Challenging global environment and domestic pressures place the government’s commitment to fiscal consolidation at serious risk
Finance minister Enoch Godongwana. Picture: FREDDY MAVUNDA/FILE PHOTO
National Treasury will welcome the robust revenue performance as it bodes well for countering the rising spending requirements. Beyond 2022/2023 we expect downside pressure on revenue collection on the back of lacklustre growth prospects and limited room to raise taxes despite the growing spending pressures. Given the well-contained total government spending in the first nine months of 2022/2023, we expect the growth in expenditure to come in higher than the medium-term budget’s 2022 forecast for the fiscal year.
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