President Jacob Zuma has given us a clear and historic challenge to “write a new story about South Africa – the story of how, working together, we drove back unemployment and reduced economic inequality and poverty”.

The South African state now supports nearly 16 million people on social grants with expenditure on this item rising from R105 billion in 2012/13 to R122bn in 2014/15.

A key message from the Budget is a drive to build an encouraging environment for savings, which includes reforming the tax treatment of contributions to retirement funds.

Many moons ago the Competition Commission was established to investigate and fine companies that were involved in a collusive relationship to the detriment of the consumer.

Wealthy individuals are targeted in several ways in the 2012/13 Budget presented yesterday by Finance Minister Pravin Gordhan, but personal income taxpayers are to get R9.5 billion worth of relief overall. Gordhan said the adjustments took account of inflation and provided modest real tax relief to the average taxpayer.