LIVE: Budget Speech 2020 - as it happens
Minister of Finance Tito Mboweni is delivering his 2020 National Budget Speech in Parliament. Find live updates here:
Watch the live broadcast below:
Minister @tito_mboweni tables the National Budget speech in parliament #Budget2020 https://t.co/pd4uLulBv0
— National Treasury (@TreasuryRSA) February 26, 2020
Mboweni: "A pilot of the Help to Buy scheme has supported over 2 000 families to buy their own homes.For every R1 subsidy provided by government, the scheme crowds in R8 from the private sector."#BudgetSpeech2020
— ECR_Newswatch (@ECR_Newswatch) February 26, 2020
Mboweni: "The NPA, Special Investigating Unit and Directorate for Priority Crime Investigation get an additional R2.4 billion in this Budget."@ecr9495 | #BudgetSpeech2020 #Budget2020
— ECR_Newswatch (@ECR_Newswatch) February 26, 2020
Mboweni: "SAA has been placed under business rescue which will lead to a radically restructured airline. Over the medium term, Government has allocated R16.4 billion to settle guaranteed debt and interest."@ecr9495 | #BudgetSpeech2020 #Budget2020
— ECR_Newswatch (@ECR_Newswatch) February 26, 2020
Mboweni: "SAA has been placed under business rescue which will lead to a radically restructured airline. Over the medium term, Government has allocated R16.4 billion to settle guaranteed debt and interest."@ecr9495 | #BudgetSpeech2020 #Budget2020
— ECR_Newswatch (@ECR_Newswatch) February 26, 2020
"R80 increase for the old age, disability and care dependency grants to R1860 per month. R80 increase in the war veterans grant to R1880. R40 increase for the foster care grant to R1040 per month. The child support grant will increase by R20 to R445 per month"#BudgetSpeech2020
— ECR_Newswatch (@ECR_Newswatch) February 26, 2020
Mboweni: "To date, Jobs Fund projects have created more than 175 000 permanent jobs, and helped 21 000 people into internships and created 59 900 short term jobs. Of these, 65 per cent went to youth."@ecr9495 | #BudgetSpeech2020 #Budget2020
— ECR_Newswatch (@ECR_Newswatch) February 26, 2020
Mboweni: "8.2 million young people between the ages of 15 and 34 are not in education, employment or training. Government is committed to helping them."@ecr9495 | #BudgetSpeech2020 #Budget2020
— ECR_Newswatch (@ECR_Newswatch) February 26, 2020
Mboweni: "R500 million has been provisionally set aside for disaster management to respond to the impact of recent floods and the ongoing drought."@ecr9495 | #BudgetSpeech2020 #Budget2020
— ECR_Newswatch (@ECR_Newswatch) February 26, 2020
Mboweni: "Over the next three years, 48.2 per cent of nationally-raised funds are allocated to national government, 43 per cent to provincial government and 8.8 per cent to local government."@ecr9495 | #BudgetSpeech2020 #Budget2020
— ECR_Newswatch (@ECR_Newswatch) February 26, 2020
Mboweni: "We aim to save R37.8 billion in the next financial year. There is more than one way in which this goal can be achieved."@ecr9495 | #BudgetSpeech2020 #Budget2020
— ECR_Newswatch (@ECR_Newswatch) February 26, 2020
Mboweni: "We aim to save R37.8 billion in the next financial year. There is more than one way in which this goal can be achieved."@ecr9495 | #BudgetSpeech2020 #Budget2020
— ECR_Newswatch (@ECR_Newswatch) February 26, 2020
Mboweni: "Once we get wage growth, corruption and wasteful expenditure under control, we will focus our attention on hiring in important areas such as education, police, and health care."@ecr9495 | #BudgetSpeech2020 #Budget2020
— ECR_Newswatch (@ECR_Newswatch) February 26, 2020
Mboweni: "To balance the books, we slowed hiring, and since 2011/12 the number of government employees has declined."@ecr9495 | #BudgetSpeech2020 #Budget2020
— ECR_Newswatch (@ECR_Newswatch) February 26, 2020
Mboweni: "Between 2006/07 and 2011/12, we were able to add about 190 000 employees. However, at the same time government wages also increased significantly."@ecr9495 | #BudgetSpeech2020 #Budget2020
— ECR_Newswatch (@ECR_Newswatch) February 26, 2020
Mboweni: "Education infrastructure allocations are adjusted by R5.2 billion over the medium term, while health is adjusted by R3.9 billion over the same period."@ecr9495 | #BudgetSpeech2020 #Budget2020
— ECR_Newswatch (@ECR_Newswatch) February 26, 2020
Mboweni: "The planning and implementation of integrated public transport networks will consequently be suspended in the Buffalo City, Mbombela and Msunduzi municipalities."@ecr9495 | #BudgetSpeech2020 #Budget2020
