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Finance Minister Pravin Gordhan leaves a media briefing in Cape Town on Thursday ahead of presenting the medium-term budget policy statement. Picture: TREVOR SAMSON

Government’s credibility at stake, says Gordhan

Finance Minister Pravin Gordhan acknowledges public scepticism over spending freeze, says others must share burden of explaining to taxpayers how their money is spent

Gordhan to crack whip on soaring state costs

Finance Minister Pravin Gordhan delivers the medium-term budget in Parliament on Thursday. Picture: TREVOR SAMSON
544 day(s) ago

Business, economists say real test will be effective implementation of plan to rein in government spending

NEWS ANALYSIS: Message to rein in spending may put markets at ease

544 day(s) ago

Analyst Jeff Gable says people were fearful that a weaker economic outlook could generate higher finance demands and it hasn’t happened

Medium-term budget policy statement debate: part one

543 day(s) ago

Summit TV takes a look at Pravin Gordhan’s medium-term budget policy statement with a panel of experts, and the need for South Africa can prevent an ‘Arab Spring’

South Africa ‘not falling off a cliff’

543 day(s) ago

Summit TV takes a look at the medium-term budget policy statement, and Treasury’s reassurance that South Africa is in a position to tackle the challenges it faces

Opposition parties praise Gordhan, worried about his political backing

Finance Minister Pravin Gordhan leaves a media briefing in Cape Town on Thursday ahead of presenting the medium-term budget policy statement. Picture: TREVOR SAMSON
544 day(s) ago

Opposition largely approving of budget policy but doubt political will exists to implement it, while economists praise ‘balanced picture’ but bemoan lack of new vision

Treasury forecasts 780,000 more jobs over three years

Picture: THINKSTOCK
544 day(s) ago

Outlook seems optimistic in the light of weak global and domestic economic environment and eminent job losses in South Africa

SA ‘needs to regain competitive advantage’

Gold. Picture: REUTERS
544 day(s) ago

Medium-term budget policy statement says long-term fiscal goal is to return South Africa to budget surplus, and emphasises role of private sector in growth and job creation

Gross domestic spending growth to average 4.3%

Picture: THINKSTOCK.
544 day(s) ago

Public-sector infrastructure programme will continue to support overall investment growth over medium term, Treasury says in medium-term budget policy statement

Core inflationary pressures contained, says Treasury

544 day(s) ago

Consumer inflation seen averaging 5.7% this year and falling to 5.1% in 2014, with food inflation likely to accelerate to 9% in 2013 from about 5% in August

Revenue projection cut by R5bn as weak economy bites

544 day(s) ago

Budget deficit put at 4.8% of GDP, or worse if economy deteriorates further, with tax income from individuals expected to be almost R4bn lower than February budget projected

Opinion

Assurances aplenty, but few solutions to SA’s problems

Finance Minister Pravin Gordhan and South African Revenue Service commissioner Oupa Magashula brief journalists prior the delivery of the medium-term budget statement on Thursday. Picture: TREVOR SAMSON

Growth is supposed to rise to 3% next year and 4.1% the year after. But looking at the past four years, it is difficult to see those numbers being achieved, writes Tim Cohen

Opinion

EDITORIAL: Gordhan’s chagrin is misplaced

Finance Minister Pravin Gordhan leaves a media briefing in Cape Town on Thursday ahead of presenting the medium-term budget policy statement. Picture: TREVOR SAMSON

The trouble is that Finance Minister Pravin Gordhan is faced with two big unknowns, both out of his control

Medium-term budget policy statement debate: part two

543 day(s) ago

Part two of Summit TV's debate with a panel of experts over Pravin Gordhan’s medium-term budget policy statement

Disappointed tax experts say Gordhan tried to walk fiscal tightrope

Picture: SOWETAN
544 day(s) ago

Tax experts disappointed by the lack of concrete plans to get the economy to grow at levels that will increase tax revenue

Public service pay increase ‘will consume R40bn Treasury has saved’

544 day(s) ago

The higher than expected wage bill will cost an extra R5.5bn this year and another R37.5bn in the next three years

SANDF gets R63m for antipiracy patrols

544 day(s) ago

The South African Navy has maintained an antipiracy patrol in the Mozambique Channel since early last year, under Operation Copper

SA’s finances on safe ground, says Gordhan

Finance Minister Pravin Gordhan leaves a media briefing in Cape Town on Thursday ahead of presenting the medium-term budget policy statement. Picture: TREVOR SAMSON
544 day(s) ago

Finance Minister Pravin Gordhan, presenting the medium-term budget policy statement in the National Assembly, says government finances are not about to fall off a fiscal cliff

Platinum, gold strikes cost SA R10.1bn in lost production

Striking miners chant slogans as they gather at the AngloGold Ashanti mine in Carletonville. Picture: REUTERS
544 day(s) ago

The events at Lonmin’s Marikana mine, and the spread of industrial action, have ‘dented confidence and lowered growth prospects for the remainder of the year,’ the Treasury said in its medium-term budget policy statement

