TOP STORY - Much uncertainty about next week’s Budget for FY23/24
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GUEST - Peter Worthington - Senior Economist at Absa CIB
The 2023 Budget, which Finance Minister Godongwana will present on 22 February, will likely confirm a robust fiscal performance in FY22/23. The 2023 Budget document will update the NT’s revenue and expenditure targets for the current fiscal year that were published in the Medium-Term Budget Policy Statement (MTBPS). So far in FY22/23 (for the period April-December), fiscal progress has been strong, with solid expenditure control and robust revenues. Main budget expenditures in the period were up just 3.8% y/y, while revenues were up 7.6%. However, provisional financing data for January suggest a big cash deficit in January of about R92bn, some R26bn or 39% larger than a year previously.
The 2023 Budget, which Finance Minister Godongwana will present on 22 February, will likely confirm a robust fiscal performance in FY22/23. The 2023 Budget document will update the NT’s revenue and expenditure targets for the current fiscal year that were published in the Medium-Term Budget Policy Statement (MTBPS). So far in FY22/23 (for the period April-December), fiscal progress has been strong, with solid expenditure control and robust revenues. Main budget expenditures in the period were up just 3.8% y/y, while revenues were up 7.6%. However, provisional financing data for January suggest a big cash deficit in January of about R92bn, some R26bn or 39% larger than a year previously.
