Hon Chairperson, hon members and fellow South Africans, the macroeconomic picture for South Africa as set out in the fiscal framework is not positive. It points to an economy in crisis and a government unable to respond effectively. Revenue is down year on year and now projected to be at R1,6 trillion.
Expenditure at R1,8 trillion continues to rise at an unsustainable pace especially into the bottomless pit of the state-owned enterprises. The Minister himself said that we need to ask the question of whether we need these fiscal draining entities. This needs to be done more than just a rhetorical question.
The widening 242 billion deficit requires increasing debt that will completely crowd out service delivery within 25 years. This means that there will be no money for anything other than debt servicing. Our economic growth remains tepid and will not increase above 2,1% in the foreseeable future. This state of affairs was entirely avoidable if the failing ANC-led government had successfully managed our economic woes.
Significantly, government did not act on the corrupt activities of the state owned enterprises and kept bailing them out. Eskom remains our biggest risk to economic growth and its restructure must be top priority. The spiralling Public Sector Wage Bill excessively pays politically connected cronies and not enough to frontline service providers such as our nurses, police and teachers.
Last night, with another fuel price increase, every South African became poorer thanks to this failing ANC-led government. Our older
population has been left completely vulnerable. The Pietermaritzburg Pensioners Forum raised the issue of endless broken promises. So much so that they said that the ANC can not rely on their support for this election. Their hopes have been disappointed by a government that does not care. The Western Cape does not support this unsustainable fiscal framework, especially because it does not promote one South Africa for all. Thank you. [Applause.]