EPISODE · Feb 14, 2026 · 23 MIN
NOW Ep121: Budget Speech 2026 | What’s at stake?
from Investec Focus Radio SA · host Investec
South Africa’s 2026 Budget arrives at a pivotal moment. Debt is hovering near 78% of GDP. Growth is forecast at just 1.5%. Debt-servicing costs absorb around 5% of GDP. And yet, bond yields have fallen, sentiment has improved and S&P maintains a positive outlook. Is this genuine fiscal stabilisation or simply a window of opportunity? In the latest episode of No Ordinary Wednesday, Jeremy Maggs sits down with Investec’s Chief Economist Annabel Bishop and Treasury Economist Tertia Jacobs to unpack: • Whether debt has truly peaked • How meaningful the commodity revenue windfall is • The risk of further “stealth” tax pressure on households • Municipal reform and infrastructure momentum • What it would take to secure a credit-rating upgrade Read more on www.investec.com/now Investec Focus Radio SA
What this episode covers
South Africa’s 2026 Budget arrives at a pivotal moment. Debt is hovering near 78% of GDP. Growth is forecast at just 1.5%. Debt-servicing costs absorb around 5% of GDP. And yet, bond yields have fallen, sentiment has improved and S&P maintains a positive outlook. Is this genuine fiscal stabilisation or simply a window of opportunity? In the latest episode of No Ordinary Wednesday, Jeremy Maggs sits down with Investec’s Chief Economist Annabel Bishop and Treasury Economist Tertia Jacobs to unpack: • Whether debt has truly peaked • How meaningful the commodity revenue windfall is • The risk of further “stealth” tax pressure on households • Municipal reform and infrastructure momentum • What it would take to secure a credit-rating upgrade Read more on www.investec.com/now
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NOW Ep121: Budget Speech 2026 | What’s at stake?
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