Investec Investec Focus Radio SA

NOW Ep92: Budget 2025 | What to expect

Loading player...
With a challenging economic landscape, fluctuating currency, global trade tensions, and ongoing energy struggles what can South Africans, businesses and investors expect from Finance Minister Enoch Godongwana’s 2025 Budget Speech? Investec experts Chief Economist Annabel Bishop, Treasury Economist Tertia Jacobs and Chief Investment Strategist Chris Holdsworth share their predictions for Budget 2025.

Podcast key moments:

00:00 – Introduction
01:16 - Overview of the current macroeconomic landscape
03:08 - What has changed since the Minister of Finance tabled the Medium-Term Budget Policy Statement (MTBPS) in October 2024?
04:10 – What will investors be watching in Budget 2025
04:45 - How do you expect the minister to navigate fiscal deficit?
06:35 - Can government lower its debt trajectory?
07:43 – How do we drive growth in South Africa?
08:52 - Expectations for revenue in the upcoming budget? any tax increases?
13:11 - From an investment perspective, what are the implications for various key sectors and the equity market?
14:18 - Outlook for government bond yields?
15:47 - When will South Africa get to investment grade?
16:44 - How can the budget address issues related to retrenchment and unemployment?
18:12 - Are there strategies to ensure the development of a sustainable infrastructure in South Africa?
19:55 - What's the one big thing that you're looking out for in budget 2025?

Read more on www.investec.com/now

Hosted by seasoned broadcaster, Jeremy Maggs, the No Ordinary Wednesday podcast unpacks the latest economic, business and political news in South Africa, with an all-star cast of investment and wealth managers, economists and financial planners from Investec. Listen in every second Wednesday for an in-depth look at what's moving markets, shaping the economy, and changing the game for your wallet and your business.
Chapters
  • 00:00 Introduction
  • 01:16 Overview of the current macroeconomic landscape
  • 03:08 What has changed since the Minister of Finance tabled the Medium-Term Budget Policy Statement (MTBPS) in October 2024?
  • 04:10 What will investors be watching in Budget 2025?
  • 04:45 How do you expect the minister to navigate fiscal deficit?
  • 06:35 Can government lower its debt trajectory?
  • 07:43 How do we drive growth in South Africa?
  • 08:52 Expectations for revenue in the upcoming budget? any tax increases?
  • 13:11 From an investment perspective, what are the implications for various key sectors and the equity market?
  • 14:18 Outlook for government bond yields?
  • 15:47 When will South Africa get to investment grade?
  • 16:44 How can the budget address issues related to retrenchment and unemployment?
  • 18:12 Are there strategies to ensure the development of a sustainable infrastructure in South Africa?
  • 19:55 What's the one big thing that you're looking out for in budget 2025?
9 Feb 2025 English South Africa Business · Investing

Other recent episodes

What Next? Bridging the trust gap

In this episode of What Next?, Professor Mike Kenny (Cambridge) and Jacinta Koolmatrie examine the breakdown of trust between communities and institutions. They discuss how centralised governance and economic shifts have driven local grievances, and argue that rebuilding trust requires sharing power, working at community pace, and supporting locally led…
2 Apr 52 min

NOW Ep124: A crude awakening for inflation?

Interest rate cuts were meant to define 2026. Now, markets are bracing for hikes. In this episode of No Ordinary Wednesday, Investec’s Chief Economists Annabel Bishop and Phil Shaw examine how the energy shock is forcing central banks to reconsider their path. From London to Pretoria, policymakers face a familiar…
31 Mar 24 min

Macro Monday Ep110: Little sign of a near-term end to the war

With little sign of an early resolution to the war in the Middle East, supply constraints on commodities such as oil, gas, and helium may well endure. Chris Holdsworth Chief Investment Strategist, at Investec Wealth & Investment International notes that fuel prices likely to feed through quickly into consumer inflation,…
30 Mar 8 min

What Next? | Making the transition investable

Clean and green growth has moved from ambition to execution, but the challenge is one of pace. Investment conditions are key: predictable rules, credible pathways, and coordination across value chains, finance and government. This episode of What Next? Leadership Conversations for a Better Future, Helena Norrman, Marina Grossi, and Sang-Hyup…
27 Mar 35 min

Everything Counts | Episode 44: What the new 2026 tax allowances mean for you?

The new tax year is here, and the 2026 Budget Speech introduced important changes that could reshape how South Africans save, invest, and plan for retirement. In this episode of Everything Counts, host Motheo Khoaripe sits down with Vumi Dludlu, Investec financial adviser, and Johan Loubser, head of adviser enablement…
23 Mar 18 min
All episodes