Mr Deputy President
Governor of the South African Reserve Bank
Members of the Executive Committees for Finance
Fellow South Africans
Today I table:
The Division of Revenue Bill
The Appropriation Bill
The 2020 Budget Review
The 2020 Tax Proposals
Mr President, in your State of the Nation Address two weeks ago you reminded us that our capacity to win is not diminished. We have it within ourselves to be the best in the world. Congratulations to Miss Universe Zozibini Tunzi, the Springboks, and the Proteas, who won while we were preparing this Budget.
Before democracy our growth was pedestrian. Indeed, between 1990 and 1992, the economy contracted for three years in a row.
Steven Spielberg directs Meryl Streep and Tom Hanks in The Post, a thrilling drama about the unlikely partnership between The Washington Post's Katharine Graham (Streep), the first female publisher of a major American newspaper, and editor Ben Bradlee (Hanks), as they race to catch up with The New York Times to expose a massive cover-up of government secrets that spanned three decades and four U.S. Presidents. The two must overcome their differences as they risk their careers - and their very freedom - to help bring long-buried truths to light.
In the five years from 2003 to 2008, growth averaged around 5 per cent, and South Africa was amongst the fastest-growing major economies. The unemployment rate improved by 5 percentage points.
“Ex Africa semper aliquid novi”
Achieving economic growth and higher employment levels requires a plan.
“Do you not know that those who run in a race all run, but only one receives the prize? Run in such a way that you may win.”
What are the conditions under which we must implement our plan to win?
Newt Scamander is a magiczoologist who studies magical creatures.
Asia (excluding Japan) is expected to grow by 5.8 per cent in 2020. The Coronavirus is a source of uncertainty to this forecast.
Against this backdrop we forecast that the South African economy will grow by 0.9 per cent and inflation will average 4.5 per cent in 2020.
●"Woman arrested for defecating on boss’ desk after winning the lottery"
Musical theatre actors, Callabro united to become a truly talented vocal group who have gone from strength to strength.
These include, amongst others:
The impending change to the electricity regulatory framework
Persistent electricity problems will, however, hold back growth. Over the next three years, we expect growth to average just over 1 per cent.
TOWARDS AN ECONOMIC STRATEGY
On this season I have but one thing to say: I love you.值此佳节，我只有一句话要告诉你：我爱你
Strengthening the macroeconomic framework to deliver certainty, transparency and lower borrowing costs
Focusing spending on education, health and social development
Modernising “network industries” and restructuring our state-owned enterprises
Implementing a re-imagined industrial strategy
Focusing on job-creating sectors, such as agriculture and tourism
The shortage of supply-chain talent explains why 48% of U.S. companies plan to snap up logistics grads in 2011, according to a new survey by the National Association of Colleges and Employers.
Today, we report on our progress. “We are moving forward!”
PRUDENT FISCAL POLICY
OUTLINE OF THE BUDGET FOR 2020/21
Budgets are complex, but the numbers are simple. The numbers show that we have work to do.
Expenditure is projected at R1.95 trillion, or 36 per cent of GDP.
The average entrepreneur uses dozens of cloud-based software and apps. Zapier connects your online life and helps you build new functionality. The best part about Zapier is that you don’t have to be an API wizard to use it.
For generations, working-class whites were doubly blessed: they enjoyed privileged status based on race, as well as the fruits of broad economic growth.
Indeed, there is some real personal income tax relief.
Hard-working tax payers, who earn on average R265 000 a year, will see their income tax reduced by over R1 500 a year.
We are also proposing broadening the corporate income tax base. This additional revenue will be used to reduce the corporate tax rate in the near future to help our businesses grow.
Alfonso Cuaron and his colleagues, most notably the cinematographer Emmanuel Lubezki, the production designer Andy Nicholson and the filmmaker's co-writer, Jonas Cuaron, have made a motion picture that expands the way motion pictures will be made. Readers with an interest in technology can get a sense of their extraordinary achievements from last month's cover story of American Cinematographer, which is available online. But the emotional essence of the film is already known to anyone who has seen it, and has been swept away by it-into the outer space of silence and menace, into an inner space of deep delight.
