Budget 2018

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Consumers hit once again

22 February 2018

It took South Africa almost a decade, but for the first time since 2009, the National Budget was given with a fresh air of optimism. In Ramaphosa, has South Africa finally got the right man in charge to put the country on the path of growth?

If SA was a business there would be tougher questions

22 February 2018

If South Africa was a business or a household trying to balance its budget the team at the top would be asking some very pressing questions, says Steven Nathan, chief executive of 10X Investments.

No need to repeat mistakes on personal level

22 February 2018

Few people would want to swap places with South African Finance Minister Malusi Gigaba as he tries to balance the national budget after the financial mismanagement of the recent past. But it was not always like this, says Steven Nathan, 10X Investment’s chief executive officer.

Good budget shows willingness to take difficult decisions – and hopefully keep Moody’s on hold

22 February 2018

By raising South Africa’s VAT rate from 14% to 15%, the South African government indicated a willingness to take difficult (and unpopular) decisions in order to stabilise the fiscus. Coupled with the recent change in the President, this Budget should be enough to keep Moody’s on hold when they release their South Africa sovereign review on March 22nd. If a good cabinet is appointed in the coming week, it may even be enough for Moody’s also to move the outlook to stable from negative. However, there are two concerns – firstly, that the debt-to-GDP profile does not stabilise for five years, and secondly, the public sector wage settlement that is still being negotiated.

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