis of the case that we have presented, we would be able to get the support from government." Acting CFO Hlengiwe Makhathini underlined this point, saying that the financial position would improve if volumes increased in line with the recovery plan's targets, but that Transnet's immediate financial constraints meant that it could not approach the market independently to fund the plan. "We don't want to pre-empt how National Treasury will respond, but what we just want to emphasise is that, for our recovery plan to work, we do need government support in one way or the other." Transnet's interest payments have climbed to R13-billion yearly and Makhathini described the monthly repayments of more than R1-billion as unsustainable. Acting CEO Michelle Phillips reported that the recovery plan, which has been divided into 6-, 12- and 18-month periods, was premised primarily on a recovery of rail volumes from the 149-million tons reported last year to between 154-million tons and 170-million tons by the end of March next year. She described the 170-million-tons goal as a "stretch target". In the six months to the end of September, volumes stood at 76-million tons, which means that the 78-million to 94-million-tons balance would have to be achieved in the second half, which was traditionally a period when lower rail volumes were recorded. Given the weak financial position, rail and port operations will focus on the highest-margin traffic, while addressing starting to address a maintenance backlog estimated at R50-billion. The recovery discounted any possible uplift that might be gained should a settlement be reached with CRRC of China, which stopped supplying parts and locomotives to Transnet after the contract was declared illegal. A settlement agreement was nearly concluded last year but was thwarted by CRRC's ongoing disputes with the South African Re...

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NOW Special Edition: South Africa's mid-term budget crossroads

Investec Focus Radio

Play Episode Listen Later Oct 17, 2023 26:40

Addressing escalating debt, SOE bailouts, and tax reforms will be critical in the Medium-Term Budget Policy Statement, say Investec economists Annabel Bishop and Tertia Jacobs in this special edition of the No Ordinary Wednesday podcast. No Ordinary Wednesday with Jeremy Maggs · Investec Focus Radio SA

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Convicted killer and rapist, Thabo Bester and co-accused appear in court. Nandipha Magudumane collapsed in the holding cells, and a verdict on how she will appear will be decided.

Play Episode Listen Later Oct 11, 2023 45:07

The Senzo Meyiwa Trial continues. The HR Manager is back on the witness stand. Action SA president Herman Mashaba will announce its first premier candidate ahead of the elections. This is the premier candidate for the northwest province. The families of Naledi in Soweto are having a funeral for Neo KHANG and Leon Jele who died last week after eating chips purchased from a nearby spaza shop. At Least five children in Soweto and the West Rand have died over the past week in incidents relating to food poisoning. Census reveals that the number of young people not in education, employment or training is skyrocketing; we can't lose the Presidential Employment Stimulus now. The funding is set to end in March 2024, and the Stimulus is at risk of not being renewed, with the final decision being announced during the Medium Term Budget Policy Statement. The World Anti-Doping Agency (WADA) has spared South Africa from the consequences of not complying with its updated anti-doping code - for now.See omnystudio.com/listener for privacy information.

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Budget Speech 2023/24: Expert Insights for South African Tax Payers

Honest Money

Play Episode Listen Later Mar 4, 2023 35:56

In today's episode Warren Ingram and Reza Ismail, Head of Bonds at Prescient, discuss the South African Budget Speech 2023/2024. They touch on inflation, tax rebates, the analysis of small emerging markets, energy crisis rebates, tax buoyancy, risk aversion, and what this all means for the South African taxpayer & business owners. Questions/ Topics: Introduction to the South African Budget Speech 2023/2024 Explanation of Aggregate Demand and how it impacts the South African economyOverview of GDP growth in South Africa and what the projected numbers are for the coming yearDiscussion of inflation and how it affects the purchasing power of South African citizensAnalysis of how small emerging markets like South Africa are affected by volatility and risk aversion in the global economyExplanation of what the Medium-Term Budget Policy Statement is and its significance in relation to the Budget SpeechExamination of tax buoyancy and what it means for South African taxpayersDiscussion of tax rebates in relation to the current energy crisis in South Africa and how they may help alleviate some of the financial burden on citizens and businessesExplanation of any changes to tax rates that were announced in the Budget SpeechAnalysis of how corruption and mismanagement have impacted South Africa's economy and what measures are being taken to address these issuesFinal thoughts on the Budget Speech 2023/2024 and its implications for the future of South Africa's economyHave a question for Warren? Don't forget to voice note your questions through our WhatsApp chat on (+27)79 807 8162 and you could be featured in one of our episodes. Follow us on Twitter, LinkedIn and subscribe to our YouTube channel for more Financial Freedom content: @HonestMoneyPod

