ALSO READ: Full 2017 Budget speech
15: 30 Gordhan: Members of the House will join me in expressing appreciation to staff of the National Treasury, the SA Reserve Bank.
15: 31 Gordhan: This is the time for activists, workers, businesspersons, clergy, professionals & citizens to engage in shaping the transformation agenda.
15: 32 Gordhan: We also need to consider, whether we should supplement our Constitutional Bill of Rights with a “Charter of Economic Rights”.
15: 33: Gordhan: Poet S.E.K Mqhayi wrote: “Kukhonza mnye ukuze kuphile abanye,” (Somebody has to serve, so that others can live.)
15: 33 Gordhan: Can we, in this spirit, say: we have built a better South Africa?
15: 34 Minister of Finance Pravin Gordhan tables #Budget2017 to parliament through the Speaker.
15: 35 End of budget speech.
— Justice Malala (@justicemalala) February 22, 2017
Only 103,000 people earn more than R1,5m a year in SA. 0,19% of the population. #Budget2017
— Charles Teversham (@CTeversham) February 22, 2017
This year's revenue shortfall: R30-billion.
Last year the Government wasted, lost or stole R46-billion ("irregular expenditure")#budget2017
— Tom Eaton (@TomEatonSA) February 22, 2017
House under R900 000.00 will not attract transfer tax. (This is big) #Budget2017
— Ferial Haffajee (@ferialhaffajee) February 22, 2017
15: 12 Gordhan: The old age grant will increase by R90 to R1600 for pensioners over the age of 60, and R1620 for those over 75.
15: 12 Gordhan: The disability and care dependency grants also increase by R90 to R1600 a month.
15: 13 Gordhan: The child support grant increases by R20 to R380 a month.
15: 14 Gordhan: Public procurement is an important strategic vehicle for developing local industries, broadening economic participation and creating work.
15: 14 Gordhan: Where large firms are awarded tenders of R30 million or more, 30 per cent of the contract value must go to small or black-owned enterprises.
15:15 Gordhan: Procurement authorities are now empowered to set clear targets to promote black owned and women-owned businesses.
15: 16 Gordhan: Procurement Bill will be published shortly. It will establish a single procurement authority and will consolidate fragmentation.
15: 17 Gordhan: Where fraud or corruption is identified, action must be taken.
15: 18 Gordhan: A single procurement authority will consolidate fragmented regulatory environment, in keeping with section 217 of the Constitution.
15: 19 Gordhan: We have seen with the Competition Commission investigation, evidence of a collusive culture at trading desks in banks.
15: 20 Gordhan: Collusion must be stamped out whether it is in banking, construction or the bread industry.
15: 20 Gordhan: Progress has been made in transforming the financial sector, more needs to be done to broaden access via more affordable financial services.
15: 22 Gordhan: I am pleased to announce that we will work with partners at NEDLAC who have requested that a Financial Sector Summit take place in 2017.
15: 23 Gordhan: We have agreed to implement a minimum wage of R20 an hour with effect from next year.
15: 24 Gordhan: R1.5 billion fund to support small and medium enterprises has been established by private sector voluntarily.
15: 25 Gordhan: A youth employment service programme has been initiated, with the aim of creating a million work opportunities over 3 years.
15: 26 Gordhan: South Africans, wherever you are…. Own this process; defend your gains; demand accountability.
15: 27 Gordhan: ‘Be an active agent for change. Umanyano Ngamandla. Unity is power’
15: 28 EFF MP Mbuyiseni Ndlozi raises point of order, says there’s no guidance provided by President Jacob Zuma to the finance minister. Speaker Baleka Mbete dismissed his point of order.
15: 29 Gordhan: Our financial situation is difficult, but we have still produced a credible budget.
— National Treasury (@TreasuryRSA) February 22, 2017
14: 55 Gordhan: The Provincial Roads Maintenance Grant allocated R10.8 bill – 2017/18, taking into account the increase in road traffic.
14: 56 Gordhan: To support higher density housing, subsidies for social housing have been rationalised.
14: 57 Gordhan: Over the medium term, R16.7 billion is allocated for 70 new train-sets for Metrorail.
14: 58 Gordhan: SANRAL receives R15.4 billion over the period ahead for strengthening and maintenance of the national road network.
