---
title: "Budget in a box — your summary here"
description: "Key take-aways from the Medium-Term Budget Policy Statement tabled on Wednesday, 1 November 2023."
type: "NewsArticle"
publisher: "Daily Maverick"
site: "https://www.dailymaverick.co.za"
section: "MEDIUM-TERM BUDGET POLICY STATEMENT"
author: "Neesa Moodley"
author_url: "https://www.dailymaverick.co.za/author/neesa-moodley/"
canonical_url: "https://www.dailymaverick.co.za/article/2023-11-01-medium-term-budget-in-a-box-summary-takeaways/"
published: "2023-11-01T14:17:36"
updated: "2023-11-01T14:49:54"
lang: "en-ZA"
word_count: 182
---

# Budget in a box — your summary here

> Key take-aways from the Medium-Term Budget Policy Statement tabled on Wednesday, 1 November 2023.

By Neesa Moodley · Published 1 November 2023, 16:17 SAST · Updated 1 November 2023, 16:49 SAST

## Key points
- Enock Godongwana unveiled a package of austerity measures today that will see revenue collections and spending both take hits, with a few exceptions for social grants and public wages.
- Finance Minister Enoch Godongwana announces revenue and spending cuts totalling R97.8-billion for 2022/23.
- Social grants extended by R34-billion, public wages increased by R24-billion this year.
- Eskom bail-out changed to interest bearing loan, no Transnet bail-out until efficiencies are improved.
- No more Mr Nice Guy - tough austerity measures from Godongwana.

## Content

“Mr Austerity” as Finance minister Enoch Godongwana jokingly referred to himself, announced the following changes today in the Medium-Term Budget Policy Statement:

⬇️ Revenue collections for 2022/23 now projected at R1.68-trillion, down R56.8-billion from the projections proffered in February.

- Personal income tax – down 1.3%
- Companies tax – down 0.3%
- VAT – down 3.9%

⬇️ Spending for 2022/23 reduced by R21-billion.

Further spending cuts – R64-billion (2024/25) and R69-billion (2025/26)

⬆️ Social grants – R34-billion to extend SRD grant for another year to end March 2025.

⬆️ Public wages – Another R24-billion this year, and R74-billion over the medium term to fund the 2023/24 wage increase.

#### **No more Mr Nice Guy**

🙂 Eskom bail-out – changed from a no-interest loan to an interest-bearing loan

🙂 Transnet – no bail out or assistance until progress has been made towards enhancing efficiencies, facilitating competition and leveraging financial and technical support of the private sector. **DM**

**Read more:**[More tax to come, but no SOE bailouts, as Godongwana juggles public finances to extend R350 grant](https://www.dailymaverick.co.za/article/2023-11-01-more-tax-to-come-but-no-soe-bailouts-as-godongwana-juggles-public-finances-to-extend-r350-grant/)

*Read Finance Minister Enoch Godongwana's Medium-Term Budget Policy Statement below:*

[Media: "MTBPS 2023 Speech _ 01.11.23_Final"](https://www.scribd.com/embeds/681520799/content?start_page=1&view_mode=scroll&access_key=key-QeXdfgqp1xZ3ASbc7ZRq)