Mr Deputy President
Governor of the South African Reserve Bank
Members of the Executive Committees for Finance
Fellow South Africans
7. “Out 1: Noli Me Tangere”(Jacques Rivette)
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.
麻省理工学院斯隆管理学院(MIT Sloan School of Management)教授迈克尔?库苏马诺(Michael Cusumano)表示：“我曾经认为乔布斯是不可取代的，而且这在一定程度上是个事实。但乔布斯的精神依然留存在苹果内部，而且公司正围绕着一种不那么对抗性的文化组织在一起。我们应为此给予蒂姆赞扬。”
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.
Gross shifts, makes no sense: Just four months ago he warned the Fed is blowing a Credit Supernova, a new monetary bubble that would implode Bernanke's arrogant risky experiment putting America's future at great risk by bankrolling a Wall Street Ponzi Scheme and blowing a huge financial bubble.
“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?
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.
*Reality Host: RuPaul Charles, “RuPaul’s Drag Race” (Logo)
58同城 贝壳 安居客等房源发布不规范被点名
People promoting driverless cars, the most hyped industry segment of the moment, became world leaders in verbiage. Elon Musk claimed to be “laser-focused on achieving full self-driving capability on one integrated platform with an order of magnitude greater safety than the average manually driven car” (ie Tesla cars must stop crashing).
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
Federal, state and local government job cutbacks are slowing. More than 250,000 workers at all levels of government lost jobs last year. This year, so far, about 20,000 have gained jobs. Worries about the nation's debt and deficits likely will keep a lid on government spending and investments, economists say, but any jumps in, say, infrastructure spending would create jobs. At the least, government will be less of a drag.[qh]
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
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.
Indeed, there is some real personal income tax relief.
In a bid to curb capital outflows and ease downward pressure on the renminbi, Chinese regulators have imposed a series of new restrictions on outbound dealmaking in recent months. The new curbs came after outbound investment in non-financial assets surged by 44 per cent in 2016 to a record $170bn.
Facebook CEO Mark Zuckerberg
Hard-working tax payers, who earn on average R265 000 a year, will see their income tax reduced by over R1 500 a year.
There’s no arguing with that one. From bathroom signs to fashion runways, the gender lines have been blurring at an ever-faster pace. It’s about time we ended ye olde pink/blue, girl/boy stereotype divide.
2. The 2012 Ig Nobel Peace Prize
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.
It’s not clear which group of Dutch lenders was wrong. It’s possible that the Seppenwolde lenders ignored the evidence about broader financial conditions and were too pessimistic. It’s also possible that the other lenders were too casual in brushing off the implications of the East India mess. Either way, the Dutch episode suggests that even sophisticated investors become optimistic or pessimistic for myopic reasons.
It has now entered the top 20 for the first time.
The booming Internet economy now is playing an increasingly important role in supporting wealth growth in China's IT industry.
Brazilian soccer fan Joedir Sancho Belmonte missed the 1950 World Cup final to stay home with his sick mother. Sixty-four years later, Belmonte exchanged his original unused ticket for three new tickets to the 2014 final.
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.
But nearly two-thirds (65 percent) of white evangelical Protestants say they think the storms are evidence of the "end times" as predicted by the Bible.
Whole Foods CEO John Mackey
We have increased excise duties to keep pace with inflation.
- 北京：中介不配合 房源全下架
- As for liberalization of global trade, we believe all countries need to work together to push it forward. This globe belongs to us all and we all need to do our bit.
- 广州荔湾区高层次人才评定开始 杰出人才购房补贴50万元
- 11月新增贷款环比涨幅近八成 居民消费意愿强劲
- 家居企业动向：传统营销褪色 “微营销”兴起
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.
“Total new business increased at a modest pace that was little-changed from October. However, November data indicated that foreign demand continued to soften, with the latest expansion of new export business the slowest since June. ”
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.
Foreigners with permanent residence enjoy the same rights as Chinese citizens, such as in investment, housing purchases and schooling, among other rights.
Within days of becoming Prime Minister of Great Britain, Winston Churchill (Gary Oldman) must face one of his most turbulent and defining trials: exploring a negotiated peace treaty with Nazi Germany, or standing firm to fight for the ideals, liberty and freedom of a nation.
