Thanks, Deputy Speaker. Shadow Minister of Finance, as you are aware, correctly, the Minister does not speak in euphemisms. When he spoke about active labour management, it wasn't a euphemism. He is saying that we need to find a way of making sure that our labour market is such that we are able to allow for the entry of the unemployed into the labour market. [Interjections.]
That is not the only solution. The capacity to implement is like a half empty and half full glass. If we look back, we see we have a track record. This is what the investors have confirmed, for your information. This is not a back-of-the-envelope calculation; it is a "front-of-the-envelope" calculation! [Laughter.]
In regard to foreign flows, net bond purchases by foreigners since the Moody's downgrade have totalled R9,5 billion. This has been a net sale of R6,8 billion's worth of equities. The cost of borrowing for the South African government has remained largely stable since 27 September. There has been a slight increase in yields at the long end of the curve. Yields for debt maturing beyond 2020 have risen by between 0,15 and 0,30 percentage points. For debt maturing before 2018, the difference is negligible. The cost of borrowing foreign currency debt has also increased somewhat, at a much smaller margin of 0,1 percentage points. This is a "front-of-the-envelope" calculation, not a back-of-the-envelope calculation! [Applause.]