Media Term Medium Term Budget Policy Speech - 21 October 2026

On 21 October 2026, Finance Minister Enoch Godongwana tabled the Medium-Term Budget Policy Statement (MTBPS) in Parliament, setting out government’s updated fiscal and economic outlook. The Minister reported that debt has stabilised at 78.4% of GDP, that the budget deficit is narrowing faster than projected in February, and that the primary surplus is set to rise towards nearly 3% of GDP by 2030. Growth has been revised down to 1.2% for 2026, reflecting a weaker global environment, before recovering to 2% by 2029. Key announcements for business include a continued push on infrastructure delivery through IFISA, the Budget Facility for Infrastructure and amended municipal public-private partnership regulations, proposed fiscal anchor legislation to be tabled in 2027, and temporary fuel levy relief from 4 November 2026 to 5 January 2027.

View the full speech delivered by Enoch Godongwana  - Minister of Finance