Preview:
Bullish budget expected for 2002
Manuel expected to focus on growth, and give substantial personal tax relief FINANCE Minister Trevor Manuel is set to unveil a bullish budget today, designed to boost growth after years of fiscal austerity
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Bumper income tax cuts coming
There are widespread expectations Finance Minister Trevor Manuel will be announcing substantial cuts in personal income tax rates, particularly for middle- to low-income earners
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Market expects good news Budget
When Finance Minister Trevor Manuel unveils his Budget this afternoon, financial markets will be looking for incentives that will encourage investment in the economy, and create jobs
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Government capital spending lags
Finance Minister Trevor Manuel is repeatedly called on to give out more cash. But there is a problem: a host of departments already do not spend the money allocated to them
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Sacob asks for tax reform in Budget
The South African Chamber of Business says Finance Minister Trevor Manuel should on Wednesday continue
with tax reform measures including the approach of shifting from direct taxes to indirect taxes and user charges
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Budget: Unions want social spend
A call for Finance Minister Trevor Manuel's Budget to increase expenditure on social infrastructure is at the top
of the trade unions' wish list
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Expansionary budget expected
Finance Minister Trevor Manuel is expected to unveil a "highly expansionary" budget next Wednesday, when he presents the government's spending and revenue plans for the 2002-03 financial year
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Brait says challenge is to boost GDP
Brait's Budget team sees the main challenge as being the imperative to boost gross domestic product (GDP) growth to accelerate foreign direct investment
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Look forward to tax cuts and service delivery
Economists expect the budget deficit will be much lower than Manuel's own projection of 2,3%
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Tax cuts expected from Manuel
Opposition parties agree that tax cuts are in the offing with this year's Budget, and the Democratic Alliance is
optimistic this may even include those in the top marginal rate of 42%
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Analysis:
Post Budget revenue analysis
Government revenue only needs to rise by 6% year-on-year in the first quarter 2002 to meet the Budget target of R248.4bn for the 2001/2 fiscal year
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Post Budget revenue analysis
Government revenue only needs to rise by 6% year-on-year in the first quarter 2002 to meet the Budget target of R248.4bn for the 2001/2 fiscal year
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Budget balances growth with poverty relief
Finance Minister Trevor Manuel basks in the glory of presenting a deficit of 1.4% of GDP for the current fiscal year - better than most European Union countries and seemingly a lifetime away from 1994 when SA was teetering on the edge of a debt crisis
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Economists write their Budget wish lists
Economic commentators met in Johannesburg this week for an informal preview of the Budget and to make their suggestions
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Economists expect fiscal stimulation
Economists expect Finance Minister Trevor Manuel to cut taxes and increase capital spending to stimulate economic growth in the upcoming Budget
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Reaction:
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News:
BUDGET 2002: IN A NUTSHELL
A quick view of the highlights in the 2002 Budget, touching on all the main announcements made by Finance Minister Trevor Manuel:
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Government's underspending grows
Underspending is still a chronic problem the government will have to wrestle in 2002, with delivery - and not funding - the major hurdle many departments battle to scale
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Total govt revenue 2001-02 up 6.4%
Total government revenues were estimated at a whopping R248.4 billion, R15 billion above the R233.4 billion projected in the government's
original budget estimate in February 2001
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Total spending up 12.2% to R262.6bn
The Treasury estimates that government spending had increased by 12.2% to R262.6 billion in the 2001/2 fiscal year after a 8.9% increase the previous fiscal year
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Govt lowers transfer duty on property
The government has lowered transfer duty levied on the acquisition of fixed property, as well as raising the current interest and dividend income exemptions for tax
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R12bn expected from privatisation
Finance Minister Trevor Manuel says privatisation is expected to yield R12-billion towards the reduction of government debt in 2002/03
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2002 CPIX seen at 6.9%
Treasury projects CPIX, which is consumer inflation less mortgage rates, at an annual average
of 6.9% this year compared with 6.6% last year
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Arms deal costs rise to R52.7bn
The controversial arms deal will at present projections cost R52.7 billion - well above original estimates of
R30.3 billion - with annual payments reaching a peak of R7.7 billion in 2005/06
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Public servants allocation rises by 6.8%
The total bill for bureaucrats is set to rise from R99.2-billion in 2001/02 to R120.8-billion in 2004/05
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Parliament to cost R469m in 2002
Members of Parliament are scheduled to receive a 9.1% increase in 2002/03, collectively earning R168-million according to the Estimates of National Expenditure
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Tax:
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