Budget Speech 2016Growth, Inclusion and Social Cohesion |
Honourable Speaker, our economic imperative is to ignite inclusive growth.
This is central for jobs, for lowering debt, for delivering services and building infrastructure for a 21st century economy. Let us chart a new course for the economy and well-being of all South Africans, particularly for those hardest hit by unemployment – the low-skilled and the youth. This is not only crucial to address social imbalances and inequality, it is also fundamental to encouraging investment.
The recent tremors felt by emerging markets are a warning that we need to take corrective steps urgently or we will be worse off. At the same time, we need to move forward to mobilise the resources and capacity of all our people, large and small enterprises, civil society organisations and public-private partnerships.
The joint actions we need will not always be easy. All too often, bureaucrats and businesspeople speak past each other; the needs of the young are not the same as those of the elderly; the rhythms of the township differ from those of the suburb. Race, class and language differences interfere with progress, even when we have shared aspirations. We need to bridge these divides.
Yet we are resilient, we are committed, we are resourceful.
We can turn today’s adversity into opportunities.
We can address the weaknesses that create policy uncertainty, we can build on the strengths that are our resource base, our institutions and our workforce. We can do things differently where we need to innovate.
We have avoided reckless policies which might have dragged us into recession or reversed the capital flows we need. We have a sound macroeconomic and fiscal framework, and the will to work together for faster and inclusive growth.
Allow me to thank you, Mister President and Mister Deputy President, for your leadership and support. I must also thank Cabinet colleagues for your contributions to addressing the challenges before us.
Members of the Ministers’ Committee on the Budget, including Deputy Minister Jonas, have provided sterling support.
I thank our Provincial Premiers and Finance MECs, and Municipal Mayors, who share our fiscal and financial responsibilities.
Please join me in expressing appreciation to:
| • | Director-General Lungisa Fuzile and officials of the National Treasury; |
| • | Governor Kganyago, the Deputy Governors and staff of the South African Reserve Bank; |
| • | Commissioner Moyane and staff of the South African Revenue Service; |
| • | Commissioners and staff of the Financial and Fiscal Commission; |
| • | The Chairpersons, Boards, Chief Executive Officers and staff of the DBSA, the Land Bank, the Public Investment Commission, the Financial Services Board, the Financial Intelligence Centre and the Government Pension Administration Agency; |
| • | The staff and constituency representatives of NEDLAC, and particularly its Public Finance Chamber, and |
| • | Judge Dennis Davis and members of the Tax Committee. |
I am especially grateful to the chair of the finance committee, the honourable Carrim, acting chair of the appropriation committee, honourable Gcwabaza and chairs of the select committee on finance and appropriation, honourable de Beer and honourable Mohai, who have responsibility for facilitating the consideration of the Division of Revenue Bill and the Appropriation Bill, and the revenue bills which will be tabled later in the year.
We are resilient. We are committed. We are resourceful.
Looking back on his extraordinary life of resilience, and of commitment, former President Mandela said this: “I am fundamentally an optimist. Whether that comes from nature or nurture I cannot say. Part of being optimistic is keeping one’s head pointed toward the sun, one’s feet moving forward. There were many dark moments when my faith in humanity was sorely tested, but I would not and could not give myself up to despair. That way lays defeat and death.”