Yet another predictable budget speech - should we be thankful or get up in arms?
Yet another predictable budget speech - should we be thankful or get up in arms?
IMHO - Trevor for president.
Regards
Debbie
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13 years at it and it shows.
I think he did a really great job. Very sensible. Focused on all the right things, including IBT
The relief is going into all the right places. It's the right year to let the budget deficit blow out a bit. And this year I think his growth projections were a lot more realistic than last year (the only time I've ever felt that Trevor has been really off the mark of late).
I particularly like this "make it count" attitude.
Nevertheless, Manuel stressed that while spending may increase, it was the effective distribution of cash that remains paramount, calling on government to become more efficient, effective and economical.
"It's what the money buys that matters and so fixations with the size of deficits or surpluses are illusory detours," he said.
"In the period ahead it will be necessary to take stronger action in pursuit of efficiency and better targeted expenditure," said Manuel. "There is insufficient control of foreign travel, advertising and public relations activities and consultancy services.
extract from M&G here
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Having slept on it and listened to Trevor at the budget breakfast this morning, that 1.2% growth estimate might be more a goal than a hard expectation...
But you've got to shoot at something.
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Where does one view the country's Annual Financial Statements and a comparison of year on year numbers against the budgets that have been set in the past?
The cost of living hasn't affected its popularity.
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I listened to parts of the budget breakfast meeting this morning and the only thing that was confirmed for me, was that Trevor is a seasoned politician who waffled on and did not really answer any of the questions asked of him.
For example, I think it was in relation to the seta's - He threw a few percentages out and told them all that it is a group effort - that it is not up to him or organised business or organised crime etc, but a collective effort based on requirements out there. This tells me there is no responsibility on the governments part and they will 'discuss' and 'plan' forever until some agreement is reached on what must be done before they come to a how much and then actually put the money on the table. I do not see anything positive happening in this area for a long time. In the meantime it carries on/becomes just a distribution point for getting bucks to buddies programme.
The cost of living hasn't affected its popularity.
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Hi Marq, dunno know. Trevor is probably the only politician i have any respect for, especially right now and he has by far the most challenging post at the moment. I moan and complain about them all (probably get beaten at a braai since i don't vote), I agree with him that's it's not his job, it's the guys responsible for that post that need to give answers. Just like accountants at a business, his responsibilty is how much to where, not who actually ends up with bribe, payment or whatever it might be at day end..
I have a tremendous amount of respect for a man that come through making most people happy in the economy, even if i dont agree with his opinion (which of course is quite acceptable), i believe he can see something i cannot to have done it the way he has... just my opinion
Garth
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All the documents can be found on the treasury's site. There is a single document for the estimated income, and lots of documents for the estimated expenditure.
There is also a summary.
Surprise!
That's quite a blow-out. Looks like Trevor passed the hot potato at just the right time.South Africa's fiscal deficit will be considerably higher this financial year due to a widening tax shortfall, now seen at at least R60-billion, Finance Minister Pravin Gordhan said on Tuesday.
Africa's biggest economy has slumped into its first recession in 17 years, knocking company tax and VAT through weak consumer spending, leading to a big revenue shortfall for 2009/10.
"The latest revenue data suggests that tax receipts will be at least 60-billion below target this year, which will result in a considerably higher fiscal deficit than originally expected," Gordhan said in written reply to a parliamentary question.
The Treasury has previously estimated revenue will come in between R50-billion and R60-billion short, warning that the 3,8% of GDP budget deficit -- itself a sharp widening from the 1,2 % of GDP shortfall for 2008/09 -- will not be met.
Analysts predict the deficit will come in at about 7%, leading to a borrowing requirement of more than 10 % of GDP.
full story from M&G here
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I'm not surprised he was cagey about going into SETA issues. SETAs don't fall under his department and they don't draw from his fiscus. SARS only collects the money on behalf of the NSDF and SETAs. However, I'm sure he does have his own views, but is obliged to consider his words carefully.
I suspect he didn't get away with his unilateral change of the SDL threshold entirely unscathed.
Good question. It would be great to see an actual vs budget comparison.
But he is a politician!
Certainly one of the few in my book. There are a couple of others.
And it's not like Trevor isn't critical of some of what is happening in government:
It's just that the most he can do is hold other departments to their budget. And we know what happened with the bus subsidy story. SAA probably falls into the same category. How hard can you press the issue just from controlling the purse strings?One set of unpleasant truths he identified were "programmes of government that do not work, and on which we should spend less".
Manuel did not name them, although he pointedly expressed the hope that the R1.6 billion budgeted to support national carrier SAA's turnaround strategy would not be a recurring allocation.
He also mentioned that there was insufficient control generally of foreign travel, advertising and public relations activities and consultancy services. Stricter oversight was required of such activities and executive remuneration in agencies and government enterprises, he said.
extract from Business Report here
Responsibility for those cock-ups belong elsewhere and we all need to do our little bit to bring pressure to bear so that the culprits do get held accountable.
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