Play up being smarter than everyone, develop some obvious insecurities. Forget social skills if you happen to have any.
Libby has posted the lyrics on her YouTube channel in the comments section, but here they are for you. There are plenty of lovely English expressions and British English slang that I’ve highlighted in bold for you. Can you guess the meaning? What does “OMG” stand for?
To support the property market, the threshold for transfer duties is adjusted. Property costing R1 million or less will no longer be subject to transfer duty.
I mean, is it worth to be a No. 8 seed with Serge Ibaka and Jeff Green leading the way? Maybe it is. This all just seems awfully backwards.
We have increased excise duties to keep pace with inflation.
- 顶层设计助推绿色建材发展 节能玻璃成首选
- 春节期间多地楼市降温 上海楼市堪称最冷
- 电商占据市场份额低 店商仍是家居建材市场主导者
- 暑运即将开启 全国铁路预计发送旅客6.47亿人次
- 央行降息现“卖房买股”论 网友戏称“太任性”
But Huy Vo, a senior specialist in public relations at Hawaiian, said the short flights, which make up half the airline’s routes, aren’t all that easy to operate. “Our geographic location certainly does give us an advantage, as well as our short-haul routes, ” Vo said. “However, the short-haul routes are the hardest to keep punctual, because the hops are very short, with brief ground time between flights, so any delay is difficult to make up.
In line with Department of Health policy, we will start taxing heated tobacco products, for example hubbly bubbly. The rate will be set at 75 per cent of the rate of cigarettes. Electronic cigarettes, or so-called vapes, will be taxed from 2021.
Makers of processed food, soda and fast food see markets in the developing world as their greatest growth opportunities. At the same time, obesity rates and weight-related illnesses are on the rise in developing countries. An ongoing series of articles examined the interaction of these two trends, starting with cases in Brazil, Ghana and Colombia. Taken together, these stories reveal “a new global food order, and a new health crisis.”
Despite this increase, the liabilities of the RAF are forecast to exceed R600 billion by 2022/23. We need to take urgent steps to reduce this risk to the fiscus and bring about a more equitable way of sharing these costs. One option is to introduce compulsory third-party insurance.
Elspeth Cheung, head of BrandZ valuation at Millward Brown, says: “The top 10 used to be dominated by consumer goods. This year, it’s technology.”
REDUCING STRUCTURALLY HIGH SPENDING
But fiscal sustainability must be uppermost in our mind.
‘The Americans’ Set in the Reagan era, this FX series is nearly as deceptive as KGB agents posing as suburban American couple: In its second season, “The Americans” proved to be a drama about love, family, friendship and mistrust disguised as a Cold War thriller.
Total consolidated government spending is expected to grow at an average annual rate of 5.1 per cent, from R1.95 trillion in 2020/21 to R2.14 trillion in 2022/23. This is mainly due to mounting debt-service costs. Non-interest spending declines on average over the MTEF in real terms.
The total reduction is mainly the result of lowering programme baselines and the wage bill by R261 billion. These are partially offset by additions and reallocations of R111 billion. Of this, more than half, or R60 billion, is for Eskom and South African Airways.
Let me unpack the R261 billion in baseline spending reductions.
n. 卷轴，目录 v. 卷动
Adjustments are mainly in conditional grants for provinces and municipalities.
Over the three years, public transport spending is adjusted by R13.2 billion, mainly on allocations to the Passenger Rail Agency of South Africa and the public transport network grant. The planning and implementation of integrated public transport networks will consequently be suspended in the Buffalo City, Mbombela and Msunduzi municipalities.
While some of these savings are good for the fiscus, in many cases we are also making difficult and painful sacrifices. It is therefore important that we direct our constrained resources to areas that have a high social impact and have the largest economic multipliers.
THE WAGE BILL
The Producer Price Index (PPI), which gauges factory-gate prices and is a major indicator of economic briskness, rose by 6.3% in 2017, compared with a minus 1.4% for 2016, reversing the trend of continual decline since 2012.
