Where you can watch the medium-term budget live in South Africa
Finance Minister Enoch Godongwana will deliver the Medium-Term Budget Policy Statement (MTBPS) today, 12 November 2025, at 14:00.
The mini-budget speech can be viewed via various avenues, including TV services such as DStv (channel 408), news channels, and live-streaming sources like YouTube.
You can watch the MTBPS on the following YouTube channels:
This year’s MTBPS is being delivered later than usual, following issues with the National Budget speech earlier this year.
The initial budget did not even see Godongwana take to the stage over a controversial proposal to raise VAT by two percentage points to 17%.
The second budget saw Godongwana lower the VAT increase to a single percentage point, from 15% to 16%, with the increase spread over two years.
The second budget would have made its way through parts of Parliament’s approval system, but a court order halted the increase at the last minute due to mistakes in adopting the fiscal framework.
Godogwana then delivered a third budget in May of this year, which included no VAT increase at all.
What experts are hoping for
While the mini-budget sees fewer announcements than the National Budget, experts are still hoping for several announcements.
Chief among them are new structural reforms in the country aimed at improving the nation’s growth rate, with GDP only expected to reach 1% by 2025.
Citadel Chief Economist Maarten Ackerman called on the government to accelerate reforms that improve the ease of doing business, reduce red tape and address infrastructure bottlenecks.
SME services provider Lula is also called on by the Godongwana to extend support to the SME sector, including adjusting the VAT registration threshold.
The VAT registration threshold has been stagnant at R1 million for 16 years, which Lula argues places significant administrative and financial barriers for small businesses.
“We have long held the belief that raising the VAT threshold from R1 million to a more contemporary level, such as R3 million, is a critical step for the government to lighten the burden on small businesses,” said Garth Rossiter, Lula’s Chief Risk Officer.
Remaining on the side, the Board of Healthcare Funders (BHF) have called for greater clarity on medical aid tax credits.
The National Department of Health has called for the cessation of medical aid tax credits, with the additional income to be used to fund the National Health Insurance.
The BHF said that removing the rebate would result in significant health coverage gaps for millions of middle- and low-income individuals.
Godongwana’s tone is expected to be optimistic, given that revenues may be higher than initially expected following massive rallies in the resources sector.
Gold, in particular, has seen a massive rise in value this year amid heightened global uncertainty, which is good news for South Africa’s coffers.
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