ANC Treasurer General Dr Zweli Mkhize used his visit to KwaZulu-Natal this week to speak outagainst racism. Mkhize, the former premier of KZN, said racial intolerance dented the image of the country as an investment destination. If not tackled, it could over-shadow the work of nation building done by peoplelike Nelson Mandela, he warned.
How does the 2016 Budget affect you?
Budget 2016 Speech and docs
- The budget deficit will fall from 3.2% in 2016/17 to 2.4% in 2018/19 (3.9% in 2015/16).
• Debt stock as a percentage of GDP is expected to stabilise at 46.2% in 2017/18 (43.7% in 2017/18).
• Government will lower the expenditure ceiling by R10bn in 2017/18 and R15bn in 2018/19 by reducing public sector compensation budgets.
- An additional R18.1bn of tax revenue will be raised in 2016/17, with R15bn more in each of the subsequent two years.
- Government has responded to new spending needs without compromising expenditure limits. An amount of R31.8bn has been reprioritised over the medium-term expenditure framework period to support higher education, the New Development Bank and other priorities.