What the budget speech means for the South African consumer?

Loading player...
GUEST - Thabani Ndwandwe, Chief Risk Officer at Standard Bank SA



Finance minister Enoch Godongwana has outlined the new tax brackets for personal income taxpayers in his Budget speech 2024. The minister said that the budget proposes tax increases totalling R15 billion for the 2024/25 fiscal year to alleviate “immediate pressures” on the budget.



As part of this, there are no Inflation adjustments to the personal income tax tables and medical tax credits are provided for the year. With tax brackets not being adjusted for inflation, South Africans who got a salary increase this year will end up paying more tax, or even being pushed into a higher tax bracket.
21 Feb 2024 5PM English South Africa Business News · Investing

Other recent episodes

Sasfin Wealth’s rebrand to Otto1890

Erol Zeki, CEO of Otto1890 (formerly known as Sasfin Wealth), joins us to talk about the group’s strategic shift beyond the branding. The group is looking to tap into private market opportunities, amongst other things.
30 Mar 5PM 17 min

SA’s producer price outlook deteriorates sharply

Producer price inflation showed signs of easing in January, according to data from Stats SA. Economists from Nedbank say the outlook has deteriorated sharply, and Johannes Khosa explains why…
30 Mar 5PM 11 min

Careers Corner – Are degrees still relevant in SA’s job market

South Africa’s youth unemployment crisis has raised concerns about the validity of chasing a degree to secure employability. Professor Linda du Plessis, Senior Deputy Vice-Chancellor, North-West University, argues that there is still value with the right approach by educators.
30 Mar 5PM 12 min

Middle East-driven energy shock for Africa

We explore how the Middle East-driven global energy shock is reshaping Africa’s fuel security, what it means for businesses and consumers, and whether the crisis could accelerate a shift toward more resilient, local energy solutions. For more on this, we caught up with NJ Ayuk, CEO of the African Energy…
30 Mar 5PM 12 min