14: 59 Gordhan: We have also seen investment in township precincts in response to the neighbourhood development partnership grant.
15:00 Gordhan: In Ekurhuleni, development along the corridor linking Tembisa to Kempton Park has been prioritised.
15: 01 Gordhan: In Johannesburg, there is further progress with the “corridors of freedom” linking Soweto, Alexandra, Sandton and the CBD.
15: 02 Gordhan: Cape Town has adopted a transit-oriented strategy including mixed-use development of the Bellville Transport Interchange.
15: 03 Gordhan: With transformation, we will see growth. Growth will strengthen the forces of transformation.
15: 04 Gordhan: Government is moving towards the next phase of the implementation of the National Health Insurance (NHI).
15: 05 Gordhan: NHI to expand the integrated school health programmes, including provision of spectacles and hearing aids.
15: 05 Gordhan: Improve services for people with disabilities, the elderly and mentally ill patients, including provision of wheelchairs.
15: 06 Gordhan: Spending on basic education next year will be over R240 billion, or 17.5 per cent of the consolidated budget.
15: 06 Gordhan: Allocations for school building increase at 12.5 per cent a year.
15: 07 Gordhan: Spending on learning and teaching support materials increases by 9.5 per cent over the next three years.
15: 07 Gordhan: Government recognises the needs articulated by students in universities and TVET colleges.
15: 08 Gordhan: The Higher Commission of Inquiry into Higher Education and Training will complete its work by June this year.
15: 09 Gordhan: Government is determined to address the challenges identified in post-school education and training in a phased manner.
15: 10 Gordhan: Government stands ready to engage with education stakeholders & adapt financing arrangements as may be required in future years.
15: 10 Gordhan: A growing contribution is needed from employers and industry through funding of bursaries, internship opportunities and research programmes.
15: 11 Gordhan: Together, we will find a way forward that meets student funding needs fairly and sustainably.
14: 41 Gordhan: 47.5% of available funds are allocated to national government, 43.4% to provinces & 9.1% to local government.
14: 42 Gordhan: Allocations to predominantly rural municipalities are twice as large, per household, than those to metropolitan.
14: 43 Gordhan: Improved oversight is needed to curb unauthorized expenditure.
14: 44 Gordhan: Three new conditional grants will take effect in 2017/18 to expand access to early childhood development and improve facilities.
14: 45 Gordhan: If we make progress in local financial management, we will transform the lives of millions of people.
14: 45 Gordhan: A growing economy makes more rapid transformation possible.
14: 46 Gordhan: About two-thirds of the Budget is dedicated to realising social rights.
14: 47 Gordhan: We have programmes that build infrastructure, support new businesses, empower small farmers, develop capabilities and incentivise job creation.
14: 47 Gordhan: We need a powerful combination of an energetic coalition with labour, business and civil society.
14: 48 Gordhan: Transformation goals: A commitment to eradicate gross inequality and share the benefits of growth.
— National Treasury (@TreasuryRSA) February 22, 2017
14: 50 Gordhan: Improved education is a priority, i.e.the quality of basic literacy and numeracy achieved in the first phase of schooling.
14: 51 Gordhan: We must accelerate development of our cities, housing investment, improved public transport and urban enterprise and industrial development.
14: 52 Gordhan: South Africa’s integration & linkages with its regional neighbours offers significant opportunities.
14: 53 Gordhan: Last week I met members of the board of South African Airways to discuss its turnaround plans.
14: 54 Gordhan: We have also held constructive discussions with the new leadership of the Post Office.
14: 28 Gordhan: The proposed expenditure for 2017/18 totals R1.56 trillion.
14: 28 Gordhan: Projected revenues amount to R1.41 trillion.
14: 29 Gordhan: The balance of R149 billion, or 3.1 per cent of GDP, will be borrowed.
14: 29 Gordhan: Government debt now stands at R2.2 trillion, or 50.7 per cent of GDP.
14: 30 Gordhan: Substantial additional allocation to higher education is again proposed, adding R5 billion to the R32 billion previous.
14: 31 Gordhan: Citizens demand accountability to ensure public funds are used for their intended purposes.
14: 32 Gordhan: A new top personal income tax rate of 45 per cent for those with taxable incomes above R1.5 million.
