Another year, another Budget Speech and more money to be spent on us, so it seems, as Minister for Finance, Neal Rijkenberg must have looked across the table at our empty pockets and decided not to rummage through them for loose change.
At a time when everything seems to cost an arm and a leg, keeping that extra few cents in our wallets feels like winning a very small lottery.
The word on the street is that our supposedly ‘hardworking’ government employees are still doing the maths on that 85 per cent balance of the salary review back pay promised last year.
They are not the only ones counting. The retailers are also waiting with bated breath, polishing the glasses and chilling the stock, ready to serve their ‘liquid’ customers the moment that cash hits the bank accounts. It is the circle of economic life: Government owes the workers, the workers owe the local pub, and the pub owes the wholesaler.
Still, before we all rush off to spend our imaginary millions, let us not forget how the world is a bit of a mess right now, with all the geopolitical developments sparked by the attack on Iran by the United States of America (USA). There is no saying how long it will last, given our experience of the Russia-Ukraine war.
Fuel prices look set to rise and take that pocket change with them. So, while you are waiting for that back pay, maybe set a little aside for a rainy day. Speaking of paying up, a quick word to the wise: The Taxman is looking particularly mean and lean this year if the recent statements on offshore accounts and all, are anything to go by.
He is saying, in an emphatic tone, ‘What belongs to Caesar must be paid to Caesar, and I’m taking it in cash.’ So, let us do ourselves a favour and meet those tax obligations. You don’t want that knock on the door. It is better to give a little to government now than to have them take a lot later.
On a brighter note, we are pleased that the new International Convention Centre has been completed after what felt like a lifetime of construction. Just in time to honour His Majesty the King’s 40 years on the Throne. It is capable of hosting 7 000 delegates we are told. Now we need to ensure that all these delegates get the accommodation they need. His Majesty has also directed that we must run this facility to profitability and this requires First World thinking in securing a management that will deliver on this mandate.
Speaking of building, we appreciate the government’s push on the housing project. It is a noble idea. However, if we may offer a bit of unsolicited advice from the man on the street: why not sell off those old, dilapidated government houses? You know the ones that look like they have been through a war. Sell them to the people living in them to help government get a quick injection of cash.
Then, use that cash to let the private sector build the new ones. Government’s job is to create the playground, not to play in the sandbox.
On our economic growth projections, government is predicting we will grow faster than our neighbours, with a projected economic growth of over five per cent. The Southern Africa projected growth is around two per cent.
Our growth will come from building factory shells, roads and dams, all which are on the table. Still, let us not forget His Majesty’s call to keep this money local. It is all well and good to attract foreign investment, but if all the profits fly out of the country faster than a bird in winter, we are just left with the feathers. Let us make sure the cash circulates right here in our own backyard.
While we are talking about things the King has asked for, let us hope the health sector is listening. No more drug shortages. When His Majesty says he wants the hospitals stocked, we need the hospitals stocked. It is not a big ask, the people deserve it. We have suffered enough.
On paper, it is a budget that looks like a proper Sunday lunch, plenty of meat and vegetables. Even a decade ago, it would have been replete with dessert, where capital project allocation was in the double digits. However, if there is one thing we have learned over the years, it is that a budget on paper often stays on paper.
For the small business owner waiting on a payment, or the contractor who did the job and is still waiting for the cheque, a great budget means nothing if the money does not move.
If we want this ‘paper’ budget to work for the ordinary man, we need to make sure the people who render services get paid on time. Avoid those delays at all costs, or we will all be left holding an empty plate.
Minister for Finance Neal Rijkenberg.