During his budget speech in parliament yesterday, Minister of Finance Tito Mboweni announced that the state will be looking to establish a sovereign wealth fund and a state-owned bank. The EFF insist these ideas were first introduced by the party.
On 02 February 2017, through a substantial motion in parliament, EFF president Julius Malema spoke about the Nationalization of Banks.
On Tax: The government will adjust tax brackets above inflation with taxpayers expected to pay 5.2% less income tax. Fuel levies will increase by 25 centre per litres with a 16 cents per litre increase in the general fuel levy and a 9 centers per litre in the RAF levy.
The Wage Bill: Over the next three years, the government aims to cut R160-billion in the wage bill and save R37.8-billion within the next financial year
SOE Bailouts: Eskom: R112 billion (R56 billion in 2020/21), Denel: R600 million, SAA: R16.4 billion (R10.3 billion in 2020/21), SABC: Cash bailout of R1.1 billion, South African Express: R200 million.
Social grants: Grants for old age, disability and care and dependency will increase by R80 to R1,860 per month. War veteran grants will also increase by R80 to a monthly payout of R1,880. The foster care grant will increase by R40 to R1 040 and the child support grant will increase by R20 to R445 per month.
Get the full 2020 budget speech by Minister of Finance Tito Mboweni here.