Call for a shift in expenditure from consumption to capital investment - Mid-Term Budget

Finance Minister, Tito Mboweni, has revised this year's economic contraction from the seven-point-two per cent estimate in June, down to seven-point-eight per cent. According to the National Treasury, the budget deficit will narrow from 15 per cent in this financial year to ten-point-one per cent in 2021/22. Mboweni, who tabled the medium-term budget policy statement yesterday, called for a shift in expenditure from consumption to capital investment.