Economy

Budget 2023: As good as could be hoped for

National budget review 22 February 2023

All South Africans should be keeping an eye on the National Budget – Here’s why!

Government expenditure: Accelerate a shift from consumption to investment

The expenditure ceiling, which helps to anchor expenditure, has adjusted higher in recent years, although the National Treasury has done a very good job in holding the line on the expenditure in the fiscal year to date. The incoming monthly budget data suggests that the Treasury exercised restraint in the current fiscal year. The main government expenditure is tracking lower 3.8% year to December 2022 compared to the budgeted increase of 6.9% in 2022/23. The expenditure numbers could potentially surprise on the downside in 2022/23, although there is always the possibility of some lumpy payments in the last three quarters of the year.