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"contents": "<h4><b>Sarb lifeline</b></h4>\r\n<span style=\"font-weight: 400;\">Over the next three years, R150-billion will be drawn from the Gold and Foreign Exchange Contingency Reserve Account (GFECRA). The <a href=\"https://www.resbank.co.za/en/home\">South African Reserve Bank (Sarb)</a> holds these funds on behalf of the Treasury. The amount currently stands at just more than R500-billion. The necessary legislation, the GFECRA Defrayment Bill, was tabled on Wednesday, 21 February.</span>\r\n<h4><b>Debt/deficits</b></h4>\r\n<span style=\"font-weight: 400;\">Compared to a year ago, the budget deficit for 2023/24 is estimated to worsen from 4% to 4.9% of gross domestic product (GDP). This is seen falling to 4.5% of GDP and to 3.3% by 2027, largely because of the GFECRA funds. The overall debt burden is now expected to peak at 75.3% of GDP in 2025/26, down from 77% previously.</span>\r\n<h4><b>Domestic economic growth projection</b></h4>\r\n<span style=\"font-weight: 400;\">The estimate for economic growth in 2034 has been revised down to 0.6% from 0.8% previously. Between 2024 and 2026, growth is projected to average a sluggish 1.6% per year.</span>\r\n\r\n<b>Read more in Daily Maverick: </b><a href=\"https://www.dailymaverick.co.za/article/2024-02-21-government-to-squeeze-an-additional-r15-billion-revenue-out-of-struggling-consumers/\"><span style=\"font-weight: 400;\">Government to squeeze an additional R15-billion revenue out of struggling consumers</span></a><span style=\"font-weight: 400;\"> </span>\r\n<h4><b>Spending</b></h4>\r\n<span style=\"font-weight: 400;\">In 2024, debt interest payments amounting to R382.2-billion is the second largest expenditure item, after the R387.3-billion for social development. Basic Education is allocated R324.5-billion, and Health R271.9-billion for the 2024/25 financial year.</span>\r\n<h4><b>Revenue</b></h4>\r\n<span style=\"font-weight: 400;\">At R1.73-trillion, tax revenue for 2023/24 is R56.1-billion lower than estimated in the 2023 Budget. The shortfall is largely due to the decline in corporate profits and revenue from taxes on mining.</span>\r\n\r\n<b>Read more in Daily Maverick: </b><a href=\"https://www.dailymaverick.co.za/article/2024-02-21-budget-150-rebate-on-investment-in-electric-vehicles-in-2026/\"><span style=\"font-weight: 400;\">Motoring sector finally gets 150% rebate on investment in new electric vehicles, but only in 2026</span></a>\r\n<h4><b>Taxes</b></h4>\r\n<span style=\"font-weight: 400;\">This Budget contains tax measures to raise R15-billion in 2024/25 to alleviate immediate fiscal pressure and cut debt. This will be done by not adjusting the tax brackets, rebates and medical tax credit for inflation. </span>\r\n\r\n<span style=\"font-weight: 400;\">For alcohol products’ excise duties, above-inflation increases of between 6.7 and 7.2% for 2024/25 are proposed. Taxes on tobacco products will also be hiked, raising the price of a pack of smokes by 97 cents. </span>\r\n\r\n<span style=\"font-weight: 400;\">The carbon fuel levy will increase to 11 cents per litre for petrol, and 14 cents per litre for diesel, effective from 3 April 2024.</span>\r\n<h4><b>SOEs</b></h4>\r\n<span style=\"font-weight: 400;\">There are no more lifelines being thrown at flailing SOEs. Only bailouts and government guarantees that were previously announced. </span>\r\n\r\n<b>Read more in Daily Maverick: </b><a href=\"https://www.dailymaverick.co.za/article/2024-02-21-budget-no-new-money-for-basket-case-state-owned-enterprises/\"><span style=\"font-weight: 400;\">No new money allocated to basket-case state-owned enterprises by Godongwana</span></a>\r\n<h4><b>Climate Change</b></h4>\r\n<span style=\"font-weight: 400;\">The government has raised US$3.3-billion so far from Multilateral Development Banks and International Finance Institutions to support climate change, energy, and just transition objectives. </span><b>DM</b>",
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