14: 33 Gordhan: An increase in the dividend withholding tax rate from 15 per cent to 20 per cent.
14: 34 Gordhan: An increase of 30c/litre in the general fuel levy and 9c/litre in the road accident fund levy.
14: 34 Gordhan: Increases in the excise duties for alcohol and tobacco, of between 6 per cent and 10 per cent.
14: 35 Gordhan: The annual allowance for tax free savings accounts will be increased to R33 000.
14: 35 Gordhan: Further consultations are currently taking place on the tax on sugary beverages.
14: 36 Gordhan: The proposed carbon tax and its date of implementation will be considered further in Parliament this year.
14: 37 Gordhan: Multinational corporations continue to use inconsistencies in global tax rules to their advantage and to avoid tax.
14: 38 Gordhan: SARS has already received disclosures of R3.8 billion in foreign assets, which will yield revenue of about R600 million.
14: 39 Gordhan: The funds after providing for debt service costs and a contingency reserve increase by 6.9% to R1.24 trillion in 2018.
14:17 Gordhan: Our state-owned companies & finance institutions play a substantial role in infrastructure investment and financing development.
14: 18 Gordhan: Government and business leaders throughout the world have had to reflect on the deficit of trust and loss of social solidarity.
14: 19 Gordhan: The services sector was the main contributor to growth in 2016, bringing nearly 120 000 new work opportunities.
14: 20 Gordhan: Mining and manufacturing employment declined by 80 000 jobs in 2016.
14: 21 Gordhan: Commodity prices have rebounded.
14: 21 Gordhan: Electricity supply has improved, allowing new connections and industrial demand to be accommodated.
14: 21 Gordhan: “Ditau ge di shumishana di ka bolaya nare.” (If lions work as a team they will bring down even a buffalo.)
14: 22 Gordhan: R3.9 billion for small, medium and micro enterprises and cooperatives.
14: 22 Gordhan: R4.2 billion for industrial infrastructure in special economic zones and industrial parks.
14:23 Gordhan: R1.9 billion for broadband implementation.
14: 23 Gordhan: An additional R494 million for tourism promotion.
14: 24 Gordhan: Spending on agriculture, rural development and land reform amounting to nearly R30 billion by 2019/20.
14: 25 Gordhan: The services sector was the main contributor to growth in 2016 bringing nearly120 000 new work opportunities.
14: 25 Gordhan: After several years of tentative economic growth, there are signs that a more sustainable recovery might be under way.
14: 26 Gordhan: We must continue to confront cartels and collusion robustly and provide new opportunities for access to markets.
14: 26 Gordhan: Transformation must achieve a more balanced structure of ownership and control in our economy.
14: 27 Gordhan: Transformation must result in an economy that belongs to all, black and white, where the legacy of race domination is no longer visible.
14: 04 Finance Minister Pravin Gordhan is on the podium now.
14: 07 Gordhan quotes the Freedom Charter -“South Africa belongs to all who live in it.”
14: 08 Gordhan reiterates the Constitution’s compulsion that it applies to all who live in South Africa.
14: 09 Gordhan says the Constitution imposes obligations on government and has implications for business sector and all stakeholders.
14: 10 Gordhan: Income growth has been uneven – the bottom 20 per cent have benefited from social grants and better access to services.
14: 11 Gordhan: 35 per cent of the labour force are unemployed or have given up hope of finding work.
14: 12 Gordhan: Our towns and cities remain divided and poverty is concentrated in townships and rural areas.
14:13 Gordhan: Our growth has been too slow – just 1 per cent a year in real per capita terms over the past 25 years.
14: 14 Gordhan: These, among other factors, are also driving a case for radical transformation of economic models, & a call for inclusive growth.
14: 15 Gordhan: Tough choices have to be made to achieve the development outcomes we seek.
14: 15 Gordhan: We have a plan for a more inclusive, shared economy. Its implementation requires greater urgency and collaboration.
14: 16 Gordhan: An additional R28 billion will be raised in taxes.
14: 16 Gordhan: Government debt will stabilise at about 48 per cent of GDP over the next three years.
14: 16 Gordhan: Government’s wage bill has stabilised.
14: 17 Gordhan: Procurement reforms continue to improve the effectiveness of public spending.