25/02/2026
What stood out in today’s National Budget Speech by the Finance Minister, Enoch Godongwana, wasn’t a surprise tax hike or market shock, it was a steady commitment to fiscal discipline.
The Minister presented a credible National Budget and points to a government working to narrow the deficit, stabilise debt and control spending, with markets responding calmly. That steadiness builds confidence, but the real story is what comes next: without faster growth, jobs and social progress remain under pressure. Stability sets the stage and growth must deliver the future.
Our chief economist, Kevin Lings, identifies six critical areas where government is showing fiscal discipline.
Listen to the podcast here: https://bit.ly/4aOSW2G