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VP Kirchner Highlights Fiscal Failures

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LOCAL NEWS

  • Public sector wage negotiations enter the final phase as govt and unions have until the end of next week to finalise a new wage agreement.
    • 34% of unions were ready to sign the draft that was proposed two weeks ago and tabled for 21 days to allow unions to decide their positions.
    • 15% of the unions are now required to reach the 50% threshold for implementation of the deal. With Nehawu & Popcru having rejected the deal, this makes the PSA union (18%) the kingmaker.
    • SADTU says it is confident a deal will be reached
  • Economist warns that "fiscally neutral" options for a basic income grant (BIG) will cause a drag on GDP and employment due to the constrained nature of SA's narrow tax base.
    • Warns that although an income grant sounds noble, it ignores the fiscal reality of the situation and will have detrimental longer-term effects.
    • Recently Barclays warned that the introduction of a BIG would lift debt:GDP to 100%.
  • National Assembly Speaker Modise calls for extraordinary extended debate on recent unrest – to be held as soon as Parliament reconvenes in august.
  • ANC is also set to meet this weekend over racial violence in the town of Phoenix that has caused a great deal of social discomfort since the unrest