The 2024 National Budget Speech, delivered by the Minister of Finance, Mr Enoch Godongwana, was a welcome surprise relative to expectations of further deterioration.
It essentially raised taxes (by R18bn for individuals - in an election year) and targeted more realistic expenditure growth (compared to last year’s) in areas such as the wage bill and the SRD grant.
The policy of fiscal consolidation is alive and well and helped along by some monies from the unrealised profits from the Reserve Bank’s reserves, which will see the debt-to-GDP ratio peaking at a lower level than what was envisaged last November.
In this environment, it is important that investors focus on what they can control which is their integrated wealth planning. In this review we look at the impact of the Budget Speech (and general country money management) on the investment markets and address how investors can continue to grow, protect, leverage and ultimately transfer their wealth.
Victor Mupunga, Head of Research at Private Clients by Old Mutual Wealth, reflects on the impact of the Budget Speech on investment portfolios across sectors, geographies and markets. He also talks to Private Clients' investment portfolio strategy and how it is best positioned to take advantage of market movements.
Victor Mupunga - Head of Research at Old Mutual Wealth Private Client Securities
Busi Ngqondoyi, Head of Hedge Funds and Property at Old Mutual Multi-Managers, discusses the importance of protecting one's investments through hedging. She also delves into how individual investors can invest in hedge funds to protect their wealth.
Busi Ngqondoyi - Head of Hedge Funds and Property at Old Mutual Multi-Managers
Tiaan Herselman, Head of Proposition at Old Mutual Wealth, discusses the impact of the Budget Speech on everyday South Africans, focusing on the impact of tax adjustments on personal income and financial planning, including investments, retirement planning and the new two-pot retirement system.
Tiaan Herselman - Head of Proposition Marketing at Old Mutual Wealth