From this perspective, it is somewhat disappointing that corporate tax remains unchanged at 29% and that STC also remains unchanged at 12.5%.

While it remains manageable, it can be argued that it is the rate at which debt levels are growing that may cause no further stimulus from the central bank.

Welfare and dependency grants, personal income tax relief, and cuts in those costs which would make housing more affordable for middle and low income earners are likely to buoy consumption expenditure, and manufacturing.

This is going to cement the case to hike interest rates. The numbers do nothing to alter the stance now developing in the market that the next move in interest rates will be up. The consumption side of the economy needs to be slowed.

Persistent currency strength has had a detrimental impact on export-based activities in the manufacturing sector, making similar imported goods more competitive.

Another issue likely to resurface is the matter of 'a more competitive exchange rate', deciphered as code for the rand to weaken. Moral suasion such as this may be good for export-biased manufacturers, but will hardly be considered good for observers of inflation, or long-term interest rate markets.