— ECR_Newswatch (@ECR_Newswatch) February 26, 2020
Mboweni: "Over the three years, public transport spending is adjusted by R13.2 billion, mainly on allocations to the Passenger Rail Agency of South Africa and the public transport network grant."@ecr9495 | #BudgetSpeech2020 #Budget2020
— ECR_Newswatch (@ECR_Newswatch) February 26, 2020
Mboweni: "Adjustments are mainly in conditional grants for provinces and municipalities. For human settlements, adjustments amount to R14.6 billion over the MTEF. There are also adjustments of R2.8 billion to the municipal infrastructure grant."#BudgetSpeech2020 #Budget2020
— ECR_Newswatch (@ECR_Newswatch) February 26, 2020
Mboweni: "These are partially offset by additions and reallocations of R111 billion. Of this, more than half, or R60 billion, is for Eskom and South African Airways."@ecr9495 | #BudgetSpeech2020 #Budget2020
— ECR_Newswatch (@ECR_Newswatch) February 26, 2020
Mboweni: "The total reduction is mainly the result of lowering programme baselines and the wage bill by R261 billion."@ecr9495 | #BudgetSpeech2020 #Budget2020
— ECR_Newswatch (@ECR_Newswatch) February 26, 2020
Mboweni: "As a major step towards fiscal sustainability, today we announce a net downward adjustment to main budget non-interest expenditure of R156.1 billion over the next three years relative to the 2019 Budget projections."@ecr9495 | #BudgetSpeech2020 #Budget2020
— ECR_Newswatch (@ECR_Newswatch) February 26, 2020
Mboweni: "This is mainly due to mounting debt-service costs. Non-interest spending declines on average over the MTEF in real terms."@ecr9495 | #BudgetSpeech2020 #Budget2020
— ECR_Newswatch (@ECR_Newswatch) February 26, 2020
Mboweni: "Total consolidated government spending is expected to grow at an average annual rate of 5.1 per cent, from R1.95 trillion in 2020/21 to R2.14 trillion in 2022/23."@ecr9495 | #BudgetSpeech2020 #Budget2020
— ECR_Newswatch (@ECR_Newswatch) February 26, 2020
Mboweni: "Our Aloe Ferox can withstand the long dry season because it is unsentimental. It sheds dead weight, in order to direct increasingly scarce resources to what is young and vital."@ecr9495 | #BudgetSpeech2020 #Budget2020
— ECR_Newswatch (@ECR_Newswatch) February 26, 2020
Mboweni: "We remain extremely concerned about plastic bags throughout the length and breadth of our country. In this regard, we have increased the plastic bag levy to 25 cents."@ecr9495 | #BudgetSpeech2020 #Budget2020
— ECR_Newswatch (@ECR_Newswatch) February 26, 2020
Mboweni: "The carbon tax and other measures will help green the economy, and will bring in R1.75 billion over the next few months. This will be complemented by more focussed spending on climate change mitigation. "@ecr9495 | #BudgetSpeech2020 #Budget2020
— ECR_Newswatch (@ECR_Newswatch) February 26, 2020
Mboweni: "Despite this increase, the liabilities of the RAF are forecast to exceed R600 billion by 2022/23. We need to take urgent steps to reduce this risk to the fiscus and bring about a more equitable way of sharing these costs."@ecr9495 | #BudgetSpeech2020 #Budget2020
— ECR_Newswatch (@ECR_Newswatch) February 26, 2020
Mboweni: "In line with Department of Health policy, we will start taxing heated tobacco products, for example hubbly bubbly. The rate will be set at 75 per cent of the rate of cigarettes. Electronic cigarettes, or so-called vapes, will be taxed from 2021."#BudgetSpeech2020
— ECR_Newswatch (@ECR_Newswatch) February 26, 2020
Mboweni: "In line with Department of Health policy, we will start taxing heated tobacco products, for example hubbly bubbly. The rate will be set at 75 per cent of the rate of cigarettes. Electronic cigarettes, or so-called vapes, will be taxed from 2021."#BudgetSpeech2020
— ECR_Newswatch (@ECR_Newswatch) February 26, 2020
"A bottle of 750 ml spirits, including whisky, gin or vodka, will rise by R2.89
— ECR_Newswatch (@ECR_Newswatch) February 26, 2020
A packet of 20 cigarettes will be an extra 74c
A 25 gram of piped tobacco will cost 40c more
A 23 gram cigar will cost an extra R6.73 "@ecr9495 | #BudgetSpeech2020 #Budget2020
Mboweni: "The annual tax free savings account contribution limit rises to R36 000."@ecr9495 | #BudgetSpeech2020 #Budget2020
— ECR_Newswatch (@ECR_Newswatch) February 26, 2020
Mboweni: "There will be a renewed focus on illicit and criminal activity, including non compliance by some religious public benefit organisations. Religious bodies must operate within the strict boundaries of the law if they are to enjoy tax exempt status."#BudgetSpeech2020
