{"id":797782,"date":"2024-10-30T10:15:00","date_gmt":"2024-10-30T08:15:00","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=797782"},"modified":"2024-10-30T09:53:40","modified_gmt":"2024-10-30T07:53:40","slug":"where-to-watch-the-2024-medium-term-budget-live","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/budget-speech\/797782\/where-to-watch-the-2024-medium-term-budget-live\/","title":{"rendered":"Where to watch the 2024 medium-term budget live"},"content":{"rendered":"\n<p>Finance Minister Enoch Godongwana will deliver the first mid-term budget since the formation of the &#8216;Government of National Unity&#8217; was formed on Wednesday (30 October) at 14h00.<\/p>\n\n\n\n<p>The budget speech can be viewed through several channels, including TV services like DStv (channel 408), news channels, and live-streaming sources like YouTube.<\/p>\n\n\n\n<p>You can watch the Budget Speech from the following sources:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.youtube.com\/watch?v=89L_qCTnaMA\"><strong>SABC<\/strong><\/a>;<\/li>\n\n\n\n<li><a href=\"https:\/\/www.youtube.com\/@ParliamentofRSA\/streams\"><strong>Parliament TV;<\/strong><\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.youtube.com\/@encanews\/streams\"><strong>eNCA.<\/strong><\/a><\/li>\n<\/ul>\n\n\n\n<p>It can also be streamed below:<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"MTBPS 2024 | Finance Minister Enoch Godongwana delivers his Medium-Term Budget Policy Statement\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/89L_qCTnaMA?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<p class=\"has-medium-font-size\"><strong>What to Watch in South Africa Budget: GDP, Debt, Infrastructure<\/strong><\/p>\n\n\n\n<p>South African Finance Minister Enoch Godongwana will deliver his first mid-term budget since a business-friendly coalition government took office in June, bolstering investor sentiment.<\/p>\n\n\n\n<p>Investors will look to the former labor unionist for concrete steps on how the 10-party administration, which was formed after May 29 elections stripped the African National Congress of its parliamentary majority, will lower debt and reduce the fiscal deficits, amid an improved economic outlook.&nbsp;<\/p>\n\n\n\n<p>Here\u2019s what to watch for as Godongwana presents the revised fiscal framework for the next three years in Cape Town on Wednesday.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Better Prospects<\/h3>\n\n\n\n<p>After years of weak growth, economists expect National Treasury to revise its forecasts for the next two years upwards, largely because of improved power supply.<\/p>\n\n\n\n<p>The country has had an uninterrupted power supply for seven months, following years of rolling blackouts. They also foresee the economy benefiting from a pick up in consumer spending because of lower interest rates and reforms that allow individuals early access to part of their retirement savings. \u00a0<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><a  data-lightbox=\"post-image\" href=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/10\/image-121.png\"><img loading=\"lazy\" decoding=\"async\" width=\"814\" height=\"483\" src=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/10\/image-121.png\" alt=\"\" class=\"wp-image-797783\" srcset=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/10\/image-121.png 814w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/10\/image-121-300x178.png 300w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/10\/image-121-768x456.png 768w\" sizes=\"auto, (max-width: 814px) 100vw, 814px\" \/><\/a><\/figure>\n\n\n\n<p>The growth forecast is likely to be lifted to 1.8% next year and 2% in 2026, compared with Treasury\u2019s February estimates of 1.6% and 1.8%, according to the median estimate of 15 economists polled by Bloomberg.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Fiscal Consolidation<\/h3>\n\n\n\n<p>The nation\u2019s debt trajectory is seen improving after the National Treasury tapped the country\u2019s contingency reserves.<\/p>\n\n\n\n<p>The 100 billion rand ($5.6 billion) drawdown has helped stabilize the \u201cfiscal position in the context of fiscal consolidation,\u201d said Investec Bank Ltd. Treasury Economist Tertia Jacobs. \u201cWe\u2019re not over the camel\u2019s back yet,\u201d she said. \u201cWe\u2019re still climbing the hill.\u201d<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><a  data-lightbox=\"post-image\" href=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/10\/image-122.png\"><img loading=\"lazy\" decoding=\"async\" width=\"814\" height=\"508\" src=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/10\/image-122.png\" alt=\"\" class=\"wp-image-797784\" srcset=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/10\/image-122.png 814w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/10\/image-122-300x187.png 300w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/10\/image-122-768x479.png 768w\" sizes=\"auto, (max-width: 814px) 100vw, 814px\" \/><\/a><\/figure>\n\n\n\n<p>The ratio of debt to gross domestic product is expected to peak in 2025-26 and the consolidated budget deficit is likely to reach 4.5% of GDP in the year through March 2025 \u2014 in line with the Treasury\u2019s targets, the median estimate of economists in a Bloomberg survey show.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Infrastructure Boost<\/h3>\n\n\n\n<p>While the Treasury is expected to hold the line on new bailouts for struggling state firms such as port and rail operator Transnet SOC Ltd., which will help with its debt consolidation plans, it is set to provide more details on proposals to raise private-sector investment in infrastructure \u2014 including a new credit-guarantee facility.