No Ordinary Wednesday | Mini-Budget 2026: More revenue, less borrowing?

Stronger revenue offers an opportunity to reduce borrowing. Will spending pressures limit the gains?

Ahead of the 2026 Medium-Term Budget Policy Statement (MTBPS), Investec’s Annabel Bishop and Tertia Jacobs to examine the choices facing National Treasury.

Higher precious metals prices offer the prospect of better-than-budgeted tax revenue. But weaker growth, inflation pressure and higher borrowing costs complicate the outlook. How Treasury uses any additional revenue will matter for debt sustainability and investor confidence.

In this episode of No Ordinary Wednesday, our economists discuss spending discipline, the proposed fiscal anchor and why rising bond yields do not necessarily signal weaker confidence in South Africa.