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10 key points from Gordhan's mid term budget speech

Finance Minister Parvin Gordhan says the government's objective is to achieve inclusive economic growth in South Africa.

During his Medium-Term Budget Policy Statement, Gorhdan told the public that the ailing economy can be restored if all sectors collaborate.

The finance minister says that if government does not collect and generate revenue for the economy, there will be hit on both taxes and expenditure.

He says that it will take collective responsibility to support confidence and investment in our economy, while also creating a predictable policy and political environment.

What we seek to achieve, and more, can be done if we collectively make the right choices... and put the national interest first.

Pravin Gordhan, Finance Minister

Below is a summary of the medium term outlook:

  • economy expected to grow by 0.5% for 2016, down from the 0.9% estimated in February.
  • budget deficit will decline from the current 3.4% to 2.5% in 2020.
  • proposes raising an additional R43 billion rand through tax measures over the next two years, R28 billion of which will be in the coming financial year.
  • government predict there will be R23 billion less revenue than what was initially was forecast in the 2016 Budget Speech in February.
  • the expenditure ceiling will be lowered by R26 billion.
  • consolidated government expenditure will rise by 7.6%
  • additional increase of R10 a month has been made to social grants with effect from October.
  • additional allocations for tertiary education, healthcare services and social protection
  • proposes a further R 9 billion for the National Student Financial Aid Scheme (NSFAS) over the period ahead (an additional 18% a year).

Watch Pravin Gordhan make his budget speech here and read the full detailed announcement here.

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