GNU takes a win, taxpayers take a hit in Budget 3.0
Individual taxpayers will still get no relief from the impact of inflation
Finance minister Enoch Godongwana pared back extra spending on front-line services and infrastructure and hiked the fuel levy for the first time in three years as he tabled a third version of his 2025 budget that showed the government still on track to stabilise the public debt this year.
But the debt to GDP ratio will now peak at more than 77% of GDP in an economy that is much weaker than expected at the time of the minister’s first attempt at a budget, with the Treasury revising down this year’s growth forecast from 1.9% to 1.4%, rising to 1.8% by 2027 — forecasts which are still higher than some economists now expect given the fallout from the US’s tariff shock...
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