Public servants do crucial work for our country, often in trying conditions. The governing party is a firm believer in the critical role of the state in development. For this reason, we need qualified, motivated and effective staff.
"You're part of the past, but now you're the future," Lana Del Rey sings on Lust for Life's opening track, "Love".
The incomes of graduates from universities listed in China's 211, or 985 key university national projects are far ahead of those from ordinary universities, the survey found.
Between 2006/07 and 2011/12, we were able to add about 190 000 employees. However, at the same time government wages also increased significantly.
Madam Speaker, we cannot go on like this. Classroom sizes are growing, hospitals are getting fuller and our communities are becoming increasingly unsafe.
The life expectancy of the average human has increased more in the past 50 years than it did in the 200,000 years of human existence. Life expectancy is now 70 years old – which is a big difference from 47 years old in 1950!
Thank you to Aicha Nezzar for sharing this gem on the Facebook Group- Global English Forum.
Susan Chan, head of iShares Asia-Pacific at BlackRock, says ETFs are more popular among institutional investors in the region.
The employer has tabled an agenda item on the management of the public service wage bill at the Public Service Coordinating Bargaining Council, the focus is to discuss containment of costs in the final phase of implementation of the current wage agreement.
There is more than one way in which this goal can be achieved.
But the carriers are having a more difficult time over the winter holidays. About 30 percent of winter holiday flights were delayed in 2012, on top of significant delays in 2011 and 2010. You can check holiday flight statistics from the Transportation Department on its website.
WASTEFUL EXPENDITURE AND CORRUPTION
伦敦博蒙特·内森顾问公司(Beaumont Nathan)的联合创始人雨果·内森(Hugo Nathan)说：“新投资者对早期绘画大师的作品有兴趣，不过他们想要的是杜维恩(Duveen)卖给强盗大亨们的作品。他们想要名作。”他指的是英国艺术交易商约瑟夫·杜维恩(Joseph Duveen)，他把很多伟大的艺术品带去了美国。
The President’s instruction requires a dynamic and appropriate mix of quantity, quality, capacity and capability in the administration of the state.
We are moving forward with reforms to the procurement system with a focus on value for money and maximising the quality and quantity of services. Cabinet approved the publication of a new Public Procurement Bill.
We will propose a new law to stop excessive salaries in these public entities.
We are already acting on fruitless and wasteful expenditure. Last year, this House amended the Public Audit Act to empower the Auditor General to:
Take binding remedial actions
To show the determination of the executive to deal with runaway costs, we will implement a number of steps.
- Abolishing the current wasteful subsidence and travel system
- It's a travel pillow that bends to support your head in any position.
- 楼市调控政策频出 四季度楼市成交下滑或成定局
APPROPRIATE MONETARY POLICY
The twin of our fiscal framework is appropriate monetary policy.
当晚的最高价来自唯一的一位欧洲电话出价人。此人以910万英镑购得约翰·康斯特布尔(John Constable)令人钦佩但很难让人喜爱的1824年纵向风景画《水闸》(The Lock)的1825年缩小版，这幅画从1855年起一直由一个英国家族私藏。
Turkey dance “Fire” (Fire of Anatolia)
Wishing you a sparkling New Year and bright happy New Year! May the season bring much pleasure to you.愿你的新年光彩夺目，愿你的新年灿烂辉煌！佳节快乐！
For our Aloe Ferox to grow to its full potential, we need to do things that will help it in the medium to long-run – for example, augmenting the soil with the right amount of organic manure, providing the right amount of sun and the correct amount of water. For a fast-growing economy we need to make sure our children are well educated, our people are healthy and our money is invested properly.
Consequently, the largest spending areas will be learning and culture, which receives R396 billion followed by health R230 billion, and social development with R310 billion.
Transfers to provinces support schooling for 13 million children and healthcare for 49.1 million South Africans. It is in this context that taking forward consultation on the NHI is important.
?There's generally booze wherever 007 goes and alcohol does lead to sex. Liking alcohol was the biggest indicator of who has sex on the first date.
