Budget Speech 3.0
The updated budget presentation, scheduled for 14:00 during the National Assembly plenary at the Cape Town International Convention Centre (CTICC), comes after the minister's recent decision to scrap the proposed 0.5 percentage point increase in Value-Added Tax (VAT).
The VAT rate will remain at its current level of 15%.
According to a statement from the National Treasury, the revised budget has been developed in line with the Money Bills and Related Matters Act, incorporating: Consultations with the Financial and Fiscal Commission
Engagement with political parties in the Government of National Unity
And full Cabinet approval prior to tabling
The revised fiscal framework aims to maintain the country's path toward debt stabilisation, a central pillar in safeguarding South Africa's financial stability.
The Treasury confirmed that the process included: Updating economic assumptions using the latest data
Revising fiscal projections
Recalculating revenue forecasts and tax implications
Strategising borrowing approaches
And consolidating these components into a sustainable financial roadmap
Wednesday's speech is expected to provide clarity on how the government will balance fiscal discipline with economic growth and social spending priorities in a challenging global and domestic economic environment.
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