20 Feb 2019
1. From Eskom to tax, this is Mboweni's budget in a nutshell
2. Eskom gets R69bn in financial support over 3 years, but with conditions – Mboweni
3. Land reform gets R10bn as ANC punts expropriation
4. SAA needs an additional R4bn - Treasury
5. No increases in income tax rates or VAT; sin taxes and fuel levies to rise
6. How the price of beer, wine and cigarettes will rise
7. Sars is being fixed, says Mboweni, as Treasury again faces shortfall
8. 'Speedy' Mogajane is a good Christian, but the Public Protector is a problem
9. Retirement helping to ease public wage burden, says Mboweni
10. Mboweni: I don't want to control SARB
Full #BudgetSpeech 2019: It's time for SA to sow the seed of renewal and growth
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20 Feb 2019
Rand see-saws during Budget speech
The rand opened at R14.04 to the greenback earlier in the day but, at one point, plummeted to R14.35 during the first part of Finance Minister Tito Mboweni's speech, said TreasuryONE.
20 Feb 2019
ICYMI: From Eskom to tax, this is Mboweni's budget in a nutshell
Finance minister Tito Mboweni's first National Budget came with no real surprises or shocks. Given the pressure-cooker that is state finances, especially those of struggling power utility Eskom, it appears to be a well-balanced act.
Government's central economic policy goal remains to accelerate inclusive growth and create jobs, said the minister, while ensuring sustainable finances by containing the Budget deficit and stabilising public debt.
In the light of the coming national election, Mboweni's cautious approach in a high-risk environment comes as no surprise no surprise.
20 Feb 2019
Sars is being fixed, says Mboweni, as Treasury again faces shortfall
The SA Revenue Service (SARS) is being fixed, Finance Minister Tito Mboweni said in his maiden Budget speech in Parliament on Wednesday, as he thanked retired Judge Robert Nugent for chairing a judicial inquiry into the tax agency.
Nugent presided over a judicial commission of inquiry that investigated tax shortfalls and issues of governance at the agency, hearing testimony about working under former head Tom Moyane and how global consultancy Bain was brought in to change parts of its operating model.
20 Feb 2019
How the price of beer, wine and cigarettes will rise
Finance Minister Tito Mboweni may not have announced any increases in income or corporate tax rates in his maiden Budget, but as in previous years sin taxes – the taxes government levies on alcohol and tobacco - will again rise at above-inflation rates.
The increase in the excise duties are expected to bring in an additional R1bn in revenue, which includes R400m from tobacco products and R600m from alcohol. These form part of R15bn in additional revenue announced by the finance minister.
20 Feb 2019
Mboweni: 'Speedy' Mogajane is a good Christian, but the Public Protector is a problem
Finance Minister Tito Mboweni said he had full confidence in Treasury's Director-General Dondo Mogajane, and that he was reviewing Public Protector Busisiwe Mkhwebane's recommendation of remedial action on Mogajane's appointment.
20 Feb 2019
FULL TEXT: Tito’s Budget in his own words
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In summary, Madam Speaker, let me outline the highlights of this Budget:
1. We are taking tough steps to fix the fiscal position and state-owned enterprises
2. Our children are our future. Most of the spending goes to education, and we willstrengthen early childhood development and support higher education for the mostdeserving.
3. On land, we have set aside money to help our people buy their own houses, supportland reform, and transfer title deeds.
4. On electricity, we face tough choices on Eskom.
5. We are reprioritising resources towards the President’s infrastructure fund and awayfrom the wage bill.
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The final challenge is nationalism. In many successful economies, immigrants have been a source of dynamism. Narrow nationalism often leads to stagnation. We need to redouble our efforts to attract highly-skilled people to South Africa.
Professor Ricardo Hausmann of Harvard University talks of the “know-how” that these individuals bring. Their skills are complementary to our own. We need to free our entrepreneurs from stifling regulations and complicated taxes.
We will continue to work closely with our partners in the BRICS, the African Development Bank and the South African Customs Union.
