Finance Minister Enoch Godongwana is set to deliver the revised 2025 Budget Speech on Wednesday, 12 March, at 14h00. This highly anticipated address comes after the historic postponement of the initial budget in February, making it one of the most crucial budget speeches in recent years. Here’s where you can watch it live and what to expect from the minister’s announcement.
Where to Watch the Budget Speech Live
The 2025 Budget Speech will be broadcast live across multiple platforms, ensuring that South Africans can tune in from anywhere. Here are the key channels and streaming options:
- Television:
- eNCA (DStv channel 403)
- SABC News (DStv channel 404)
- Parliament TV (DStv channel 408)
- Online Streaming:
- YouTube: Parliament’s official YouTube channel
- X (formerly Twitter): Government’s official X page
- Facebook: Government’s official Facebook page
What to Expect from the 2025 Budget Speech
The 2025 Budget Speech is expected to address South Africa’s pressing economic challenges, including rising debt, slow growth, and the need for fiscal consolidation. Here are the key issues to watch:
- VAT Hike Compromise:
The original budget proposed a two-percentage-point increase in VAT, which faced strong opposition from coalition partners. A compromise, such as a 0.5 to 1 percentage point hike, is now likely. However, even this smaller increase could face resistance and potentially spark protests. - Tax Adjustments:
- Personal Income Tax: Tax brackets may remain unchanged, leading to higher revenue through bracket creep.
- Fuel Levies: After being frozen since 2022, fuel levies and Road Accident Fund contributions could see hikes.
- Sin Taxes: Excise duties on alcohol and tobacco are expected to rise further, building on previous increases.
- Expenditure Cuts:
With revenue adjustments likely, the Treasury will need to demonstrate fiscal discipline by cutting or reprioritizing expenditure. Key areas to watch include public sector wages, social grants, and infrastructure spending. - Economic Growth and Reforms:
Investors will be looking for signs of progress on structural reforms to boost economic growth, such as addressing energy shortages, improving infrastructure, and tackling corruption.
Why This Budget Matters
The 2025 Budget Speech is critical for several reasons:
- Coalition Stability: The Government of National Unity (GNU) faces its first major test with this budget. Any further delays or disagreements could undermine confidence in the coalition’s ability to govern effectively.
- Investor Confidence: South Africa’s credit rating and ability to attract foreign investment depend on credible fiscal policies. A well-received budget could help stabilize the economy and the rand.
- Social Impact: With high unemployment and rising living costs, the budget’s impact on social grants, taxes, and public services will directly affect millions of South Africans.
Expert Insights
Economists and analysts have weighed in on what to expect:
- Standard Bank: “Investors are focused on the GNU’s durability. Further disruptions to the budget process would reduce expectations for growth and fiscal reforms.”
- Nedbank: “The time to tackle expenditure inefficiencies seriously is now. Revenue adjustments must be balanced with spending cuts.”
- Alexforbes: “The budget must support economic growth while walking back some expenditure commitments from the postponed budget.”
- ETM Analytics: “A compromise budget is essential to avoid further damage to South Africa’s risk profile and the rand’s performance.”
The 2025 Budget Speech is a pivotal moment for South Africa’s economy and political landscape. Whether you’re a taxpayer, investor, or simply a concerned citizen, this address will provide critical insights into the country’s fiscal direction. Tune in live on 12 March at 14h00 to hear Minister Godongwana’s plans for navigating these challenging times.
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