In his 2026 Budget Speech, Finance Minister Enoch Godongwana set out the government’s continued focus on stabilising debt, narrowing the deficit and entrenching sustainable public finances.

With debt projected to stabilise this year before declining over the medium term, a strengthening primary surplus, and infrastructure spending set to exceed R1 trillion, the fiscal path reflects a more disciplined framework.

In this video, our Chief Economist, Arthur Kamp, unpacks what the key announcements mean for growth, policy credibility and financial markets.