Publications
Partners
14:56
Wow! I had no faith that this budget would change things, boy was I wrong!
— Sue Blaine (@SASueBlaine) October 23, 2013
14:53
Submits MTBPS
14:52
Gordhan quoting former President Nelson Mandela: “Overcoming poverty is not a task of charity, it is an act of justice. Like slavery and Apartheid, poverty is not natural. It is man-made and it can be overcome and eradicated by the actions of human beings. Sometimes it falls on a generation to be great. YOU can be that great generation. Let your greatness blossom.”
14:51
#MiniBudget2013 #Gordhan : The largest is consultant services. We need better contract management
— Jacaranda Newsteam (@Jacanews) October 23, 2013
14:51
Tax collections more resilient than expected http://t.co/VdLQjfONqc #MTBPS
— BDlive (@BDliveSA) October 23, 2013
14:50
Gvnt catering & event costs: No public funds to be used for purchase of alcohol. Entertainment allowance will be limited to R2K. #MTBPS
— BusinessDay TV (@BusinessDayTV) October 23, 2013
14:49
On banning booze at all state functions, Gordhan later said:
The government are no prudes (don't want to look like being too prudent) and will serve visiting head of states something stronger.
14:49
We all gain, when more people have work. We all gain, when our firms can compete on international markets. We all gain, when rising incomes contribute to greater capacity for public service delivery. We all gain, when our divisions and inequality fade into history and we celebrate a shared more prosperous future.
14:48
In conclusion: hard work ahead; a faster growing economy is in everyone’s interest
14:46
Business class for overseas travel for DGs and DDGs only. Business class for DGs only on domestic flights. #MTBPS
— BusinessDay TV (@BusinessDayTV) October 23, 2013
14:46
Taking the National Development Plan as point of departure, Cabinet has agreed to a budget framework which protects our fiscal position and supports policies and programmes that support inclusive, sustainable growth.
14:45
Thankyous, back to NDP
14:42
6 areas for reducing costs identified:
1) consultant services
2) no credit cards
3) reduces travel costs
4) advertising, non-essential costs eliminated
5) catering costs
6) accommodation costs
14:42
Pravin must also throw shade on those nandos and KFC purchases.
— Lester Kiewit (@lesterkk) October 23, 2013
14:41
Cabinet decided there will be no compensation for use of personal cars. #MTBPS
— BusinessDay TV (@BusinessDayTV) October 23, 2013
14:41
No new credit cards to be issued and existing ones to be cancelled immediately.
14:41
Housing:
*Ministers awaiting allocation of houses will be accommodated in rented apartments not hotels
*New refurbishment guidelines for limiting costs will be developed.
14:40
Overseas delegations:
*Business Class only for Ministers
*Assistants to Ministers will be limited to two
*Direct routes will be used
*Number of officials to be kept to a minimum.
14:38
Cabinet has of its own accord has decided the following: Cars:
*The cost limits for official cars will be standardised
*Bulk purchasing will be used to reduce costs
*Security features will be a consideration
*There will be no compensation for use of personal cars.
14:38
#Gordhan reveals severe cuts to government officials’ perks http://t.co/97OW8fkQdh #MTBPS
— BDlive (@BDliveSA) October 23, 2013
14:37
Measures in place to curb abuse, quoting Brazil Pres Lula da Silva: “Poor countries must give an example of honesty, of ethics, so that we truly deserve the solidarity from millions and millions of people who would like to contribute but sometimes are not sure their money will go where it should go.”
14:35
As government, we acknowledge that we too must provide value for money. Cost cutting measures: Cars cost limits, security features
14:34
Belt-tightening: Ministers without houses will stay in rented apartments not hotels #Minibudget2013
— Business Report (@busrep) October 23, 2013
14:33
The NDP recognises that we need a better education system to address poverty and build a more capable workforce.
Projects increase by an annual average rate of 7% over the next three years to R287bn in 2016/17. The school infrastructure backlogs grant and education infrastructure grant will grow strongly over the spending period.
14:32
Education is the largest single category of government expenditure.
14:31
Public expenditure growth has remained well within the limits set by government over the past two years. We have again put every effort into finding savings, eliminating waste and reprioritising spending towards key social and development objectives. Over the MTEF period ahead, R10bn in spending has been reprioritised.
14:30
"Wasteful expenditure on expensive cars and overseas trips is unacceptable," says #Gordhan (Loud applause) #Mtbps
— James Styan (@jamesstyan) October 23, 2013
14:29
I must admit Treasury fed us okay, except because of cost-cutting there weren't veggies and fruit, only meat and muffins #minibudget2013
— carien du plessis (@carienduplessis) October 23, 2013
14:29
To achieve value for money in initiatives, SA need improvements right across government in financial management.
14:27
Applause to an appeal to citizens not to damage public property during protests.
