Pragmatic, pinched budget statement dampens growth hopes
/ 31 October 2024

Pragmatic, pinched budget statement dampens growth hopes

Finance minister Enoch Godongwana forecast 1.8% growth over three years, coupled with a bigger deficit, as debt service costs crowd out fiscal space

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Mid-term budget: Godongwana maintains line on austerity
/ 30 October 2024

Mid-term budget: Godongwana maintains line on austerity

Finance Minister Enoch Godongwana has doubled down on the government’s fiscal consolidation efforts by reducing spending from 28.6% of GDP in the 2023-24 financial year to 27.6% in 2024-25.  This largely reflects measures implemented in recent years and slower growth projected in non-interest expenditure relative to GDP, the treasury said in its medium-term budget policy […]

The Fiscal Cliff | Will austerity push South Africa to the brink?
/ 29 October 2023

The Fiscal Cliff | Will austerity push South Africa to the brink?

Today, as the country awaits the next update on the state of its public purse, the prospect of a debt crisis seems more imminent than before. This is as South Africa’s fiscal position has deteriorated markedly during the course of this year, a dilemma that could see the treasury inflicting another round of spending cuts.

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ANC accuses treasury of attempting to usurp president’s powers
/ 19 September 2023

ANC accuses treasury of attempting to usurp president’s powers

The ruling party’s economic transformation committee head, Mmamoloko Kubayi, said the treasury’s proposals were ‘unfortunate’, ‘illegal’ and a ‘tick-box exercise’

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Cabinet rejects treasury’s proposed cuts
/ 15 September 2023

Cabinet rejects treasury’s proposed cuts

The proposal suggested the bloated cabinet be cut and departments trim their expenditure

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The high cost of austerity
/ 11 September 2023

The high cost of austerity

Another round of spending cuts stand to shake the governing party’s already rickety foundations

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Budget austerity ‘a victory’, but at what cost?
/ 2 November 2022

Budget austerity ‘a victory’, but at what cost?

Critics of fiscal consolidation warned that spending cuts would harm an already fragile economy

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Controversial government spending cuts ‘paid off’
/ 28 October 2022

Controversial government spending cuts ‘paid off’

Fiscal consolidation is drawing to a close as the public purse was boosted by commodities, but the treasury will probably continue exercising restraint

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