Budget Speech 2024: What you need to know

In the latest episode of the No Ordinary Wednesday podcast, Investec experts share their 2024 Budget Speech expectations with host Jeremy Maggs.

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“We've seen revenue fall back and instead of pulling back at the same degree on expenditure, the government has borrowed more and has spent that money. This expansionary approach has necessitated a tighter monetary policy, resulting in more frequent interest rate hikes.” – Annabel Bishop, Investec Chief Economist

“In December, the banks extended a government guaranteed one-year loan facility to Transnet to help alleviate liquidity pressure in 2024. They need roughly 100 billion rand of core fixed investment. This could potentially create a mechanism to bring in more private sector investors as well as development finance institutions, reducing pressure on the domestic market. At the moment, it’s basically banks and fund managers that have to finance the government.” – Tertia Jacobs, Treasury Economist, Investec Corporate and Institutional Banking

“I can't see the government increasing the VAT rate or the corporate income tax rate, which was recently reduced. What we may see is a slight tax bracket creep that would put some individual taxpayers in the next bracket.” – Pierre Botha, Tax and Fiduciary specialist, Investec Wealth & Investment