14:25
Personal income tax collection remains strong as a result of high wage settlements, and corporate income tax has been robust.
Expects gross tax revenue for 2013/14 has been revised down marginally by R3bn to R895bn.
14:23
SA remain committed to counter-cyclical fiscal management and long-term sustainability. A sustainable expansion of public services is an important developmental goal and cannot be achieved without economic growth. A larger economy means higher revenue.
14:22
Interestingly we got Gordhan's speech at last minute cos cabinet was meeting over #costcutting measures this AM to approve #minibudget2013
— carien du plessis (@carienduplessis) October 23, 2013
14:19
A wide range of measures are in place to give greater impetus to investment:
*Ministers Gigaba and Peters are overseeing substantial improvements in road and rail logistics, including reductions in container handling charges at our ports.*The special economic zones framework introduced by Minister Davies provides new opportunities for supporting industrial development and exports.development and exports.
*Under Minister Patel’s leadership, action has been taken to ensure that competition is not undermined by collusive practices.
*Improved administration of work permits for skilled foreign workers will be implemented next year by Minister Pandor.
*Reforms are also under way to enhance private-sector participation in the electricity sector and improve the structure of support programme to firms.
*Work is in progress on a new promotion and protection of investment bill and a policy framework to address investor concerns relating to ownership, tax, industrial support measures and exchange controls.
14:17
Consumer price inflation is expected to average 5.9 per cent in 2013, and to remain within the 3 to 6 per cent target band next year.
Formal stats released earlier: CPI falls to 6%
14:16
Announced no alcohol at state functions
14:15
Minister #Gordhan at media briefing earlier. PIC #minibudget pic.twitter.com/ijACOM07An
— James Styan (@jamesstyan) October 23, 2013
14:11
#MiniBudget2013 #Gordhan : This #MTBPS demonstrates government’s resolve to implement the NDP
— Jacaranda Newsteam (@Jacanews) October 23, 2013
14:11
We have a plan, and we now have to track progress, year by year, in its (NDP) implementation.
14:09
To accelerate progress, we need to deepen democracy and build a more inclusive society.
14:08
Economy grown by over 80% since 1993, total employment grown by 3.5m jobs, tax revenue performance up
14:06
#MiniBudget2013 #Gordhan : We must be frank. This is a tough period, both globally and for the SA economy
— Jacaranda Newsteam (@Jacanews) October 23, 2013
14:06
Cuts costs and waste... tough period, but one with many opportunities
14:05
Reflects intent to implement NDP, supports job creation especially for youth
14:03
Formalities
5th MTBPS for Jacob Zuma's administration, steered SA through worst global recession.
14:02
Gordhan takes to the podium
14:01
Parliamentarians getting ready to lend an ear to Gordhan.
13:58
MARKETS AHEAD OF #MTBPS: AllShare: 45123.73 -.52%. Top40: 40321.02 -.55%. Rand/$: 9.81 +.80%. Rand/£: 15.82 + .28%. Gold: $1331.23 -.65%
— BusinessDay TV (@BusinessDayTV) October 23, 2013
13:54
The rand weakened further against the dollar to trade at R9.79/$, 0.48% down from the previous sessions close just before Gordhan was to deliver his budget speech. The local unit opened the day's session down 0.26% at R9.7750/$. It closed at R9.7500 in New York on Tuesday.
13:51
Journalists are still in lock-up after a pre-budget press conference and ahead on Finance Minister Pravin Gordhan's mini budget speech.
Cape Town - Much is expected of Pravin Gordhan when he delivers his medium term budget speech on Wednesday afternoon.
Given the dual deficit theme, downgrade risks and the backdrop of the National Development Plan (NDP), it will be tough juggling act for Gordhan.
It is only the second budget document since the NDP was adopted by the ANC and the cabinet at the end of last year.
"We expect the Treasury to firmly though subtly plant its flag in the NDP debate on the side of the NPC and against Cosatu," says emerging market analyst Peter Attard Montalto.
On Tuesday, President Jacob Zuma said the mini budget will stimulate economic growth and encourage fiscal discipline, allaying fears of increased government spending ahead of an election next year.
At the same time opposition parties called for stricter discipline, with the DA urging Gordhan to rein in both the budget and fiscal deficits, while Cope called for a cut in state spending.
Even though not much is expected around tax, Cosatu wants to see "much needed tax reforms" and Fedusa a tax the super rich.
Professional services firm Deloitte says the mini budget presents an ideal opportunity for government to take further concrete steps in encouraging and fostering a culture of savings in South Africa.
With the household savings rate reported to be 1.7% last year, SA is rapidly losing ground against BRICS countries in the savings race, says
Delia Ndlovu, Director in Taxation Services at Deloitte.
Deloitte's Nazrien Kader says it is more important for Gordhan to restore confidence – "not just for South Africans but for those rating agencies that will pounce on any indication that our budget deficit will come in way off target."