If successful, the funding would underline the rapid growth of the sector this year. In April, Lufax raised $500m at a $10bn valuation.
In the 2013 survey, Tokyo reclaimed the title as the world's most expensive city. Currency swings pushed Zurich into the No.1 position last year but government exchange rate controls have driven the Swiss city back to No.7 in the list. Osaka in Japan was ranked the second most expensive.
The Department of Higher Education and Training will reallocate existing funds to undertake a feasibility study for the establishment of a new university of science and innovation in Ekurhuleni.
THE INFRASTRUCTURE FUND
In fact, capital spending is the fastest growing component of non-interest spending. This spending is complemented by the Infrastructure Fund. Over the next three years the Development Bank of Southern Africa will package blended finance mega-projects of least R200 billion. Government has committed R10 billion over the next three years.
Businesses can benefit in other ways too. Craig Rollason, business analysis manager at National Grid, says he has improved his coaching skills by mentoring a Teach Firster.
To date, Jobs Fund projects have created more than 175 000 permanent jobs, and helped 21 000 people into internships and created 59 900 short term jobs. Of these, 65 per cent went to youth.
一年一度的《全球贸易保护报告》(Global Trade Protection Report)显示，2015年美国企业发起了43起反倾销案件，以及另外22起旨在征收反补贴税的反补贴调查。美国在这两方面均处于领先位置，超越了分别在2014年和2013年发起最多案件的印度和巴西。
5. Starbucks. Brand love: 26% / Social Business Index Rank: 26
We intend to make this intervention a resounding success.
当晚的最高价来自唯一的一位欧洲电话出价人。此人以910万英镑购得约翰·康斯特布尔(John Constable)令人钦佩但很难让人喜爱的1824年纵向风景画《水闸》(The Lock)的1825年缩小版，这幅画从1855年起一直由一个英国家族私藏。
Grants reduce inequality and protect the most vulnerable in society.
I am happy to announce that grants are adjusted as follows:
R80 increase for the old age, disability and care dependency grants to R1860 per month
R40 increase for the foster care grant to R1040 per month
Changing the way we provide social grants has generated about R1 billion per annum in efficiency savings, which will be partly used to raise the daily subsidy per child.
Madam Speaker, the next component of our plan is to modernise network industries and to restructure the state-owned enterprises.
Government will do “whatever it takes” to ensure a stable electricity supply. As I said, it is our number one task. We have allocated R230 billion over ten years to achieve the restructuring of the electricity sector.
《纸牌屋》(House of Cards)，Netflix，2月27日播出。Netflix的政治大戏，第三季有13集。除凯文·斯派西(Kevin Spacey)与罗宾·怀特(Robin Wright)外，曾出演《忧愁河上桥》(Treme)的基姆·迪金斯(Kim Dickens)亦加盟该剧，“Pussy Riot”的两位成员亦有客座出演。
It plans to help at least 130,000 rural people cast off poverty and relocate 163,000 residents in 2017.
Determinations to implement the Integrated Resource Plan of 2019 are finalised and await the concurrence of the National Energy Regulator.
Dachis says: 2011 saw a huge bounce for Dominos in brand enthusiasm from their brand relaunch which 2012 just couldn’t match. It’s a shame they can’t redesign their recipes every year.
1. Wal-Mart Stores
SOUTH AFRICAN AIRWAYS
This whole week was a train wreck: the unconvincing denials, the timing of the Cousins trade on All-Star Sunday, the pathetic return value,
Apart from India, other BRICS nations -- Brazil, Russia, China and South Africa -- cut down their holdings of American government securities.
The prize sold for a winning bid of $950,000 at auction, and an additional buyer's commission brought the final sale price to $1.16 million.
OPENING UP OUR MARKETS TO TRADE WITH THE REST OF THE CONTINENT
15. 有趣的巧合。环球影业是题材最具多样性的制片公司之一，它发行了《生活残骸》，也发行了《冲出康普顿》，还有《泰迪熊2》(Ted 2)。环球影业的女导演也是最多的，12月初，它占据了今年24%的市场份额。
We want to encourage South Africans abroad to keep their ties with the country. We will raise the exempt amount for foreign remuneration to R1.25 million. We will phase out the administratively burdensome process of emigration through the South Africa Reserve Bank.
