Watch 2010 / 2011 Budget Speech LIVE!!!

Are you a budget speech fanatic or just interested in what's going to happen in this exciting and ever changing South Africa?

Look no further, brought to you live from Parliament themselves, You can watch the budget speech @ 2:00pm today!

http://www.parliament.gov.za/live/content.php?Item_ID=276

To view previous bduget speeches:

2008 / 2009 Budget speech
2009 /2010 Budget speech

STAY TUNED!
We'll have the budget speech listed before you can say: F#$%! what an amazing budget speech!

If I manage to get it right I'll try and stream this onto our BLOG :) I'll try!

South African Budget Speech 2009 /2010 - Summary - Overview

Trevor Manuel announced the budget speech yesterday. With his "budget policy in the time of crisis", Trevor Manuel yesterday presented a brand new lease on life view of the economic crisis that's hit SA, moving away from his usual conservative views and opening up with some mind blowing numbers and figures to help stimulate our economy for 2009 / 2010.

So without further ado, i give you the summary / overview of the 2009/2010 budget speech. We will later today post the entire breakdown of the budget.

Tax breaks:

• tax payers will pay R13.6 billion less in income tax


• individuals under 65 who earn less than R54 200 per year will pay no tax


• those over 65 who earn less than R84 200 will pay no tax

Cough up for your cigarettes:

• a packet of cigarettes now cost 88 cents more


• the price of 750ml bottle of spirits goes up by R3, 21


• a 340ml can of beer now sets drinkers back a further 7 cents

Grants grow by R50:

• from April, the old-age, disability and care dependency grants will rise by R50 a month


• the retirement age for men currently at 63, is in the process of being reduced to 60 by 2010 to be on a par with that for women

Petrol pain

• fuel levies will go up on April 1 by 23 cents litre for petrol and 24 cents a litre for diesel


• the road accident fund levy will go up by 17.5 cents a litre


• the total increase will be just over 40 cents a litre

WHERE YOUR MONEY WILL GO

Justice and safety

• the fight against crime will receive a R5.4 billion boost this year, bringing total spending on courts, prisons and the police in 2009/2010 to R101 billion


• R3 billion will be spent on upgrading the it networks in the criminal justice system

Schools, roads and clinics

• R24.8 billion to provinces to increase services, mainly for health and education


• a further R4billion for the school nutrition programme


• R4.1 billion for provincial infrastructure especially, schools, roads and clinics

Service delivery and job creation

• free basic services; R600 million for municipalities to extend free basic services


• to create jobs and accommodate higher costs for skills and materials, spending on infrastructure will rise from an estimated R690 billion to R787 billion most of it for municipalities, provinces and parastatals

Better health care

• R932 million for the treatment and prevention of AIDS


• an extra R1.8 billion for three new vaccines to help reduce infant death


• R728 million for the hospital revitalisation programme - upgrades and construction of 31 hospitals nationwide

Supporting children

• from April, the foster care grant will increase to R680


• last month the R240 child support grant was extended to 15 year olds

2010 fifa world cup

• an extra R463 million to cover cost increases and pay for better project management of the stadiums being built


• R508 million in 2009/2010 and R210 million in 2010/2011 to help host cities prepare


• R11.9 billion in the next 3 years for public transport

Powering eskom

• R1 billion to manage power consumption


• eskoms R60 billion government loan to be repaid over 30 years. the power utility which got R10 billion in last years budget gets a further R30 billion in 2009/2010 and R20 billion in 2010/2011

Poverty relief

• the expanded public network programme which has run for four years will be extended by another 5 with the provision for jobs that will keep people employed for longer


• R1.8 billion for rural development over the next 3 years

Thanks Trevor

References: The Star & The Pretoria News

Budget Speech: Trevor Manuel: 2008 - 2009

Click here to VIEW LATEST BUDGET SPEECH 2009 /2010 - Just added

Howdy Folks: This is just a quick post to show everyone the updated and latest budget speech. Most people finding our website are hitting last years 2007/2008 budget speech and hence thinking that there's no change occurring in South Africa ;-)

So before any protests start here's a copy of the latest 2008/2009 budget speech by Trevor Manuel. It is really big, and if you'd like to download a copy you can download it from the Old Mutual Site (that's where I stole it, thanks Old Mututal)... http://www.oldmutual.co.za/markets/south-african-budget-2008.aspx

For those of you who'd prefer a brief highlight of the Budget Speech by Trevor, here it is!! Let us know your thoughts please!!

2008 Budget highlights - Trevor Manuel - South Africa

The economy and fiscal stance:

• GDP growth of 5 per cent in 2007, with growth averaging about 4.3 per cent a year over the forecast period.
• CPIX inflation rising to 7.1 per cent in 2008 before declining to 4.9 per cent in 2009.
• Gross fixed capital formation projected to rise from 21 per cent of GDP in 2007 to 24 per cent in 2010.
• Estimated consolidated national budget surpluses of 1 per cent in 2007/08 and 0.8 per cent in 2008/09, with projected surpluses over the three-year period.
• Real growth in consolidated government non-interest expenditure of 6.1 per cent a year over the MTEF.
• Government contribution to national savings projected to rise from 0.8 per cent of GDP in 2006/07 to 1.5 per cent in 2010/11.
• R60 billion to support Eskom’s capital financing requirements over the next five years.

Tax proposals:

• Total tax relief for individuals of R7.7 billion.
• Reduction in the corporate income tax rate from 29 per cent to 28 per cent.
• A simplified tax regime for small businesses.
• R5 billion in tax subsidies over the next three years for labour-intensive industries and industrial policy.
• An electricity levy of 2 cents per kilowatt hour.
• Fuel (petrol and diesel) taxes to increase, from 2 April 2008, by 11 cents per litre.
• A packet of 20 cigarettes will cost 66 cents more.
• A 750 ml bottle of wine will cost 12 cents more.
• A 340 ml can of beer will cost 5 cents more.
• A 750 ml bottle of liquor (spirits) will cost R2.17 more.

Spending on public services Additions to spending over the next three years:

• R33.2 billion for provinces mainly for school education, health care, welfare services and roads.
• R6.5 billion to municipalities for the extension of free basic services.
• R12.5 billion for social grants, including extension of the child support grant to children up to their 15th birthday in 2009 and lowering of the age of eligibility for men to receive the old age pension to 60.
• R9 billion in conditional grants for school building, HIV and Aids, hospital revitalisation and school nutrition.
• R8.2 billion for public transport, roads and railway infrastructure.
• R6 billion for housing, water and general built environment infrastructure.
• R2 billion for 2010 FIFA World Cup Stadiums and related infrastructure.
• R2.5 billion for industrial development and small, medium and micro enterprises.
• R2.6 billion for agriculture and land reform.
• R2.7 billion for information technology network infrastructure, police forensic laboratories and additional police personnel, and R2 billion for correctional facilities.
• R1.4 billion for higher education, research and knowledge development.
• R1 billion for programmes under the expanded public works umbrella.

WizardMan Out!