Kevin Lings previews Budget 2023: Investment markets will punish SA if FinMin spends R80bn windfall on a permanent cost

South Africa's annual Budget, to be presented on Wednesday, comes at a crucial time in the electoral cycle for the ruling ANC. A watershed National election is penciled in for May 2024, at which the ANC looks sure to lose its control of Parliament. Adding to the pressure to dispense vote-catching gifts by an embattled political party is an unexpected income overrun of between R80bn and R90bn in mining sector taxes via a commodities price boom. Stanlib chief economist Kevin Lings outlines the significant issues facing SA finance minister Enoch Godongwana, warning that investment markets will punish any short-term profligacy, especially given the fragile nature of the income windfalls. He spoke to Alec Hogg of BizNews. Learn more about your ad choices. Visit megaphone.fm/adchoices