Budget Presentation Essay

845 words - 4 pages

University of Pretoria
DISCUSSION OF THE NATIONAL BUDGET (2011/12)
11 March 2011 Prof NJ Schoeman

Department of Economics

Content
1. Macro economic performance
a) b) c) a) b) a) b) 1. 2. Macro objectives The Business cycle The revenue base Revenue trends Composition of Revenue Total expenditure trends Budget priorities Budget deficit Cyclically adjusted budget

2. Revenue

3. Expenditure

4. Financing of the budget

Policy objectives – New Growth Path
1. 2. 3. 4. 5. 6. 7. 8. High quality basic education Improved health and life expectancy Greater public protection and safety More rapid employment creation and inclusive growth Skilled and capable work force Food security ...view middle of the document...

0%

25.0%

% Growth in Current expenditure % Growth in Capital expenditure

20.0%

15.0%

10.0%

5.0%

0.0%

• Growth in transfers seems to be pro% Growth in Transfers cyclical •Capital expenditure growth strong in % Growth in total 2010/11 albeit from a consolidated low base
expenditure

Percentage

-5.0%

Deficit

Estimated Deficit/GDP ratios
2 1 0 -1 Percentage -2 -3 -4 -5 -6 -7 -8

Deficit 2009 MTEF estimates Deficit 2010 MTEF estimates

Deficit Financing continued – Way of financing
200

Borrowing requirement

150

100

Rand Billion

The deficit is mainly financed by means of long term borrowing from local markets

50

0

-50

-100

domestic loans change in cash and other balances
Year

foreign loans Total financing

Accumulation of Public Debt

MTEF 2009 Debt estimates - Debt as % of GDP
60 50 Percentage 40 30 20 10 0

The debt had stabilised between 1998 and 2007 but increased quite substantially since then (mainly because of increased deficit financing)

Year

Fiscal Policy Stance
Important fiscal ratios
0.350 0.300 0.070 0.060 0.050 0.250

Revenue and Expenditure

Stae Debt Cost

0.040 0.200 0.150 0.100 0.000 0.050 0.000 -0.010 -0.020 0.030 0.020 0.010

National expenditure as % of GDP Revenue as % of GDP State debt cost as % of GDP Deficit as % of GDP •Debt service cost on the increase again but still within healthy margins. •Of...

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