THE BIG PICTURE: The art of the impossible
This is SA’s first proper attempt since the global financial crisis to align the pace of spending with slower growth
The 2020 budget is a heroic attempt to slam the brakes on SA’s runaway public finances, but it will stand or fall on whether the government has the political will to stare down the trade union movement.
The budget does all the right things. It tackles the public-sector wage bill head-on, reduces expenditure growth in real terms and lowers the expenditure-to-GDP ratio to bring it in line with SA’s reduced growth prospects.