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Budget 2020: Still some good news to ponder amid economic doom and gloom Our banking system is sound. Help support journalists, the guardians of independent journalism, through our, Budget Speech bailouts: Mboweni throws SAA a R16.4 billion bone, Budget Speech 2020: Increased spending on education and health, Budget Speech 2020: The good, the bad and the ugly in 12 quotes, Stuffed Chicken Breast with Garlic Butter – Quick and super tasty, Lewis Hamilton claims record 92nd Grand Prix win in Portugal, Environmentalists worry about potentially devastating oil spill, Watch: Duduzane Zuma wastes no time turning heads upon SA return, Kaizer Chiefs look ahead to Chippa clash after Saturday’s disappointment. International investors now hold 37% of South African government bonds. The 2020 Budget Review 4. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds. Postal: Blue Sky Publications (Pty) Ltd T/A TheSouthAfrican, PO Box 44354, Claremont, 7735, South Africa, United Kingdom– Blue Sky Publications Ltd – Company Registration Number: 04683692. Mboweni also said the country would move ahead with the South African Sovereign Wealth Fund, with a target capital amount of about R30 billion. But traditional African beer won't see a sin tax hike. “Between 2006/07 and 2011/12, we were able to add about 190,000 employees. Download historical data for 20 million indicators using your browser. Read more here: Budget Speech bailouts: Mboweni throws SAA a R16.4 billion bone, and also: Tito Mboweni backs Eskom alternative. Join the conversation on Twitter #SABudget2020 The South African Wikipedia “These allocations generally provide short-term support, but cannot substitute for the far-reaching structural reforms needed to return them to operational and financial stability,” Treasury said. The budget is balanced when outlays equal to receipts, the country reports budget surplus when revenues are higher than expenses and deficit when expenses exceed the revenues. The flexible exchange rate is a shock absorber. Debt is not projected to stabilise over the medium term, and debt-service costs now absorb 15.2% of main budget revenue. Get the best of our site delivered to your inbox every day. Also read – Budget Speech 2020: The good, the bad and the ugly in 12 quotes. To be honest, we expected a bit more from this year’s budget’s speech, something a bit more substantial, but it is what it is. Someone earning R460,000 a year will see their taxes reduced by nearly R3,400 over the next year. Mboweni’s budget unlikely to stop South Africa’s march to junk, These 5 South African companies have been ranked among the best places to work in the world, Tax change for South Africans who work overseas, Plans to expand Gautrain outside Johannesburg and Pretoria, The average house price in South Africa right now – and why a low interest rate is changing the market, Get affordable uncapped fibre or fixed-LTE for your home today, Expect massive deals with Incredible Connection’s Black November, Codehesion – South Africa’s mobile app development specialists, Beware, negligent taxpayers – you could soon face serious jail-time in South Africa. More than 18 million people receive a  social grant in South Africa, which will be increased in the new financial year. No blood spilt and no points of order to write home about. This allocation will be reviewed as NHI is implemented. This will be South Africa’s worst tax performance since at least 1996. Help support journalists, the guardians of independent journalism, through our, Super Rugby Unlocked log standings – Round 3 – 2020, Government to crack down on ‘serious problem’ of BEE fronting, Gauteng PPE scandal: Masuku condemns SIU report ahead of ANC grilling, Plans to link Soweto to the Gautrain network gathers pace, Kaizer Chiefs: Gavin Hunt to unleash full wrath on Amakhosi defence. However, there will be increases to the fuel levies, and the introduction of a new tax on heated tobacco products. However, if it doesn’t give investors a credible plan to cap the growth in debt, its borrowing costs are likely to rise,” Mohr and Izak Odendaal predict. Finance Minister Tito Mboweni also highlighted that education and health will be treated as a priority. “This will ensure that we continue to invest in the future generations of this country in a fiscally-prudent manner.”. In 2019/20, government allocated R49 billion to Eskom and committed R112 billion in medium-term funding. Copyright © Blue Sky Publications Ltd. All Rights Reserved. Over the next three years, 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 – mainly due to mounting debt-service costs. Family of four estimated monthly costs: R 36,740; Single person estimated monthly costs: R 18,249; Cost of living in South Africa is cheaper than in 72% of countries in the World (55 out of 76) Finance Minister Tito Mboweni delivered his National Budget Speech on 26 February 2020, leaving South African taxpayers pleased by the implementation of tax relief on personal income tax, but disappointing those who indulge in alcoholic beverages and heated tobacco products. If it imposes austerity measures too harshly, the fragile economy could crumble. Summary of cost of living in South Africa. About R212 billion was set aside for economic development, which includes industrialisation and exports, agriculture and rural development, job creation and labour affairs, and science and technology. thesouthafrican.com is The fuel levy has been increased by 16c, and the levy for the Road Accident Fund (RAF) rose by 9c. Over the past 12 years, government has allocated R162 billion to financially distressed state-owned companies. In-line with