The minister of finance, Tito Mboweni, delivered his medium-term budget speech for South Africa at the end of October. What’s the purpose of this budget speech and what were some of the most important announcements made?
It’s a speech by the minister of finance in which he presents the government’s budget to parliament and the nation.
A budget is your plan for the amount of money you intend spending and what it will be spent on. The government usually compiles its budget for the 12 months from 1 April to 30 March – this is referred to as the financial year.