Overview

Opinion - Rome wasn't built in a day
The R6,8bn in individual tax relief could provide just the right amount of added stimulus when viewed in conjunction with the effects of higher disposable income and domestic demand. The benefit of a benign inflation outlook and lower interest rates, coupled with this modest tax relief, will give impetus to demand-led economic growth.
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Political Overview - On a clearer path
Having annoyed ANC supporters by pursuing conservative macroeconomic policies in the first decade of democracy, finance minister Trevor Manuel says government now has the "space" to achieve greater social equity through a more expansionary budget.
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Economic Overview - The great juggling act
Under Manuel's steady but creative hand, the budgetary emphasis has switched from stability to growth. That imperative has now been boosted by expectedly high tax revenues, giving him more scope to lower the budget deficit, increase expenditure and reduce taxes. As ever, though, there are questions about delivery capacity.
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