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Public Service workers to stage pickets across the country today

Play Episode Listen Later Oct 31, 2022 9:00

Workers in the public service sector will today stage pickets across the country after public service negotiations collapsed. Employees belonging to unions including the largest public service union, the Public Service Association, healthcare workers union NEHAWU and police union POPCRU will take part in the demonstrations. The South African Federation of Trade Unions (Saftu) has described as an insult - Finance Minister Enoch Godongwana's endorsement of the government's decision to unilaterally implement a three-percent wage increase for public servants during his Medium Term Budget Policy Statement in the National Assembly last week. For more on this, Elvis Presslin spoke to SAFTU Deputy President Thabo Matsose

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No more e-tolls for Gauteng motorists

The Clement Manyathela Show

Play Episode Listen Later Oct 27, 2022 4:00

Gauteng motorists will no longer have to pay for E-Tolls after a decade of defiance against the tolling system. This is after Finance Minister Enoch Godongwana announced that the e-toll-related debt will be split between the national and provincial governments. Tabling his Medium Term Budget Policy Statement in the National Assembly yesterday Godongwana said the national government will cover 70% of SANRAL's debt while the Gauteng government will contribute 30% to the estimated R47 billion debt. For more on this, Elvis Presslin spoke to SANRAL's national spokesperson Mr. Vusi Mona.

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Midterm budget Expectations - Business

Play Episode Listen Later Oct 26, 2022 20:00

Midterm budget Expectations – Business Thabo Shole Mashao, in for Clement speaks to Representatives from Business and Labour, the President of Business Unity South Africa (BUSA), Prof Bonang Mohale and COSATU Deputy Parliamentary Officer, Tony Ehrenreich ahead of the Medium-Term Budget Policy Statement. See omnystudio.com/listener for privacy information.

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Forthcoming Medium Term Budget Policy Statement

The POWER Business Show

Play Episode Listen Later Oct 24, 2022 17:10

Sifiso Skenjana previews the forthcoming Medium Term Budget Policy Statement with Prof Raymond Parsons - North-West University Business School, EconomistSee omnystudio.com/listener for privacy information.

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Can SA afford a 3% public sector wage hike?

Business News Leaders

Play Episode Listen Later Oct 21, 2022 9:13

In the run-up to the Medium Term Budget Policy Statement, Public Service and Administration Acting Minister Thulas Nxesi is strongly considering pushing through a 3% salary hike for public servants. The public sector wage bill is already bloated at R660 billion. Business Day TV spoke to Labour Consultant, Tony Healy from Tony Healy and Associates about the broader cost implications of an increase of that nature on the South African economy.

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As fuel-levy reduction is extended, govt warns of R4.5bn fiscal hit

