CLAIRE BISSEKER: What to expect from next week’s national budget
The Treasury has R110bn in reserve, but this is not likely to cover all the promises being made
The 2023 national budget is expected to reveal good news on the past year, with elevated tax revenue, strong nominal GDP growth and some underspending likely to deliver a slightly better-than-expected budget deficit.
Unfortunately, this rosy picture is rapidly turning. Thanks to SA’s escalating energy crisis the 2023/2024 year is going to deliver growth that is far slower than expected. So, a year from now the deficit could easily be heading back up again, wiping out SA’s recent fiscal progress, most of which is thanks to the fading commodity boom anyway...
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