On 12 November 2025, Finance Minister Enoch Godongwana tabled the Medium-Term Budget Policy Statement (MTBPS) before the National Assembly, setting out government’s fiscal direction for the period ahead.
The Economic Picture
The Treasury projects that South Africa’s economy will grow by 1.2% in 2025, up from 0.5% in 2024, with growth expected to strengthen gradually over the medium term. While an improvement, this remains below the level needed to make a meaningful dent in unemployment.
Fiscal Priorities
The MTBPS reaffirmed government’s commitment to stabilising debt and running a primary budget surplus, while directing spending toward infrastructure, service delivery and structural reforms under Operation Vulindlela. Careful management of the wage bill and state-owned enterprises remains central to the plan.
What It Means for Taxpayers
The MTBPS does not change tax rates — those announcements come in the February Budget — but it signals the fiscal pressures that shape them. Continued revenue-collection focus means SARS will maintain its firm stance on compliance.
Source: National Treasury, 2025 Medium-Term Budget Policy Statement (treasury.gov.za).
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