NOW Ep84: Mini-budget preview - Improved outlook for state finances?

Loading player...
A rerating of SA sovereign bond yields, a stronger ZAR, and sidestepping a fiscal slippage, have sparked optimism for a healthier national balance sheet. But structural challenges persist, impeding the potential for growth. In the latest episode of the No Ordinary Wednesday podcast, Investec Chief Economist Annabel Bishop and Treasury Economist Tertia Jacobs discuss the Finance Minister's priorities ahead of the mini budget on 30 October.

Podcast key moments:

00:00 – Introduction
01:24 - Under what macroeconomic conditions will the minister deliver the midterm budget speech?
02:44 - Is South Africa in a much better macroeconomic position going into Q4?
03:22 – Is the budget deficit narrowing?
04:09 – Is South Africa managing debt better?
05:26 – What are the risks to consider?
07:21 – What does fiscal consolidation look like for the country?
09:12 – Any tax announcements expected?
10:49 – What do you expect on inflation targeting?
13:07 - What are some of the key developments that have transpired between February 2024 the upcoming October MTBPS?
14:08 - What are the implications of the rerating of the country risk premium and appreciation of the rand on the balance sheet?
15:15 - Following the review of the public-private partnerships, what are you expecting from the minister on October 30?
17:20 - Some conditional debt relief for municipalities was announced by the minister in February, do you think there will be more relief?
19:36 - Is the minister reining in the spending?
21:14 – Revenue forecast

Read more on www.investec.com/now

Hosted by seasoned broadcaster, Jeremy Maggs, the No Ordinary Wednesday podcast unpacks the latest economic, business and political news in South Africa, with an all-star cast of investment and wealth managers, economists and financial planners from Investec. Listen in every second Wednesday for an in-depth look at what's moving markets, shaping the economy, and changing the game for your wallet and your business.
Chapters
  • 00:00 Introduction
  • 01:24 Under what macroeconomic conditions will the minister deliver the midterm budget speech?
  • 02:44 Is South Africa in a much better macroeconomic position going into Q4?
  • 03:22 Is the budget deficit narrowing?
  • 04:09 Is South Africa managing debt better?
  • 05:26 What are the risks to consider?
  • 07:21 What does fiscal consolidation look like for the country?
  • 09:12 Any tax announcements expected?
  • 13:07 What are some of the key developments that have transpired between February 2024 budget and the upcoming October MTBPS?
  • 14:08 What are the implications of the rerating of the country risk premium and appreciation of the rand on the balance sheet?
  • 15:15 Following the review of the public-private partnerships, what are you expecting from the minister on October 30?
  • 17:20 Some conditional debt relief for municipalities was announced by the minister in February, do you think there will be more relief?
  • 19:36 Is the minister reining in the spending?
  • 21:14 Revenue forecast
15 Oct 2024 English South Africa Business · Investing

Other recent episodes

What next? | Powering Africa's future

A discussion of Africa’s energy transition as both an economic strategy and a question of agency, featuring insights from Professor Carlos Lopes and investment leader Jasandra Nyker. They argue that while the world often views Africa through the narrow lens of risk, fragility, or aid dependency, the continent increasingly sees…
3 Dec 48 min

NOW Ep116: Markets in dissonance | What 2025 taught us

The year-end episode of the No Ordinary Wednesday podcast confronts a familiar contradiction: markets that looked buoyant, and an economy that often didn’t. In conversation with our Chief Investment Strategist Chris Holdsworth, we dissect the year’s dissonance and the lessons it leaves behind - above all, that in a noisy…
2 Dec 13 min

Everything Counts | Episode 36: Holiday Scams

This festive season, scamsters are busier than ever. From fake travel deals to holiday shopping traps, the pressure to click quickly can make anyone vulnerable. In this episode of Everything Counts, Motheo Khoaripe sits down with fraud expert Kevin Hogan and cybersecurity specialist Nomalizo Hlazo to unpack the most common…
1 Dec 25 min

Macro Monday Ep 98: South African markets outperform

While November was flat for global markets, they’ve performed well over six and 12 months. Chris Holdsworth, Chief Investment Strategist, Investec Wealth & Investment International discusses South African equities that have stood out, with a 43% gain in US dollar terms over the past 12 months, compared to 19% for…
1 Dec 10 min

What Next? | Shaping the future with Dominic Vergine

In this episode we host Dominic Vergine, CEO and founder of Monumo to discuss how AI can play a central role in advancing positive people and planet outcomes and the real impact of this technology. 00:00 – 01:41 | Setting the scene – AI and leadership in a changing world…
27 Nov 42 min