South Africa posts fiscal gains, lower unemployment and rising travel trends as Kaya Biz unpacks the 2025 Medium-Term Budget Policy Statement (MTBPS).
Sinenjabulo Sibeko
It was a landmark week for South Africa’s economic narrative and a pivotal one for Kaya Biz, which hosted a special live broadcast from Cape Town on Budget Day to unpack everything coming out of the 2025 Medium-Term Budget Policy Statement (MTBPS).
Delivered with a noticeably more upbeat tone, this year’s MTBPS signalled a shift many analysts have waited years to see, a narrowing deficit, stabilising debt below 78% of GDP, stronger-than-expected revenue collection, falling borrowing costs and, crucially, a primary budget surplus for the first time in more than a decade. Government says the numbers mark a credible turning point in South Africa’s long journey toward fiscal consolidation.
Against this backdrop, South Africa also received encouraging labour market news, which is the unemployment rate dropping to 31.9%, the lowest level since late 2024, with 248 000 new jobs added in the third quarter lifting total employment to 17.1 million. The improvement comes on the back of gains in construction, community services, and trade.
On a lighter note, South Africans are gearing up to travel again and they’re travelling differently. Marriott Bonvoy’s Ticket to Travel research shows nearly 70% of South Africans plan to take the same or more holidays in 2026, with AI tools, sustainability and indulgence reshaping the travel experience. “Lux-scaping,” wellness-led itineraries and passion-driven travel are now the fastest-growing segments, driven largely by Gen Z and Millennials.
Here are the week’s standout conversations:
1. MTBPS 2025 in a Nutshell: A Turning Point for South Africa’s Finances
Special Broadcast Guests:
Sifiso Skenjana – Economist & MD, ESG Analytics
Enoch Godongwana – Minister of Finance
Edward Kieswetter – SARS Commissioner
John Steenhuisen – Minister of Agriculture
Zuko Godlimpi – Deputy Minister of Trade, Industry & Competition
Songezo Zibi – Chairperson, SCOPA
Miyelani Holeni – Group Chief Advisor, Ntiyiso Consulting Group
South Africa’s fiscal outlook just became brighter. In a surprisingly confident MTBPS, Finance Minister Enoch Godongwana confirmed that years of fiscal discipline, stronger revenue collection and softer borrowing costs are finally shifting the country onto firmer ground.
During the live broadcast, Gugulethu Mfuphi convened policymakers, economists and oversight leaders to scrutinise the path ahead: the risks still looming over the fiscus, the politics required to hold the line on discipline, and the implications for households, business confidence, trade and agriculture.
2. SA unemployment falls to 31.9%, the first improvement in a year.
Guest: Solly Molayi – Acting Deputy Director-General for Population & Social Statistics, Stats SA
South Africa’s unemployment rate dropped to 31.9%, the lowest level since late 2024, with 248 000 new jobs added in the third quarter lifting total employment to 17.1 million.
However, Stats SA has revised its methodology for categorising the “not economically active” population, meaning this quarter’s figures cannot be directly compared with previous data. The new framework offers a more complete view, capturing discouraged job seekers, part-time workers seeking more hours, and those available for work but not actively searching.
3. EXPLAINER: South Africans are planning more holidays in 2026 and AI is now part of the suitcase.
Guest: Dorcas Dlamini Mbele – Senior Director, Commercial, Sub-Saharan Africa, Marriott International
Nearly seven in ten South Africans plan to maintain or increase their travel in 2026 and they’re traveling smarter and with more intent. AI is now mainstream, with almost 60% of travellers comfortable using platforms like ChatGPT to plan, price and book holidays.
From “lux-scaping” to “passion pursuits,” South Africans are embracing purpose-led travel, sustainability, and curated experiences whether multi-country trips, wellness retreats, or culinary adventures.
4. EasyEquities Soars: Purple Group more than doubles its profit
Guest: Charles Savage – CEO, Purple Group
Purple Group, the parent of EasyEquities, delivered another strong set of results with profits surging 121% to R78.8 million and revenue climbing 21.5% year-on-year.
EasyEquities remains the engine of growth:
- 1.15 million active investors (15% growth)
- Over R80 billion AUM
- Continued momentum in platform adoption and investor education
CEO Charles Savage unpacked how disciplined scaling, trust-building and tech innovation continue to anchor EasyEquities’ success and what’s coming next as the platform expands across borders.
