What the National Budget means for you

The Minister of Finance, Enoch Godongwana, delivered this year’s National Budget that strived to strike a balance between national spending and the resources available.

What is the National Budget?

The National Budget is government’s planned spending for the new financial year and outlines the government’s priorities. In much the same way a person needs a budget and a spending plan, the government needs one too. Every year, the government releases the details of the new budget.

Why is the National Budget important to you?

Interest rates, inflation, loadshedding and food prices all place pressure on your pocket. The National Budget is an opportunity for you to reflect on your current finances and your plans, and see how the changes to the National Budget will impact you.

How does the National Budget affect you?

Eskom: loadshedding continues to be one of the biggest obstacles for South Africans and the economy. Government is working to bring additional capacity to the grid as well as taking on a portion of the Eskom debt burden, through the new Eskom Debt Relief Bill.

Solar finance solutions: a new tax incentive has been introduced to encourage individuals to install rooftop solar panels. If you install rooftop solar panels from 1 March 2023, you will be able to claim a rebate of 25% of the cost of the panels, up to a maximum of
R15 000. This can be used to reduce your tax liability in the 2023/24 tax year. This incentive will be available for one year.

To listen to these podcasts visit the FNB App
TV Hub › FNB TV › TrendingHow does the budget affect your pocket?

There are no major tax changes in this budget.

Interest rates: a high interest rate environment is likely to continue over 2023. The South African Reserve Bank (SARB) increases interest rates to combat high inflation. This means any debt that you have will cost more in 2023.

Social grants: government announced a R30 billion increase towards social grants.

• The old age and disability grants will increase by R90 on 1 April 2023 and a further R10 on 1 October 2023. The result is a total increase to R2090
• The child support grant rises to R510 from 1 October 2023, while the foster care grant increases to R1130 over the same period.

Taxi and bus fares: High inflation and rising fuel prices mean you may experience an increase in public transport fares.Regards,
FNB