Treasury lowers growth forecast for 2012

Finance Minister Pravin Gordhan briefs journalists in Cape Town on Thursday ahead of presenting the medium-term budget policy statement. Picture: TREVOR SAMSON
544 day(s) ago

South Africa economy hit by lower global demand, recession in Europe, and more recently work stoppages in key industries

Public health to receive funding injection next year

Picture: THINKSTOCK
544 day(s) ago

The government’s plans to increase the allocation for HIV/AIDS programmes in next year’s budget will allow provincial health departments to take over the funding of Pepfar-supported NGOs

Current account deficit to jump to 5.9% before easing

544 day(s) ago

Average deficit for the year expected to surge from previous year’s 3.3%, which is worrying, but capital inflows are expected to be sufficient to finance the gap

KEY SPEECH: Democratic Alliance spokesman on finance Tim Harris, flanked by the party's trade and industry spokesman, Wilmot James, speaks at a press conference in Cape Town on Tuesday. Picture: TREVOR SAMSON

Chance for Gordhan to show investors that he is in charge

It is difficult to think of a medium-term budget policy statement more important for SA than the one that will be presented on Thursday, writes Tim Harris

Exports fall 6.3% in second quarter, budget statement says

Picture: THINKSTOCK
544 day(s) ago

Platinum exports fell 22%, medium-term budget policy statement says, while trade patterns are shifting, with Sadc becoming increasingly important export destination

Deficit expected to narrow from -4.8% to -3.1%

544 day(s) ago

Drop in budget deficit over the next five-years would enable government to rebuild fiscal space

Investment in SA down 43.6%, says UN report

Picture: REUTERS
545 day(s) ago

After three government departments’ opposition to Walmart bid, South Africa is viewed as hostile to investors

Raising VAT should be ‘a last resort’ — tax expert

545 day(s) ago

Belts to be tightened and extravagant expenditure on politicians’ private homes put on hold, says head of tax at Grant Thornton

Opinion

TAX TALK: Gordhan and Marcus fight the good fight

South Africa is reporting real growth of about 3%, better than most countries, but not enough to address the backlog in delivery

Opinion

Gordhan steering between whirlpools

Finance Minister Pravin Gordhan. Picture: BUSINESS DAY

The challenge is how to continue to do justice to South Africa's overarching need to effectively tackle unemployment, poverty and inequality, whilst not throwing prudent financial principles to the wind

Opinion

Inflation data scupper hopes of imminent rate cut

The outlook for inflation isn’t good because of the weakness of the rand, writes Ron Derby

Opinion

EDITORIAL: Good leadership the only solution

Finance Minister Pravin Gordhan.  Picture: SUNDAY TIMES

The details of the coming medium-term budget policy statement are keenly anticipated, given South Africa's current domestic social and economic challenges

Rand was 7% weaker in first half of 2012 than a year earlier

544 day(s) ago

Treasury says currency remains vulnerable to global risk aversion, reiterates Reserve Bank governor’s comment that weak rand is not benefiting exporters due to weak global demand

Treasury reassures investors about SA

544 day(s) ago

Authorities acknowledge challenges such as strikes and widening current account deficit, but say South Africa has sound foundation from which to address these

Provincial budget increases will ‘barely keep up’ with inflation

544 day(s) ago

Allocation to provinces will increase by R38bn over the next three years, primarily for the costs of the public-sector wage settlement, but also for improvements in education, health and social welfare

Requests for tax clearance certificates on the rise

544 day(s) ago

SARS electronic mechanism for providing up-to-date information on tax status will include one-time access PIN to reduce likelihood of fraud

No room for vanity projects, says Gordhan

Finance Minister Pravin Gordhan. Picture: TREVOR SAMSON
551 day(s) ago

In further hint at belt-tightening, Finance Minister Pravin Gordhan says South Africa faces fiscal constraints, in comments on SABC’s plans

Gordhan hints at belt-tightening to come

Finance Minister Pravin Gordhan.  Picture: SUNDAY TIMES
554 day(s) ago

Finance Minister Pravin Gordhan tells MPs focus on responsible, balanced fiscal management will continue, given global backdrop, but austerity alone is inappropriate

Treasury should meet its fiscal targets, say analysts

Picture: REUTERS
554 day(s) ago

Standard & Poor’s acknowledges that there is unlikely to be any ‘major fiscal slippage’ in the Treasury’s medium-term budget policy statement

 
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FTSE 100 6673.80-0.12% down
Dow Jones 16514.370.00% same
All Share 48808.650.34% up
ASX 5502.200.64% up
S&P 500 1879.5500.00% same
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USD/ZAR 10.58980.61% up
GBP/ZAR 17.78070.42% up
EUR/ZAR 14.65830.80% up
JPY/ZAR 0.10360.92% up
AUD/ZAR 9.8298-0.31% down
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Gold 1285.50500.15% up
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