National Budget 2023 Highlights

The Minister of Finance, Mr Enoch Godongwana, delivered the 2023 National Budget speech yesterday, Wednesday, 22rd February 2023.

1. Taxes remain government's main source of income, followed by borrowing.
2. The social wage, which includes community development, employment programmes, health, education and social development, is government's largest spending area.
3. Social grants will increase in line with CPI inflation. The R350 grant will continue until 31 March 2024.
4. Despite the low growth projection of 0.9 percent, government is committed to economic and social development.
5. Government will provide R254 billion in debt relief to Eskom as part of broader energy sector reforms.
6. Interest payments continue to increase, crowding out spending on essential public services such as health and basic education.

Useful Links:

• Watch a replay of the national budget speech on YouTube
• Full Budget 2023 Tax guide (PDF)
• National Budget 2023 Peoples Guide (PDF)

STANLIB National Budget 2023 Commentary:

• 🎧 Podcast: A Budget that strikes the right balance
• 🎧 Podcast: Budget 2023 pleases markets, but risks remain

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I look forward to talking with you again soon.

Yours in health,

Shane Thom, CFP^® GTP(SA)™
Managing Partner // Key Individual // Integrated Wealthcare Advisor // Personal Portfolio Manager (PPM)