2020 budget speech
SA’s shrinking economy needs urgent intervention, says Cosatu
The trade union federation was among a range of organisations and lobby groups making submissions at Parliament during public hearings on the budget.
Finance Minister Tito Mboweni tabled a budget that aimed to cut the state wage bill by R160 billion over the next three years.
Finance Minister Tito Mboweni announced that government would over the medium term cut R13.2 billion that was meant to go to public transport.
The local currency had initially strengthened after Finance Minister Tito Mboweni unveiled the plan to cut the public sector wage bill by R160 billion.
The organisation said it saw Finance Minister's Tito Mboweni's budget as a challenge to labour and has again rejected government's plans to claw back on the public wage bill.
By Dr Jack & Curtis.
In the Budget Speech on Wednesday, Finance Minister Tito Mboweni announced that the wage bill would be cut by just over R160 billion over the next three years.
Treasury said that over the past 20 years, increases of the RAF levy had typically exceeded inflation yet the liabilities of the fund had grown at a faster pace.
According to Western Cape Finance MEC David Maynier, Finance Minister Tito Mboweni may have provided some relief for tax payers but provinces will now have less to spend.
Finance Minister Tito Mboweni presented new budget allocations for the NPA, the priority investigative unit (the Hawks) and other law enforcement agencies, which were expected to tackle the massive backlogs in corruption cases.
Treasury said that while strengthening Sars would take time, this would result in improved revenue collection in coming years.
The proposed cuts to the wage bill budget formed a key part of the national Budget Speech on Wednesday.
Just 125,000 people pay one-fifth of the R1.5 trillion the South African Revenue Services (Sars) collects in taxes.
They said Finance Minister Tito Mboweni's budget shows government doesn't value workers and views them as easy targets.
Finance Minister Tito Mboweni was true to his word and didn’t say much about Eskom in his speech but did announce that government would allocate R230 billion over ten years to restructure the sector.
Most parties welcomed Finance Minister Tito Mboweni’s decision not to burden South Africans with more tax.
Finance Minister Tito Mboweni said the tax break was one of the measures he hoped would jump-start the economy, but he had also warned that power cuts could stifle growth and that a stable electricity supply was the government’s most pressing priority.
Minister of Finance Tito Mboweni delivers his second budget speech on Wednesday.
Finance Minister Tito Mboweni is delivering his Budget Speech in the National Assembly.