Business Talk – Investec’s Tertia Jacobs unpacks her 2025 Budget Speech expectations for VAT and job creation

In this Business Talk with Michael Avery interview, Tertia Jacobs discusses South Africa’s 2025 budget and the prospect of a R58 billion shortfall.

Jacobs is the Treasury Economist at Investec Corporate and Investment Bank and has held this position since 2002.

She is responsible for forecasting, commentary, and presenting on macroeconomic trends and data, economic policies, and the fixed-income market.

Jacobs also provides coverage and insight into monetary policy, interest rates, and the rand.

Before assuming her current role, she held multiple treasury and economic research roles at key financial service providers like Rand Merchant Bank Investment Services, Societe Generale Frankel Pollak, ABSA Bank, and Standard Bank.

Jacobs holds an Honours degree in Economics from the University of the Witwatersrand and an Honours degree in Business Economics from the Rand Afrikaans University.

The interview

In this Business Talk interview, Jacobs shares her thoughts on the proposed increase in VAT and provides alternatives that are more fiscally sustainable for the economy.

She explains why the mid-market is key to driving job creation in South Africa, and how the government can assist in this process by investing in skills development.

Jacobs then talks about the importance of public-private partnerships, specifically when it comes to assisting municipalities and Transnet.

She touches on the flaws she sees with municipalities currently, the opportunities for collaboration, and how this might factor into the budget.

Jacobs concludes the interview by sharing her expectations for Transnet in the budget and how private businesses can play a role in its reform.

Watch the interview with Tertia Jacobs below.

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