&nbsp;<\/p>\n\n\n\n<p>The Treasury is unlikely to concede to an equity injection for Transnet and is more likely to explore blended financing models, said Miyelani Maluleke, senior economist at Absa Corporate and Investment Banking.<\/p>\n\n\n\n<p>If it were to do so \u201cwe believe it would prefer to provide its support in tranches, contingent on Transnet making sufficient progress with its turnaround reforms,\u201d he said.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Wage Bill<\/h3>\n\n\n\n<p>Larger-than-budgeted salary increases for public service workers could cloud the fiscal outlook.<\/p>\n\n\n\n<p>Civil servant unions are\u00a0<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-10-29\/south-african-government-raises-civil-servant-pay-offer-to-4-7\" target=\"_blank\" rel=\"noreferrer noopener\">demanding<\/a>\u00a0a 7.5% raise for the fiscal year ending March 2026, while the government is offering 4.7%, up from an initial 3%.\u00a0<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><a  data-lightbox=\"post-image\" href=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/10\/image-123.png\"><img loading=\"lazy\" decoding=\"async\" width=\"814\" height=\"483\" src=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/10\/image-123.png\" alt=\"\" class=\"wp-image-797785\" srcset=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/10\/image-123.png 814w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/10\/image-123-300x178.png 300w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/10\/image-123-768x456.png 768w\" sizes=\"auto, (max-width: 814px) 100vw, 814px\" \/><\/a><\/figure>\n\n\n\n<p>A higher wage bill would increase Treasury\u2019s consolidated budget deficit, Nedbank Group Economic Unit said in a research note.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Inflation Target&nbsp;<\/h3>\n\n\n\n<p>The central bank and the Treasury are currently working on a framework to introduce a new inflation target to guide monetary policy decision-making, and Godongwana may hint on progress made so far.&nbsp;<\/p>\n\n\n\n<p>Reserve Bank Governor Lesetja Kganyago has\u00a0<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-10-17\/kganyago-advocates-for-lowering-south-africa-s-inflation-goal\" target=\"_blank\" rel=\"noreferrer noopener\">repeatedly<\/a>\u00a0said the current 3% to 6% target band, which has been in place since 2000, is outdated and needs to be reviewed. He\u2019s argued that adjusting the target will give South Africa the chance to permanently lower inflation and interest rates, placing the country in a better position to compete with its peers.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><a  data-lightbox=\"post-image\" href=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/10\/image-124.png\"><img loading=\"lazy\" decoding=\"async\" width=\"814\" height=\"486\" src=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/10\/image-124.png\" alt=\"\" class=\"wp-image-797786\" srcset=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/10\/image-124.png 814w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/10\/image-124-300x179.png 300w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/10\/image-124-768x459.png 768w\" sizes=\"auto, (max-width: 814px) 100vw, 814px\" \/><\/a><\/figure>\n\n\n\n<p>Jee-A van der Linde, senior economist at Oxford Economics, said the moment is opportune to revise the target.<\/p>\n\n\n\n<p>\u201cIt is a correct approach to aim for lower inflation,\u201d Van de Linde said, while warning that fiscal policy will have to catch up, and high administered prices addressed.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Administered Prices<\/h3>\n\n\n\n<p>Godongwana may announce steps to reduce administered prices, such as fuel levies that contribute to higher inflation. He may also shed light on plans to increase the list of goods that won\u2019t incur value-added tax to address the rising cost of living.<\/p>\n\n\n\n<p>\u201cTreasury is working on those, especially in terms of the administered fuel prices,\u201d Chris Axelson, the Treasury\u2019s acting head of tax and financial sector policy, told lawmakers last week. \u201cWe are liaising with other departments in terms of the administered fuel as well as considering the tax impact on fuel prices and we are also doing research into potentially expanding the zero-rated basket.\u201d<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>What to Watch in South Africa Budget: GDP, Debt, Infrastructure by Ntando Thukwana, Bloomberg.<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p><strong>Read: <a href=\"https:\/\/businesstech.co.za\/news\/finance\/797647\/what-to-expect-from-the-2024-medium-term-budget-tomorrow\/\">What to expect from the 2024 medium-term budget tomorrow<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Here is where to watch and what to expect from today&#8217;s medium-term budget speech.<\/p>\n","protected":false},"author":59,"featured_media":667099,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13716],"tags":[1850,17575],"class_list":["post-797782","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-budget-speech","tag-bloomberg","tag-medium-term-budget-policy-statement-mtbps"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/797782","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/59"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=797782"}],"version-history":[{"count":2,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/797782\/revisions"}],"predecessor-version":[{"id":797793,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/797782\/revisions\/797793"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/667099"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=797782"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=797782"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=797782"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}