Old Mutual Investment Group

Play Episode Listen Later May 31, 2022 5:07

The South African government has announced a two-month extension to the temporary reduction in the general fuel levy, but has warned that the R4.5-billion in foregone revenue will have an impact on the fiscal framework. In a joint statement Finance Minister Enoch Godongwana and Mineral Resources and Energy Minister Gwede Mantashe announced that Godongwana had submitted a letter to the Speaker of the National Assembly requesting the tabling of a two-month proposal for the extension of the reduction in the general fuel levy. “This will take the form of a continuation of the relief of R1.50 per litre for the first month, from 1 June 2022 to 6 July 2022, and then a downward adjustment to the relief for the second month to 75c per litre from 7 July 2022 to 2 August 2022. “The temporary relief will be withdrawn from 3 August 2022.” The Ministers warned that, unlike the previous announcement, the proposal, which is estimated to result in R4.5-billion in foregone revenue, was expected to have an impact on the fiscal framework as it will not be fully funded through a sale of strategic oil stocks. "Government remains committed to the fiscal framework outlined in the Budget 2022. "The proposed temporary reduction in the fuel levy will be accommodated in the current fiscal framework in a manner that is consistent with the fiscal strategy outlined in the Budget. "Any changes, if required, will be announced at the time of the 2022 Medium Term Budget Policy Statement." The decision to extend the temporary relief beyond May 31 was based on an assessment that a re-introduction would "contribute to an increase in petrol prices of close to R4 per litre, and push prices of 95 octane unleaded petrol (ULP) to above R25 per litre, an increase of just under 20%". The DMRE announced the following price change for implementation from midnight: Petrol (both 93 ULP and LRP) to increase by 243.00c/l; Petrol (both 95 ULP and LRP) to increase by 233.00c/l; Diesel (0.05% sulphur) to increase by 110.00c/l; Diesel (0.005% sulphur) to increase by 107.00c/l; Illuminating Paraffin (wholesale) to increase by 156.00c/l; SMNRP for IP to increase by 208.00c/l; and the Maximum LPGas Retail Price to decrease by 51.00c/kg. The adjustments, the Department of Mineral Resources and Energy (DMRE) said, were premised on an increase in international petroleum product prices and a deterioration of the rand relative to the US dollar. "The movement in product prices has led to higher contributions to the Basic Fuel Price of petrol 95 ULP and 93 ULP by 143.39c/l and 134.19c/l respectively, diesel 500ppm and 50ppm by 4.75c/l and 0.74c/l respectively, while the contribution to illuminating paraffin was 50.86c/l." Meanwhile, the rand depreciated, on average, from R14.90 to the US dollar to R15.95 during the period-on-period. The Ministers said the continuation of the Russia/Ukraine conflict, supply chain bottlenecks and a tightening of global monetary policy had led to further unfavourable changes in the two key drivers of the regulated petrol price, the exchange rate and the global oil price. "As announced on 31 March 2022, government will also take further measures to help reduce fuel prices in a more sustainable manner. "From 1 June 2022, the DMRE will remove the demand-side management levy of 10c per litre that has been applied to inland 95 ULP. "After a review and consultation by the DMRE, it is proposed that the basic fuel price also be decreased by 3c per litre in the coming months." The Ministers said government intended to continue with consultations and proposals to remove the price cap on 93 ULP, which would partially deregulate the market and introduce more competition to lower pump prices. "A review on the Regulatory Accounting System (which includes the retail margin, wholesale margin and secondary storage and distribution margins) will be completed by the DMRE to assess the potential to lower margins over the medium term."

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Unpacking the 2021 Medium Term Budget Policy Statement

Free Marketeers

Play Episode Listen Later Nov 11, 2021 35:57

Bheki Mahlobo (Centre for Risk Analysis) joins Chris Hattingh to unpack Finance Minister Godongwana's 2021 Medium Term Budget Policy Statement.

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WATCH: The Week In Perspective

Business News Leaders

Play Episode Listen Later Nov 5, 2021 25:57

On 11 November, Minister of Finance Enoch Godongwana will table his maiden Medium Term Budget Policy Statement amid the country's increasingly complex fiscal knots. This year's MTBPS will centre around stabilising the local economy, given the continued negative impact of the COVID-19 pandemic and the July social unrest, in an attempt to bring SA's debt down to sustainable levels. Given the revenue projections are set to exceed what was originally forecast by some margin the pressure to spend on items such as social grants and salaries from inside the ruling party will be immense. In markets, China dragged on Asian shares on Friday as they failed to latch on to a global record-setting rally after a week in which central banks around the world refrained from any hawkish surprises in a boost to the dollar. To put things into perspective Michael Avery is joined by Warwick Lucas Chief Investment Officer at Galileo Asset Managers and Raymond Parsons, professor in the School of Business and Governance at Northwest University

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Investment Perspectives on the 2020 MTBPS

Play Episode Listen Later Nov 3, 2020 3:11 Transcription Available

Peter Brooke shares his perspective on fiscal credibility in South Africa post the 2020 Medium-Term Budget Policy Statement. Some good news included zero tax increases and a further relaxation on exchange controls.

