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The nation was eagerly waiting to hear the Minister of Finance Mr Enoch Gondongwana table his budget speech and further confirm or refuted rumours of a 2% VAT increase.
The Speaker of Parliament Thoko Didiza announced the postponement of the budget speech recommended by the Executive, this much to the disappointment of political parties awaiting the Minister. The parties expressed their unhappiness and demanded that the executive come and explain itself and give a specific date to which the budget will be table.
For the first time since democracy that a budget speech has been postponed, an alleged reflection on the instability of the Government of National Unity (GNU). Opposition party leaders have called the postponement a shame and said the GNU is mediocre and poses a risk to investor confidence and that the markets will react negatively.
The Democratic Alliance (DA), African National Congress (ANC) and the Inkatha Freedom Party (IFP) amongst others spoke in the affirmative in support of the postponement saying it shows that government is no longer just pushing policies but taking serious considerations. The DA further called on the markets to not panic as everything is under control.
Opposition parties were against the indefinite postponement and said instead of assuring markets, the minister must show face and present his budget.
Minister Gayton McKenzie said for the past two weeks, the parties forming the GNU have been at variance with the budget, but he is impressed with the Minister for listening to the members of the GNU and postponed the budget speech.
Minister Patricia De Lille said all the parties and the GNU agreed on the postponement of the budget speech, not just some parties but all, and called on all parties in Parliament not to play politics with the people of South Africa.
The Speaker said after much consultation with the Executive, it was clear to her that there will be no budget that will be tabled; she said there was a unanimous agreement that the budget be postponed to 12 March 2025.