China's Internet industry is often derided as a realm for knockoffs, especially of companies banned in China. Chinese search giant Baidu Inc. has a website that looks like Google Inc's. Tencent's flagship product, instant messaging service QQ, was launched in 1999 as OICQ and had similar functions to then-popular instant messaging service ICQ. Sina Corp.'s Weibo, a popular microblogging service, is invariably described as 'Twitter-like' in the Western media.
1997：H5N1传染人类1997: H5N1 Infects Humans
REDUCING STRUCTURALLY HIGH SPENDING
But fiscal sustainability must be uppermost in our mind.
“Someone resigned via a video conference call.”
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.
Copestake said fears over economic austerity and the stability of the euro had pushed the index of euro zone cities down in the past year while the inclusion of Caracas was due to artificially high exchange rate controls.
Housing advocates worry that if rezoning is not done carefully, communities could quickly gentrify. “Look at what happened in Williamsburg,” said Harvey Epstein, the director of the community development project at the Urban Justice Center, referring to price escalations. “I don’t know why it wouldn’t happen in East New York or the Bronx or in Flushing.”
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.
“That’s the difference between tweeting from your couch and governing the country. If you govern the country, you have to take sensible decisions, and that isn’t sensible,” Mr Rutte replied.
Adjustments are mainly in conditional grants for provinces and municipalities.
Now the burden is on Noel to prove that he's capable of being more than the shell of a player he often looked like amidst the Sixers' disarray.
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.
China becomes the first middle-income country to join the ranks of the world's 25 most-innovative economies, according to the Global Innovation Index (GII) released last Monday.
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
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.
“中国政府将GDP增长目标设定为7.5%，并努力将通胀保持在可控水平，很令人欣慰。这不仅会保持中国经济的繁荣，还将促进地区经济和全球经济的发展，印尼也将从中受益。”Imron Cotan, Indonesian ambassador to China
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.
“我去的每一个地方，都发现企业主对未来的需求量有一个很好的预期，” Gus Faucher PNC金融服务机构的资深经济学家称。“商人必须提高薪酬来吸引更多的劳动力或者保留原有的工人”。
Madam Speaker, we cannot go on like this. Classroom sizes are growing, hospitals are getting fuller and our communities are becoming increasingly unsafe.
The annual rich list of China's movers and shakers gives a temperature check on where money is flowing in China, and underlines the growing financial muscle of the country's super-rich.
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.
WASTEFUL EXPENDITURE AND CORRUPTION
For decades, the language of white identity has only existed in the context of white supremacy. When that became taboo, it left white identity politics without a vocabulary.
Format: After a one-week orientation, classes are held on alternating weekends on Fridays and Saturdays, with accommodations provided on Friday nights. Final term sessions are held on campus for two weeks with the remainder of the term completed online.
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.
As for Dirk, nobody should ever go out the way they do, but it happens all the time. In some ways, maybe it's easier if the reckoning is this painful.
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
- 国务院常务会议：积极财政政策要更加积极 稳健的货币政策要松紧适度
- Others are Ouyeel, a unit of Shanghai Baosteel Group that provides financing for steel traders; and Small Entrepreneur, part of China Merchants Bank — the country’s sixth-largest lender — which focuses on wealth management.
- 借“事”营销弊端显现 衣柜企业更需冷思考
- 国家市场监督管理总局公布2018年典型虚假违法互联网广告案件 6家房产家居企业被罚
APPROPRIATE MONETARY POLICY
The twin of our fiscal framework is appropriate monetary policy.
There were also shows that didn’t live up to early expectations but still had traction, most notably “The Affair,” on Showtime, which began as a Hamptons film noir and instead turned into a French art film. The crime may not be commensurate with the series’s punishingly slow pace and “Rashomon"-like storytelling, but the series picked up momentum — and suspense — in the final episodes.
Best Companies rank: 32
There is "credible evidence" Justin Bieber fathered a child after a backstage encounter with an older female fan, her lawyers have claimed. 一名女性的律师声称
Technically it is a project of the 10-member Association of Southeast Asian Nations to bring all of its trade deals in the region under one umbrella. It also lacks the ambition on many fronts of the TPP.
