Uploaded February 2026 | Updated September 2026, 1 week ago
South Africa’s 2026 Budget arrives at a pivotal moment. Debt is hovering near 78% of GDP. Growth is forecast at just 1.5%. Debt-servicing costs absorb around 5% of GDP. And yet, bond yields have fallen, sentiment has improved and S&P maintains a positive outlook.
Is this genuine fiscal stabilisation or simply a window of opportunity?
In the latest episode of No Ordinary Wednesday, Jeremy Maggs sits down with Investec’s Chief Economist Annabel Bishop and Treasury Economist Tertia Jacobs to unpack:
• Whether debt has truly peaked
• How meaningful the commodity revenue windfall is
• The risk of further “stealth” tax pressure on households
• Municipal reform and infrastructure momentum
• What it would take to secure a credit-rating upgrade
Read more on investec.com/now Investec Focus Radio SA (investec.com/en_za/focus/investec-focus-radio-podcasts.html)
South Africa’s 2026 Budget arrives at a pivotal moment. Debt is hovering near 78% of GDP. Growth is forecast at just 1.5%. Debt-servicing costs absorb around 5% of GDP. And yet, bond yields have fallen, sentiment has improved and S&P maintains a positive outlook.
Is this genuine fiscal stabilisation or simply a window of opportunity?
In the latest episode of No Ordinary Wednesday, Jeremy Maggs sits down with Investec’s Chief Economist Annabel Bishop and Treasury Economist Tertia Jacobs to unpack:
• Whether debt has truly peaked
• How meaningful the commodity revenue windfall is
• The risk of further “stealth” tax pressure on households
• Municipal reform and infrastructure momentum
• What it would take to secure a credit-rating upgrade
Read more on investec.com/now Investec Focus Radio SA (investec.com/en_za/focus/investec-focus-radio-podcasts.html)