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Walking the tightrope - Analysing the 2020 MTBPS with Dawie Roodt

Free Marketeers

Play Episode Listen Later Oct 30, 2020 37:45

Dawie Roodt, Chief Economist at the Efficient Group, joins the FMF to discuss the 2020 Medium Term Budget Policy Statement presented by Finance Minister Tito Mboweni on 28 October.

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SOE bailouts take huge chunk off debt servicing budget

Play Episode Listen Later Feb 27, 2020 6:01

Government says tax revenue is expected to be significantly lower than the previous estimates. It says low growth and a weakened SARS have led to the 63-point-3 billion Rand projected revenue shortfall for 2019/2020- this is significantly higher than the revised shortfall of 52 billion Rands published in the 2019 Medium Term Budget Policy Statement. Government also says debt is unlikely to stabilise over the medium term- while debt servicing costs now absorb 15-point-2 percent of the main budget revenue. This is currently standing at 229 billion Rands- largely as a result of bailouts from financially distressed State Owned Entities.

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Huge political challenges facing Finance Minister Tito Mboweni before mini budget

Play Episode Listen Later Oct 29, 2019 9:00

Finance Minister Tito Mboweni's 2019 Medium Term Budget Policy Statement will be tabled on tomorrow. The minister is expected to outline government's revenue and expenditure plans for the next two years. The minister is experiencing huge challenges which are mainly political in a slow growing economy. Revenue collection has been very low and economists predict a revenue shortfall as South African Revenue Service (SARS) struggles to achieve its tax collections targets. Treasury is also likely to revise down its economic growth forecast for the year from one-point- five percent to one percent

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SAFTU says it is extremely worried about the new finance minister, Tito Mboweni's tone over public sector jobs

Play Episode Listen Later Oct 22, 2018 6:07

Finance Minister Tito Mboweni has lamented the public sector salary bill ahead of his maiden Medium Term Budget Policy Statement on Wednesday. Using Eskom as an example, Mboweni says the power utility will probably need to shed over 30-thousand jobs as it is bloated. He was speaking at the second annual Kader Asmal Memorial lecture at the Cape Peninsula University of Technology's Mowbray Campus in Cape Town. Tsepiso Makwetla spoke to general secretary of the South African Federation of Trade Unions (Saftu) Zwelinzima Vavi

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ECON: Lungile Malinga looks at what economist will look out for in tomorrow's Medium Term Budget Policy Statement.

Play Episode Listen Later Oct 24, 2017 3:35

investment Analyst, Lungile Malinga looks at how Asian Markets are doing as markets await Donald Trumps decision of the next Fed Chair and what most economist looking out for from tomorrow's Medium Term Budget Policy Statement.

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Economic news and markets update

Play Episode Listen Later Oct 20, 2014 4:07

Chris Gilmour , analyst at absa wealth and investment management looks at: 1) The Medium-Term Budget Policy Statement coming up on Wednesday-what kind of baptism of fire can Nhlanhla Nene expect? 2) The global economic backdrop that caused havoc on world equity markets in the past couple of weeks-now that the “dust has settled”, what caused this and what is likelt to happen from here on in? Are we past the worst or is there more to come? 3) Chinese Q3 GDP figures coming out on Tuesday-what are they likely to reveal? 4) Flash PMIs for US. Eurozone, Germany and France on Thursday-mixed bag? Highlights and lowlights?

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Concerns over multibillion rand government wage bill