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 spentGordhan to crack whip on soaring state costs
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
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
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’
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
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
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’
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%
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
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
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
Tim Cohen
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
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
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
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’
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
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, 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
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
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
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
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
Multimedia
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 HarrisExports fall 6.3% in second quarter, budget statement says
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%
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
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
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
Matthew Lester
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
Raymond Parsons
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
Ron Derby
The outlook for inflation isn’t good because of the weakness of the rand, writes Ron Derby
Opinion
EDITORIAL: Good leadership the only solution
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
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
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
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
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
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 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
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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