Pravin Gordhan to deliver budget speech
Finance Minister Pravin Gordhan will present the national budget in Parliament today.
SA Chamber of Commerce and Industry (Sacci) CEO Neren Rau said last week Gordhan should take a firm stance on managing the budget deficit in this year’s budget.
“Sacci would like to a see a balance between spending on social priorities and on productive assets that support sustainable economic growth,” he said on Friday.
The DA on Monday said it hoped the budget speech would contain steps to cut state spending and lower taxes in a bid to curb the national debt and stimulate the economy.
Sanlam investment economist Arthur Kamp told the Cape Town Press Club yesterday he expected the budget to feature much spending but little economic growth.
Regarding taxes, Kemp did not predict any major announcements for the budget speech today.
But the tax base was expected to broaden in a few years if budget deficits could not be managed.
The National Union of Metalworkers of SA (Numsa) would hold a demonstration outside Parliament today to demand decent jobs for black youth.
Numsa regional secretary Vuyo Lufele said the union did not have high expectations of Gordhan’s budget speech.
“We expect, as usual, our people to be fooled and lured to sleep with false promises of millions of jobs from construction and other capitalist projects.
“More painfully, we expect [Gordhan], like his master President Jacob Zuma, to pontificate that ‘South Africa is better than it was before 1994’.”