Watch it LIVE: Gordhan's Budget Speech 2016
Cape Town - Expectations are high that Minister of Finance Pravin Gordhan's budget speech will set South Africa on an even keel for what's predicted to be a rocky financial year ahead.
Carrying the expectations of the public to provide stability for the economy and get government's financial affairs in order, Mr. Gordhan is expected to increase tax and slash state expenditure.
In 2014, the Minister was fired from the role of Finance Minister and President Jacob Zuma replaced him with Nhlanhla Nene.
In December last year, Mr. Nene was then fired as Minister of Finance because President Zuma wanted to nominate him for a position as head of the African Regional Centre Of The New Development Bank/Brics Bank. It is a position which, weeks after his sacking, Mr. Nene has said no formal offer has been received.
President Zuma then appointed backbencher David van Rooyen into the role of Minister of Finance, telling the media that he (Zuma) was under no obligation to inform or consult members of Cabinet or the National Executive of any new appointments or changes he decided to make. After four days of firing and hiring ministers of finance, public uproar and staggering financial losses due to the value of the rand plummeting, prompted the President to replace Mr. Van Rooyen with Mr. Gordhan.
It was later reported that Mr. Van Rooyen had accepted the position of Finance Minister with two Gupta advisors. It was largely reported that Mr. Nene was replaced over challenging Dudu Myeni over SAA's repeated bailout.
Meanwhile, Wednesday's budget speech is expected to touch on which taxes should be increased to stimulate economic growth. Analysts have suggested a range of options including value-added tax (VAT), personal income and even excise taxes and estate duties as avenues the Minister might consider.
Watch Minister Pravin Gordhan's 2016 Budget Speech LIVE, in the video below.