SA National Budget 2018

Initial impressions   Improvement relative to Treasury’s October 2017 projections  Contractionary budget : (real) revenue growth expected to outstrip expenditure growth  Budget focused on growth-enhancing mechanisms to restore confidence and propel SA’s growth trajectory to a higher platform over time  Structural revenue proposals positive for revenue base going forward  Meaningful cuts to expenditure (outside of tertiary education allocation) suggest a prudent approach to fiscal policy Immediate…