20°C / 22°C
  • Sun
  • 19°C
  • 12°C
  • Mon
  • 18°C
  • 13°C
  • Tue
  • 18°C
  • 13°C
  • Wed
  • 23°C
  • 13°C
  • Thu
  • 24°C
  • 13°C
  • Fri
  • 24°C
  • 12°C
  • Sun
  • 24°C
  • 16°C
  • Mon
  • 27°C
  • 16°C
  • Tue
  • 26°C
  • 15°C
  • Wed
  • 23°C
  • 15°C
  • Thu
  • 26°C
  • 17°C
  • Fri
  • 28°C
  • 17°C
  • Sun
  • 22°C
  • 14°C
  • Mon
  • 19°C
  • 15°C
  • Tue
  • 20°C
  • 14°C
  • Wed
  • 24°C
  • 15°C
  • Thu
  • 27°C
  • 13°C
  • Fri
  • 25°C
  • 14°C
  • Sun
  • 22°C
  • 12°C
  • Mon
  • 21°C
  • 14°C
  • Tue
  • 19°C
  • 14°C
  • Wed
  • 24°C
  • 13°C
  • Thu
  • 26°C
  • 12°C
  • Fri
  • 25°C
  • 13°C
  • Sun
  • 23°C
  • 19°C
  • Mon
  • 22°C
  • 19°C
  • Tue
  • 22°C
  • 18°C
  • Wed
  • 26°C
  • 19°C
  • Thu
  • 22°C
  • 19°C
  • Fri
  • 23°C
  • 19°C
  • Sun
  • 20°C
  • 17°C
  • Mon
  • 20°C
  • 16°C
  • Tue
  • 21°C
  • 17°C
  • Wed
  • 22°C
  • 17°C
  • Thu
  • 22°C
  • 17°C
  • Fri
  • 23°C
  • 16°C
  • Sun
  • 30°C
  • 16°C
  • Mon
  • 31°C
  • 15°C
  • Tue
  • 30°C
  • 17°C
  • Wed
  • 27°C
  • 17°C
  • Thu
  • 32°C
  • 16°C
  • Fri
  • 32°C
  • 18°C
  • Sun
  • 24°C
  • 16°C
  • Mon
  • 26°C
  • 16°C
  • Tue
  • 26°C
  • 16°C
  • Wed
  • 22°C
  • 16°C
  • Thu
  • 26°C
  • 17°C
  • Fri
  • 26°C
  • 17°C
  • Sun
  • 24°C
  • 15°C
  • Mon
  • 22°C
  • 17°C
  • Tue
  • 23°C
  • 16°C
  • Wed
  • 25°C
  • 15°C
  • Thu
  • 29°C
  • 14°C
  • Fri
  • 27°C
  • 15°C
  • Sun
  • 28°C
  • 12°C
  • Mon
  • 27°C
  • 15°C
  • Tue
  • 20°C
  • 13°C
  • Wed
  • 23°C
  • 13°C
  • Thu
  • 26°C
  • 11°C
  • Fri
  • 26°C
  • 12°C
  • Sun
  • 21°C
  • 16°C
  • Mon
  • 19°C
  • 15°C
  • Tue
  • 18°C
  • 15°C
  • Wed
  • 27°C
  • 15°C
  • Thu
  • 25°C
  • 15°C
  • Fri
  • 24°C
  • 15°C
  • Sun
  • 19°C
  • 15°C
  • Mon
  • 21°C
  • 14°C
  • Tue
  • 23°C
  • 12°C
  • Wed
  • 23°C
  • 16°C
  • Thu
  • 23°C
  • 16°C
  • Fri
  • 25°C
  • 15°C

'It’s possible to pull the economy out of its nosedive'

The minister has unveiled a plan aimed at reigniting economic growth.

Finance Minister Pravin Gordhan. Picture: Reinart Toerien/EWN.

CAPE TOWN - In his tabling of the 2016 Budget, Finance Minister Pravin Gordhan has stopped short of raising VAT or personal income tax and says government spending will be cut by R25 billion over the next three years.

Consumers won't get off scot-free - he's hiking the fuel levy by 30 cents and introducing a tyre levy and a tax on sugar-laden beverages.

The minister has unveiled a plan aimed at reigniting economic growth and paying down the government's massive debt.

Contrary to expectations he's held back on hitting taxpayers with income tax hikes, spreading the pain by increasing levies instead.

He's focused on cutting government spending and reprioritised funds to allow for billions to be allocated to higher education, the infrastructure needed to grow the economy, drought relief and helping social grants and pensions keep pace with inflation.

Gordhan says it's possible to pull the economy out of its nosedive.

"It, however, requires bold and constructive leadership in all sectors of society. A shared vision, a common purpose and a well-defined common ground. Above all, we need action and not just words."

He says government can't carry on borrowing money it can't afford to repay.

WATCH: Budget 2016 in 60 seconds

Comments

EWN welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.

However, we will NOT condone the following:

- Racism (including offensive comments based on ethnicity and nationality)
- Sexism
- Homophobia
- Religious intolerance
- Cyber bullying
- Hate speech
- Derogatory language
- Comments inciting violence.

We ask that your comments remain relevant to the articles they appear on and do not include general banter or conversation as this dilutes the effectiveness of the comments section.

We strive to make the EWN community a safe and welcoming space for all.

EWN reserves the right to: 1) remove any comments that do not follow the above guidelines; and, 2) ban users who repeatedly infringe the rules.

Should you find any comments upsetting or offensive you can also flag them and we will assess it against our guidelines.

EWN is constantly reviewing its comments policy in order to create an environment conducive to constructive conversations.

comments powered by Disqus