Investors have noticed Honda’s troubles. The automaker was one of the very few worldwide to avoid deep losses during the global financial crisis. Still, its common shares are down 17.2% over the past year, while the Nikkei 225 Index is up 7.4% and Toyota Motor shares are up 19.5%.
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.
Golden State Warriors point guard Stephen Curry said he has visited China every year since 2013 and the fans there are incredibly supportive.
1."The Little Kicks" in Seinfeld Almost Didn't Happen
Tesla:In an effort to blunt criticism about slow refueling times for battery-powered cars, Tesla TSLA -1.54% starts to roll out of a network of battery-swap stations. CEO Elon Musk must hope he can outdo Shai Agassi’s Better Place, which tried to build a whole company around battery-swaps before going bankrupt in 2013.
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.
AR could be the bigger opportunity after Apple’s Tim Cook gave the technology his backing — it was included in Apple’s latest operating system and its iPhone X device.
Even though we are apart, you are in my heart this season.千山万水，隔不断我在佳节对你的思念。
Based on the children's books that goes by the same name, this movie follows the adventures of Mowgli through the Jungle as he tries to discover himself. He comes across several creatures in the Jungle, played by various actors, who make his journey difficult.
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.
How do you feel about workingwith Ei Aoki again in Aldnoah?
THE INFRASTRUCTURE FUND
White anxiety has fueled this year’s political tumult in the West: Britain’s surprising vote to exit the European Union, Donald J. Trump’s unexpected capture of the Republican presidential nomination in the United States, the rise of right-wing nationalism in Norway, Hungary, Austria and Greece.
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.
China will "fasten the seat belt" and prevent any "acute outburst" of financial risks on the track for maintaining medium-high growth speed.
You can read the full list of stories, but here are the top five:
It is a struggle for power contained by understandings and institutions.
A Bubble With No Name Yet is still a bubble. But, Americans are too distracted, too numb, too in denial to hear the warnings. Reminds me of my headline back on March 20, 2000. 'Next crash, sorry you'll never hear it coming.'
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.
Heatwaves around the world, including one in India that led to more than 2,000 deaths and another in Iraq that saw the mercury top 50C, helped push temperatures 1C above pre-industrial levels for the first time, US and UK researchers said.
Hopefully the experts come up with a better plan than one that fell flat earlier this year. The country's tourism body unveiled a 'Beautiful China' logo in February to market the country overseas, but the campaign was mocked for its contrast with the many photos of China's not-so-beautiful cities shrouded in pollution.
“What Happened, Miss Simone?” (Liz Garbus)
We intend to make this intervention a resounding success.
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
Written instructions apparently issued by China’s tourism administration, shown to the FT by one Beijing travel agent, order agencies to cancel group tours to South Korea booked for after March 15 and add that companies not in compliance could be fined or have their licences revoked. The tourism administration was not immediately available for comment.
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.
Agriculture/forestry/husbandry/fishery and the service industry offer the lowest pay to new grads, at 3,347 and 3,115 yuan a month on average.
Determinations to implement the Integrated Resource Plan of 2019 are finalised and await the concurrence of the National Energy Regulator.
SOUTH AFRICAN AIRWAYS
From 'heelgate' to the Palm Dog to the 'Dad bod' – it's been a dizzying 12 days. Here are nine lessons from the film festival as it draws to a close.
A moment of panic followed, before the teenager decided to take matters into his own hands and find a way out.
OPENING UP OUR MARKETS TO TRADE WITH THE REST OF THE CONTINENT
On Saturday night they sang Stars from Les Miserables, the song performed the character Javert in the long-running musical.
One side of the capsized Eastern Star was rolled above water at 7:30 am Friday, as rescuers worked through the night to right the upturned ship in the Yangtze River. The side that has emerged shows "Eastern Star" in Chinese character on the hull.
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:
But most overseas islands are sold as freehold properties.
Industrial business incentives worth R18.5 billion will create and retain approximately 56 500 jobs
But what will politicians actually do While President Trump is focused on bringing back traditional manufacturing jobs to America, different US states are experimenting with other policies to help low-paid precarious workers. These range from sharply higher minimum wages to new rules to stop employers changing staff schedules at the last minute.