To implement the reimagined industrial strategy:
While Jodie Foster used to opt for the bathroom – “they looked good with the faucets” – she has since moved the two she won for The Accused and Silence of the Lambs to a much more orthodox spot: a trophy case.
Industrial business incentives worth R18.5 billion will create and retain approximately 56 500 jobs
Remedy: Make a budget. If you don’t know how much money you need to live the lifestyle you feel comfortable with, you can’t accurately project whether switching jobs for a $10K pay bump is actually a good deal. Making a pros and cons list when comparing your current job with a new opportunity is also helpful. If the only advantage a job offers is a bigger pay check, you can weigh that against longer hours, a more onerous commute and increased reporting responsibilities. Keep in mind that research shows that increases in happiness based on earnings peak at about $75K. Incomes above this level don’t increase your feeling of well-being on a day-to-day basis. So, if you think a jump up to $85 or $90K will make you feel less morose when your alarm goes off, you might want to look at addressing some of the non-monetary factors in your life that are contributing to your dissatisfaction.
May the beauty and joy of New Year remain with you throughout the new year!
R6.5 billion is allocated for small business incentive programmes of which R2.2 billion will be transferred to the Small Enterprise Development Agency
LOWERING THE COST OF DOING BUSINESS
Steps are being taken to address South Africa’s lagging productivity growth and reduce the cost of doing business.
6. Gene therapy comes good.
The Competition Amendment Act came into force on July 2019, strengthening the Competition Commission’s powers. The Commission has conducted inquiries into a number of sectors to strengthen competition.
China has ample foreign exchange reserves to satisfy the demands of imports and short-term debt repayments.
The spectrum licensing plan was released in November, preparing the way for auctioning high demand spectrum. ICASA will be appropriately capacitated for this. A voucher system will be introduced to allow households to acquire digital devices.
Over the medium term we will support Agriculture and Tourism. Government has allocated R495.1 million to the Department of Agriculture, Land Reform and Rural Development to improve compliance with biosecurity and support exports.
This so-called “playground for millionaires” is now open to everyone. The wallet-friendly hotels, guesthouses and self-catering apartments make tours affordable. With more than 100 divine islands scattered on the Indian ocean, many activities await, such as sunbathing, fishing, diving, sailing, and going on boat tours. The Seychelles islands are blessed with a warm tropical climate all year round, so you can go there whenever you want.
To support tourism, we will engage with the tourism industry on formalising the tourism levy.
Madam Speaker, fighting corruption is a priority of this Administration.
3. Economy is already crashing, GDP will get even worse in 2014-2016
This will enable the appointment of approximately 800 investigators and 277 prosecutors who will assist with, among other things, the clearing the backlog of cases such as those emanating from the Zondo commission.
CONTACT: Debbie McNally, Lakes Sotheby’s International Realty, (612) 388-1790; debbiemcnally.com
Interestingly, BRICS bloc has reduced their exposure to these securities at a time when America's economic activity is expanding at a moderate rate.
OFF-BUDGET INITIATIVES TO GROW THE ECONOMY
Working with the financial sector, a pilot of the Help to Buy scheme has supported over 2 000 families to buy their own homes. For every R1 subsidy provided by government, the scheme crowds in R8 from the private sector. In a single year, the Help to Buy scheme has supported nearly R1 billion in new lending.
Last year, this House passed legislation which will allow state-owned enterprises to apply for banking licences. In July 2019, I tasked the Deputy Minister of Finance with the responsibility to undertake the state bank project. Madam Speaker, I am pleased to inform the House that preferred options for the establishment of a bank are now ready.
5) I take a gloomy view of things 0 1 2 3 4
特里萨?梅(Theresa May)依然面临着党内阻力。自由民主党(Liberal Democrats)的智者兼领导人文斯?凯布尔(Vince Cable)依然认为脱欧可能不会真的发生。
We will also consolidate the currently fragmented system of national and provincial Development Finance Institutions.
