LIVE | Godongwana presents Budget 3.0

As Finance Minister Enoch Godongwana prepares to address approximately 400 Members of Parliament at 2pm on Wednesday, significant announcements are on the horizon regarding South Africa's finances, particularly how to address a R75 billion revenue shortfall.

The upcoming budget speech will take place in Parliament, Cape Town, under intense scrutiny from both the public and political arenas, especially after the reversal of a controversial VAT hike under pressure from opposition parties.

Economists are keenly interested in how Godongwana will tackle the substantial R75 billion revenue gap now that a VAT hike is off the table, following two prior failed proposals involving increases.

Political parties, notably the Democratic Alliance (DA), are advocating for a "pro-poor" budget.

Members of the Economic Freedom Fighters (EFF) have also highlighted their opposition to austerity measures. EFF MP Sinawo Tambo stated that the budget must prioritise the needs of the public over capitalists, warning of potential discord in Parliament should it fail to do so.

IOL