Mine Budget in a nutshell

[BBSA]

http://www2.fin24.com/Budget/Mini-Budget-2011/Budget-in-a-nutshell-20111025

Finance Minister Pravin Gordhan has released South Africa’s three-year budget policy plan on Tuesday. Here are some of the highlights.

GROWTH

The economic growth forecast for 2011 is cut to 3.1%, rising to 3.4% in 2012, 4.1% in 2013 and 4.3% in 2014.

INFLATION

The headline consumer price index (CPI) is expected to average 5% in 2011 and remain below 6% over the next three years, within government’s 3% to 6% target range.

CURRENT ACCOUNT

The current account deficit is seen widening over the next three years from 3.4% of gross domestic product (GDP) in 2011 to 3.8% next year and 4.2% in 2014 as import growth outpaces export growth.

BUDGET DEFICIT

The Treasury plans to trim the budget deficit to 3.3% in the 2014/15 financial year from 5.5% in 2011/12.

DEBT

National government net loan debt is projected to rise from just over R1 trillion at the end of 2011/12 to more than R1.5 trillion by 2014/15.

TAXES

Total government revenue, as a percentage of GDP, is seen falling slightly from an estimated 27.3% in 2011/12 to 27.0% in 2012/13 before reaching 27.7% in 2014/15.

SPENDING

Total government expenditure as a percentage of GDP is seen declining gradually over three years, from an estimated 32.9% in 2011/12 to 32.2% in 2012/13 and 31.0% in 2014/15.

The budget framework provides for a 5% annual cost of living adjustment for public sector employees.

REVENUE

Tax revenue projection for 2011/12 is cut by R13bn to R728bn from R741bn - mainly on VAT receipt revisions - before recovering to R812bn in 2012/13.

TAX

The government says it will consider policy measures to raise tax revenue if the economy fails to recover as predicted.

JOB CREATION

Government will provide R25bn over next six years to boost industrial development zones, assist job creation and support transition to a green economy.

HEALTH

Treasury backs 10 pilots of the proposed national health insurance scheme, with further funding details expected in February 2012.

CLIMATE

South Africa is to strengthen climate change policies and seek global and private sector funding for green interventions over the next three years.

"Raise tax revenue if the economy fails to recover".... how is that going to help the economy?

 

[ToxicBunny]

Depends on how and where they try and raise the tax revenues from...

If its from the consumers, then it won't...

 

[TelkomUseless]

And yes.. let's tax the tax payer even more.

But Malema said we don't need investors man!!! The economy will grow withouth them imperalist investors!!!

 

[McSack]

The government says it will consider policy measures to raise tax revenue if the economy fails to recover as predicted.

Ever stopped to consider that maybe whoever did the predicting was a charlatan numbnuts ?

 

[Alan]

And yes.. let's tax the tax payer even more.

But Malema said we don't need investors man!!! The economy will grow withouth them imperalist investors!!!

Everybody knows it's those nasty corporations and the wealthy who are responsible for our troubles. Even Malema gets it

Raise taxes now.

Occupy The JSE. Viva!!!!

 

[silentbee]

"Raise tax revenue if the economy fails to recover".... how is that going to help the economy?

There are two economies in this country. One is that of the government -- colloquially known as the Gravy Train. That's the economy that will be helped.

 

[Albereth]

Someone probably told Zumatello that he needed a bean counter to head Finance.

Zumatello though he was going one better by getting a pill counter.