其他入围者分别是：《失去信号：黑莓离奇崛起与惊人陨落背后不为人知的故事》(Losing the Signal: The Untold Story Behind the Extraordinary Rise and Spectacular Fall of Blackberry)，作者杰基麦克尼什(Jacquie Mcnish)和肖恩缠尔科夫(Sean Silcoff)回顾了黑莓是怎样偏离了航向；《数字黄金：比特币背后不为人知的故事》(Digital Gold: The Untold Story of Bitcoin)，作者纳塔涅尔波佩尔(Nathaniel Popper)审视了虚拟货币比特币的崛起；《音乐如何变免费：一整代人犯下同样罪行的后果》(How Music Got Free: What Happens When an Entire Generation Commits the Same Crime?)，作者斯蒂芬威特(Stephen Witt)介绍了盗版和对等网络共享(P2P)扰乱唱片业的历史；《做不完的事：女人、男人、工作、家庭》(Un滻椀猀栀攀搀 Business: Women Men Work Family)，作者安妮-玛丽斯劳特(Anne-Marie Slaughter)在书中讨论了实现性别平衡面临的挑战，以及《行为不端：解读行为经济学》(Misbehaving: The Making of Behavioural Economics)，作者理查德泰勒(Richard Thaler)追踪了行为经济学的发展。
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.
“FKA细枝”(FKA twigs)，《两星期》(Two Weeks)，Young Turks
“It’s very easy to see the leaders in the current market are in a fairly tenuous or precarious position right now,” Gilbert says. “That’s evident by how quickly they’re innovating on each new device type.”
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.
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.
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.
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.
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.
Beijing is banning Chinese tour groups from visiting South Korea, the latest retaliation against the planned Korean deployment of the US-built Thaad missile shield, according to two people with knowledge of the plans.
China’s handling of its state reserves of raw materials such as cotton and sugar will be a key factor shaping the direction of agricultural commodities in 2017, according to a major lender to agribusinesses.
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.
Season\'s greetings and sincere wishes for a bright and happy New Year!
Rounding out our top five is Sandra Bullock, one of only two women on our list (the other is Jennifer Lawrence in 10th place). Bullock had two big hits this year in two very different genres: Gravity was a tense thriller that will likely earn her another Oscar nomination, while The Heat was a cop comedy that kicked butt at the box office, bringing in $230 million globally.
But that moment, try as Google might, has yet to come. Some reports have named 2014 as the year when wearable devices will hit the mainstream, but a newer study from L2, a digital research firm, confirms what many have been quietly fighting for: wearables are still not socially acceptable, creating a significant hurdle to further sales.
Skeptics of climate change have long argued that global warming stopped around 1998, when an unusually powerful El Ni?o produced the hottest year of the 20th century. Some politicians in Washington have seized on that claim to justify inaction on emissions.
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.
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.
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!
“Our goal is to produce as many units as we can and, at the same time, make sure that we do it in a way that maintains and enhances the health of neighborhoods,” said Carl Weisbrod, the director of the Department of City Planning.
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.
“Obviously, a single year, even if it is a record, cannot tell us much about climate trends,” said Stefan Rahmstorf, head of earth system analysis at the Potsdam Institute for Climate Impact Research in Germany. “However, the fact that the warmest years on record are 2014, 2010 and 2005 clearly indicates that global warming has not ‘stopped in 1998,’ as some like to falsely claim.”
The survey found the majority of grads, or 73.5 percent, have found jobs, while the number of students set to continue their studies in China accounted for just 6.3 percent, sharply down from 16.5 percent in 2016.
All these steps build a capable state.
Madam Speaker, there are a number of entities that report to the Ministry of Finance.
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.
They may be in opposite corners of the globe, but Hong Kong, Sydney and Vancouver have one thing in common.
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.
A word of appreciation to the Deputy Minister of Finance, The National Treasury Director General and his team.
For the full year, profits rose 3.3 per cent, the slowest growth since at least 2008, when Chinese manufacturers were slammed by the global financial crisis.
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)