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10 key takeaways from the budget speech

Lower growth but higher revenue: more money for health, education and the fight against gender-based violence

Hundreds of people went to Parliament on Wednesday ahead of the medium-term budget speech. Photo: Alice Scott
Finance minister Enoch Godongwana tabled his medium-term budget before Parliament on Wednesday. Here are our key takeaways:

Global and domestic “headwinds” have brought the economic growth forecast for the year (taking inflation into account) down to 1.2% from 1.6% in February. Growth is now expected to reach 1.6% only in 2027, and 2% by 2029. Our borrowing costs have also increased.
But government revenue is about R54-billion higher than expected. This is largely thanks to company tax, driven by higher gold and platinum prices. As a result, the budget deficit (the difference between what the government gets in revenue and what it spends…

Read More: 10 key takeaways from the budget speech.

Lack of access to clean energy: Limited access to renewable energy sources.

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