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Budget Speech, 2012




Mister President, we have a budget that gives effect to the challenges you have set us – to accelerate growth, expand investment, support economic development and confront poverty and inequality.


My profound appreciation goes to President Zuma and Deputy President Motlanthe for their support and wise counsel in finalising the Budget and throughout the year.


I thank Cabinet colleagues for their backing, even when further haircuts have been proposed. The Budget is our collective statement, and it has benefited from many constructive contributions.


Members of the Ministers’ Committee on the Budget have engaged with the policy choices that had to be made with vigour and wisdom. This has been a great team effort.


Deputy Minister Nene has taken on an expanded set of responsibilities over the past year, and is an indefatigable Deputy!


I am grateful for the efforts and support of the MECs for Finance, who oversee over 40 percent of our spending. They know they have much to do! Our thanks also go to:


Governor Gill Marcus and the Deputy Governors of the South African Reserve Bank, for steadily managing the mandate of the Bank.
Commissioner Oupa Magashula and the staff of the South African Revenue Service, for the excellent work they continue to do to sustain our fiscal sovereignty.
Jabu Moleketi, chair of the DBSA, and CEO Paul Baloyi, who have a major contribution to make to the infrastructure programme.
The Financial and Fiscal Commission and its acting chair Bongani Khumalo, for their useful advice.
The leadership of the Public Investment Corporation, the Land Bank, the Financial Services Board, the Financial Intelligence Centre and the Government Pension Administration Agency.
NEDLAC, its Managing Director, Alistair Smith, and representatives of the business, labour and community constituencies on the Public Finance and Monetary Chamber.
The Honourable Thaba Mufamadi and Charel de Beer who chair the Standing and Select Committees on Finance respectively, and the chairs of the Appropriations committees, the Honourable Elliot Sogoni and Tebogo Chaane, who continue to maintain rigorous oversight and encourage very constructive public participation.
Our new Director-General Lungisa Fuzile, of Mnqanduli who has provided refreshing and frank leadership during his first budget!
The National Treasury team, whose hard work makes the high standards of our budget documentation remain our pride.
Staff of the Ministry who work absurd hours with unfailing good cheer. Allow me also to thank my family, whose support is invaluable!


My sincere appreciation also goes to the many South Africans who provide the encouragement, criticism and ideas that keep us alert, and assist in making government work better and differently!


In former President Mandela’s words, "The future of our country is in your hands. It will be what you make of it today. In the competitive international market place to which we are opening our economy, success and even survival of the nation will depend on you".


Issued by: National Treasury

22 Feb 2012