The Government’s budget features a lot of social initiatives that are intended to raise people’s standards of living and general wellbeing. From a money and tax standpoint, the major initiatives mainly target pensioners and low-income and includes a variety of initiatives and incentive programs for businesses.
There are several positive things in the budget, but includes a lot of words like ‘extension’ and ‘continue’ that give the impression that the budget is unoriginal. 2023 will see us in a very different economic and global climate and in a situation which revolves around Supply and Demand. The Government seems to have ignored this and has actually focused on increasing demand. Which is all well and good, however each rely on the other for our economy and country to be successful.
The government is very much leaning on employers with measures such as COLA as well as a number of other employer driven incentives, without actually increasing their ability to increase their supply, the absence of this will most likely result in prices to continue to increase.
Better efforts and focused may be needed on developing local produce, incentives and cuts for agriculture, focus on developing new generations of farmers, boosting efforts of local produce and reduction of VAT on food products.
The Budget includes very good points and incentives but looks like it lacks backbone and foresight to create an environment that can actually capitalize on the changing dynamics globally and locally.