SOVEREIGN WEALTH FUND
Mr President, a Sovereign Wealth Fund is an important long-term tool for saving and investment for future generations. It can also contribute to strengthening the fiscal framework. We must learn to save during the good times, and a Fund can play an important role as a counter-cyclical fiscal tool.
We also do not want any trade war with others and we have stuck to reform of the yuan's exchange rate formation mechanism to keep it basically stable at reasonable and equilibrium levels.
Farewell to Don and his perfect suits, to Peggy and her plaids, to Joan and her jewel tones and sheaths.
Actor in a Mini-Series or Movie: Courtney B. Vance, “The People v. O. J. Simpson: American Crime Story”
Earlier on Tuesday Mr Rutte had issued a call for calm in the dispute with Turkey.
AN EFFICIENT AND CAPABLE STATE
The National Development Plan calls for a capable and efficient state that creates the right environment for the private sector to flourish.
Islands in China come with many restrictions on their use and just 50 years of ownership.
SARS is an integral part of the capable state. We are focused on re-establishing institutional integrity and fighting criminal activity. Just this past week two individuals were convicted for up to 168 years’ imprisonment for tax fraud.
For all South Africans, the “state” is their municipality.
Executives in the finance and real estate industries have the highest pay, according to figures from the 1,894 listed companies that announced their annual financial reports in 2016.
Mr President, the National Treasury asked members of the public to provide tips to guide our thinking as we shaped this Budget. Today we are joined by Ms Akhona Mgwele from Gauteng who advised us to “support greater local economic development in municipalities.” We agree with her!
The Minister of Cooperative Governance and Traditional Affairs and I have agreed that our officials will find ways to use the allocations made through the Municipal Infrastructure Grant to ensure that municipalities not only build new infrastructure but also maintain the infrastructure they already have.
Best Companies rank: 25
Sales of previously owned homes have slipped every month since July, according to the National Association of Realtors. That coincides with the surge in borrowing costs across the economy as a result of the Fed's signals about its bond-buying program.
I’m not saying you should blindly accept everything that’s offered to you, it’s okay to take time when considering the pros and cons of an opportunity. But, when you find yourself leaning toward “No,” you owe it to yourself to be sure that you’re turning down the opportunity for a valid reason, not just out of fear.
2.Batman vs Superman: Dawn of Justice
All these steps build a capable state.
Madam Speaker, there are a number of entities that report to the Ministry of Finance.
Now analysts believe the opportunities for profitable growth are nearly exhausted, according to Chen Long of Gavekal Dragonomics, a research group.
5. Gross warns: 'Ponzi Scheme! Tipping Point! Credit Supernova!'
The country’s money laundering system is currently undergoing a peer review, which will help strengthen the fight against illegitimate and illegal flows. The South African Reserve Bank will in future play a more integral part in this fight.
Shipments to China cratered by 14.4 per cent year-on-year to Rmb737.5bn in January. That’s from a 4 per cent drop in December, and versus expectations for a 1.8 per cent rise.
The National Treasury will take steps to strengthen the budget process.
Winning is not easy.
Less than two years before winning the World Cup, the Springboks lost 57-nil to the All Blacks. Miss Universe did not win her first attempt at Miss South Africa.
To paraphrase Charles Dickens, who I quoted in my first address as Minister of Finance, we will make these the best of times.
Work that requires German language skills also grew significantly during the third quarter of 2016. Those who wish to work as German translators might be in luck these days.
A word of appreciation to the Deputy Minister of Finance, The National Treasury Director General and his team.
The predictions of no further action in an annual Financial Times poll of eurozone analysts came despite Mr Draghi’s attempts to convince markets that the ECB remained primed to act should inflation and growth across the single currency area continue to disappoint.
My gratitude for the Parliamentary Committees who work tirelessly to process the legislation accompanying the Speech.
“With confidence we lay our case before the whole world, whether we win or die, freedom will rise in Africa, like the sun from the morning clouds”.
Mudzimu fhatutshedza Afurika
What the average person earns in different countries around the world (Supplied by LoveMoney)