A WEE DRAM
CHRIS GILMOUR: Ballooning state spending is the biggest red flag in an awful budget, economist Dawie Roodt says
Invest your money offshore and die poor. This is a quip from Efficient Group chief economist Dawie Roodt. Speaking at the Free Market Foundation on the budget and fiscal condition of the country, Roodt emphasises the increased offshore institutional investment limits and says asset managers will certainly be maxing out on them. And with an increase in estate duty, he recommends a good adviser to help minimise this death tax. Roodt says that the budget is still very much a Jacob Zuma budget, presented by a Zuma minister. With national budgets being a three-year rolling design, there was simply no time to change the numbers. However, the medium-term October budget review could be more Ramaphosa-like. A key concern for Roodt is the ever-ballooning state spend. "We are trying to spend ourselves rich," he says. "That is what wealthier developed countries can do. As an emerging market, we should rather be saving, investing and creating wealth — and we are certainly not doing this."Roodt e...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.