— ECR_Newswatch (@ECR_Newswatch) February 26, 2020
Mboweni: "Property costing R1 million or less will no longer be subject to transfer duty."@ecr9495 | #BudgetSpeech2020 #Budget2020
— ECR_Newswatch (@ECR_Newswatch) February 26, 2020
Mboweni: " We will review these to improve their effectiveness while at the same time reducing the scope for fraud and abuse. To support the property market, the threshold for transfer duties is adjusted."@ecr9495 | #BudgetSpeech2020 #Budget2020
— ECR_Newswatch (@ECR_Newswatch) February 26, 2020
Mboweni: "Start-ups will ignite the economy. The tax system supports them in a number of ways, including the preferential small business tax regime, the VAT registration threshold and the turnover tax."@ecr9495 | #BudgetSpeech2020 #Budget2020
— ECR_Newswatch (@ECR_Newswatch) February 26, 2020
Mboweni: "We are also proposing broadening the corporate income tax base. This additional revenue will be used to reduce the corporate tax rate in the near future to help our businesses grow."@ecr9495 | #BudgetSpeech2020 #Budget2020
— ECR_Newswatch (@ECR_Newswatch) February 26, 2020
Mboweni: "Our income tax system is progressive, and the adjustments reflect this. Someone earning R10 000 a month will pay 10 per cent less in tax. Someone earning R100 000 a month will pay about 1.5 per cent less."@ecr9495 | #BudgetSpeech2020 #Budget2020
— ECR_Newswatch (@ECR_Newswatch) February 26, 2020
Mboweni: "Gross national debt is projected to be R3.56 trillion, or 65.6 per cent of GDP by the end of 2020/21." @ecr9495 | #BudgetSpeech2020 #Budget2020
— ECR_Newswatch (@ECR_Newswatch) February 26, 2020
Mboweni: "Gross national debt is projected to be R3.56 trillion, or 65.6 per cent of GDP by the end of 2020/21." @ecr9495 | #BudgetSpeech2020 #Budget2020
— ECR_Newswatch (@ECR_Newswatch) February 26, 2020
Mboweni: "For 2020/21, revenue is projected to be R1.58 trillion, or 29.2 per cent of GDP. Expenditure is projected at R1.95 trillion, or 36 per cent of GDP. This means a consolidated budget deficit of R370.5 billion, or 6.8 per cent of GDP in 2020/21." #BudgetSpeech2020
— ECR_Newswatch (@ECR_Newswatch) February 26, 2020
Mboweni: "Persistent electricity problems will, however, hold back growth. Over the next three years, we expect growth to average just over 1 per cent. Therefore, a stable supply of electricity will be our number one task." @ecr9495 | #BudgetSpeech2020 #Budget2020
— ECR_Newswatch (@ECR_Newswatch) February 26, 2020
Mboweni: "Against this backdrop we forecast that the South African economy will grow by 0.9 per cent and inflation will average 4.5 per cent in 2020. Over the next eighteen months, the economy should get a number of jump starts."@ecr9495 | #BudgetSpeech2020 #Budget2020
— ECR_Newswatch (@ECR_Newswatch) February 26, 2020
Mboweni: "Asia (excluding Japan) is expected to grow by 5.8 per cent in 2020. The Coronavirus is a source of uncertainty to this forecast. With growth of 3.5 per cent, sub-Saharan Africa is forecast to be the second fastest growing region in the world."
— ECR_Newswatch (@ECR_Newswatch) February 26, 2020
#BudgetSpeech2020
Mboweni: "Now, even after a decade of weak economic performance, South Africa still boasts deep and liquid capital markets, strong institutions, the most diversified economy on the continent, and a young population."@ecr9495 | #BudgetSpeech2020 #Budget2020
— ECR_Newswatch (@ECR_Newswatch) February 26, 2020
Mboweni: "In the fifteen years following democracy, economic growth averaged 3.6 per cent a year. The gross debt-to-GDP ratio declined from 46 per cent to 26 per cent."@ecr9495 | #BudgetSpeech2020 #Budget2020
— ECR_Newswatch (@ECR_Newswatch) February 26, 2020
Mboweni: "Congratulations to Miss Universe Zozibini Tunzi, the Springboks, and the Proteas, who won while we were preparing this Budget. Our economy has won before, and it will win again."@ecr9495 | #BudgetSpeech2020 #Budget2020
— ECR_Newswatch (@ECR_Newswatch) February 26, 2020
Mobweni: "Mr President, in your State of the Nation Address two weeks ago you reminded us that our capacity to win is not diminished. We have it within ourselves to be the best in the world."@ecr9495 | #BudgetSpeech2020 #Budget2020
— ECR_Newswatch (@ECR_Newswatch) February 26, 2020
Mboweni: "Today I table: The Division of Revenue Bill, The Appropriation Bill, The 2020 Budget Review, The 2020 Estimates of National Expenditure, The 2020 Tax Proposals"@ecr9495 | #BudgetSpeech2020 #Budget2020
— ECR_Newswatch (@ECR_Newswatch) February 26, 2020
