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

NOW Ep123: Middle East conflict | Counting the cost of disruption

Markets are sending a surprisingly calm signal in the face of escalating conflict in the Middle East. Oil prices are rising, supply chains are under pressure, and recession risks are quietly ticking higher, yet equities remain relatively steady. In the latest episode of No Ordinary Wednesday, Jeremy Maggs is joined…
17 Mar 23 min

Macro Monday Ep108: Disconnect between energy and equity markets

With uncertainty over how long, the Iranian conflict will last, it’s not just the oil market that’s been affected. Natural gas prices have risen, but so too have grain and aluminium prices, pointing to inflation pressures in the coming months. However, as Chris Holdsworth, Chief Investment Strategist, at Investec Wealth…
16 Mar 11 min

What Next? | How philanthrophy can fuel economic transformation

In this episode, of the What Next series, we discuss the power of philanthropy in transforming markets, through investing in high risk innovation and early stage ideas that often require new economic thinking. Podcast hosts Investec's Marc Kahn and Cambridge's Lindsay Hooper invite Peter Bennett, founder of the Bennett Foundation…
13 Mar 40 min

Everything Counts: Sports Edition | How Mpumelelo Mhlongo invested his first pay cheque

Most athletes train for medals. Few train for financial longevity. In this episode of Everything Counts: Sports Edition, Paralympic record holder Mpumelelo Mhlongo shares how he approached money with the same discipline he applies to sport − investing his first serious paycheque, supporting his family and building generational wealth that…
10 Mar 30 min

Macro Monday Ep107: What the surge in energy prices means for the world economy

As the conflict in the Gulf continues, energy prices have risen sharply. Chris Holdsworth Chief Investment Strategist, at Investec Wealth & Investment International, examines the impact on global inflation and growth, as well as on President Donald Trump’s popularity ahead of the US midterm elections later this year.
9 Mar 9 min