analyst projections, the finance minister pointed to cutting expenditure – rather than boosting revenue – as the key shift for the budget. The graphic below outlines how South Africa’s budget will be split: Read: Mboweni’s budget unlikely to stop South Africa’s march to junk. It would be foolhardy to increase tax in this environment, finance minister Tito Mboweni said at a press briefing before the Budget speech. Should South Africa make it more expensive to buy liquor with higher alcohol percentages to curb abuse. Our offices are for administrative purposes only, no visitors will be accepted without an appointment. The 2020 Budget proposes total reduction of R261 billion over the next three years, which includes R160.2 billion reduction to the wage bill of national and provincial departments and national public entities. South Africa– Blue Sky Publications (Pty) Ltd T/A TheSouthAfrican Number: 2005/028472/07. Comments section policy: Any attacks on BusinessTech, its journalists, or other readers will result in a ban. This Budget speech actually struck a delicate balance by being both bond and equity friendly, says Chantal Marx, FNB Wealth and Investments. “The architecture will be that of a retail bank operating on commercial principles. This shows "global investors remain positive about South African assets despite concern about sovereign credit risk," Treasury says. However, against this backdrop Mboweni said that Treasury forecasts that the South African economy will grow by only 0.9% and inflation will average 4.5% in 2020. “There will be a renewed focus on illicit and criminal activity, including non-compliance by some religious public benefit organisations. Mboweni said: “The largest spending areas will be learning and culture, which receives R396 billion, followed by health with R230 billion, and social development with R310 billion.”. Low growth led to an R63.3 billion downward revision to estimates of tax revenue in 2019/20 relative to the 2019 budget. However, major tax increases are unlikely. Finance minister Tito Mboweni has delivered his 2020 budget speech, outlining the state of South Africa’s finances, and where the government will spend its money in the year ahead. South Africa recorded a government budget deficit of 100083 ZAR Million in August of 2020. Furthermore, R217 billion will go towards peace and security: Police services will be granted R106 billion, while the remaining funds will be allocated between defence and state security, as well as law courts, prison and home affairs. This is the funding allocated to state owned companies over the next three years. The unemployment rate improved by 5 percentage points. Photo: World Economic Forum / Greg Beadle. TheSouthAfrican.com is all about South Africa and the stories that affect South Africans, wherever they are in the world. Shoprite's share price rallied by almost 10%, and there was also buying in Truworths (+9%), Standard Bank (+8%), Absa (+7%) and Discovery (+7%). “The IMF supplies US dollar funding to countries in need; we don’t require dollars [as] our foreign exchange reserves stand at $54 billion [R819.7 billion]; enough to cover five months’ imports.”. Overall Debt levels are better than anticipated. Here are some of the key charts from Budget 2020 that paint a picture about what lies ahead in this financial year: Government expects that the economy will only grow by 0.9% this year – and that's with the assumption that exports will grow by 2.3% – while world trade is being ravaged by the novel coronavirus behind Covid-19: There is a distinct lack of investment in the economy: The total government debt burden now equals almost 66% of South Africa’s total economy – and repayments on this debt is growing by more than 12% a year. a division of Blue Sky Publications Ltd. Publish your articles and forecasts in our website. Mboweni said the “preferred options” for the establishment of a state bank are now ready – opting for a retail bank, with commercial principles. That was perceived as equity friendly and the reason is that there was a lot of talk in the market over the last couple of weeks of increases in VAT, Wealth Tax, and a new 48% tax bracket and the prescribed assets but none of it materialised. This is a massive R304.1 billion below the budgeted tax revenue presented in February’s Budget. The total tax on 93 octane petrol in Gauteng will be increased to R5.88 a litre, and to R5.74 on diesel. “The Road Accident Fund is government’s second-largest contingent liability after Eskom. South African Budget 2020. A good Budget from the point of view of consumers will not be a good Budget from the point of view of bond investors. thesouthafrican.com is R80 increase for the old age, disability and care dependency grants to R1,860 per month; R80 increase in the war veterans grant to R1,880; R40 increase for the foster care grant to R1,040 per month; The child support grant will increase by R20 to R445 per month. Instead of hiking taxes, government wants to slash the state wage bill. Learning and Culture, Health and Social development will make up just under 48% of the budgeted expenditure for the new year with Community development, Peace and Security and Economic development, making up nearly 33%. The fund is completely underwater, and will face a total deficit of R593 billion by 2022/23, and it is now government’s biggest liability after Eskom. Budget 2020 Presentation: Risk, Renewal and Growth (932kb) The Jobs Fund 2020 ... South Africa Government Online Auditor-General Provincial Treasuries Collaborative Africa Budget Reform Initiative (CABRI) Jobs Fund Independent Regulatory Board for Auditors (IRBA)

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