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Our budget spending has to focus on getting our country ready for technology. The first step is to fix the education system. Government is rolling out a maths and science grant.
The Governor of the South African Reserve Bank is driving an ambitious FinTech programme, together with colleagues from the other financial-sector regulators.
20 Feb 2019
The first is the rise of technology. Twenty-five years ago, the Budget was prepared on reams of paper, carefully stapled together.
I reviewed this speech on my tablet, and you can keep track of the speech on Twitter right now. By the way, it is at #RSABudget.
Who knows how the Budget will be prepared in twenty-five years’ time?
20 Feb 2019
The infrastructure fund is a central pillar of the Budget and of reprioritisation. It will accelerate R526 billion worth of on-budget projects by bringing in the private sector and development finance institutions.
In several instances the private sector will design, build and operate key infrastructure assets. In addition, government will commit R100 billion over the next decade.
20 Feb 2019
We spend a lot on infrastructure. Four things will get us better infrastructure:
First is to create a sensible project pipeline.
Second, is streamlining the law to make it easier to build.
Third, better information for everyone.
And finally, is to actually build.
So far we are working on a wastewater treatment facility works in the Vaal, a solar water geyser programme and student accommodation. R625 million is allocated to the Development Bank of Southern Africa, the Government Technical Advisory Centre and the Presidential Infrastructure Coordinating Commission to strengthen project preparation in this context and on a speeded up basis, projects based on rural roads and water will be prioritised. Details on several priority projects can be found on the Vulekamali portal.
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My colleagues at provincial and municipal level are working as best as they can to deal with rising wage costs and reduced transfers. Provincial treasuries and the municipalities have a partner in the National Treasury to work with on their constitutional obligations.
Grants such as the Financial Management grant, and the Municipal Systems Improvement grant are available. The Public Audit Excess Fee Bill tabled today strengthens the Auditor General’s role in municipalities.
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Access to housing
Government continues to focus on supporting people to own their own homes. Funding totalling R14.7 billion over the two outer years has been reprioritised to two new conditional grants for informal settlements upgrading which will enable these households to have access to basic amenities.
20 Feb 2019
Health services
In health, we need simple, effective interventions. We need more doctors and nurses. R2.8 billion has been reprioritised to a new human resources grant and R1 billion for medical interns. R1 billion has been added to raise the wages of community health care workers to R3500 per month. Finally about R319 million is allocated to eliminate malaria in South Africa.
20 Feb 2019
Finally, the global renown of South Africa’s art and culture is an expression of our soft power and our heritage. Our public finance choices should reflect an intention to preserve and add to our cultural canon.
Officials from the National Treasury and the Department of Arts and Culture will consider proposals for the development of a new national theatre, a new national museum, and also consider financial support for the National Archives, a national orchestra and ballet troupe.
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Improve the education system and develop the skills that we need
Learning and culture receives the largest share of spending as Government continues to provide access to quality basic and higher education, develop skills, provide training and contribute to social cohesion.
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Data costs must fall!
My fellow Minister will shortly be issuing policy direction to ICASA for the licensing of spectrum. I will work relentlessly with the Minister until this matter is resolved. This includes resourcing ICASA for this mandate.
20 Feb 2019
Accelerate inclusive economic growth and create jobs
The private sector is the key engine for job creation. Government’s policy actions aim to end the uncertainty that has undermined confidence and constrained private sector investment.
The R300 billion worth of pledges made at the Investment Conference last year demonstrate that there is pent-up private sector demand if we grab hold of the opportunity. Visa requirements are being relaxed to make it easier for tourists to visit and invest in South Africa.
We have also increased the income eligibility thresholds for the highly successful employment tax incentive scheme. Jobs for 1.1 million young people are supported by this programme.
20 Feb 2019
The President set us these five tasks:
1. Accelerate inclusive economic growth and create jobs.
2. Improve the education system and develop the skills that we need now and into the future.
3. Improve the conditions of life for all South Africans, especially the poor.
4. Fight corruption and state capture.
5. Strengthen the capacity and capability of the state to address the needs of the people.