Finance minister Enoch Godongwana’s medium-term budget policy statement (MTBPS) represents a firm hand on the tiller at the National Treasury. It will not please everyone — and certainly there are instances where more ambition and courage would have been welcome — but it is important to remember that the minister is operating in a wholly changed political environment.

The news cycle since the election in May has been so fraught that it helps to remember that since the minister tabled the budget in February, SA has undergone a political shake-up that few could have predicted — including National Treasury’s team of public policy experts and economists...

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