General
Publications & Data
Join the conversation
Social Links
Social Links
Brief note intended as a more regular interface with our clients. The emphasis is to provide our interpretation of important economic events, such as South African Reserve Bank interest rate statements, and key data releases, including GDP growth figures.
In his first main Budget address, Finance Minister Nhlanhla Nene followed through on earlier warnings of the need for fiscal consolidation. He announced a rise in the country’s net tax burden. This includes a 1% hike in the marginal tax rates of all taxpayers earning more than R180,000 per annum, as well as a hefty increase in the fuel and road accident fund (RAF) levies. On the expenditure side, the minister reiterated government’s commitment to limit the real growth in government expenditure to low single digits.
