Stop stealing!
As things stand, without any policy adjustments, debt will most likely exceed 70% of GDP by 2022-23. This is a serious position that we find ourselves in. [Interjections.] Our little Aloe ferox is not doing very well, Mr President. It needs attention, like our public finances.
Hon members, there is no status quo option. Stabilisation involves difficult decisions that imply sacrifices by all of us. Slowing growth in the Compensation Bill and additional revenue measures will be needed. The consequence of not acting now would be grave for South Africa. Over time, the country would likely face mounting debt service costs and higher interest rates, and may enter a debt trap. The unemployment crisis would worsen and government debt could balloon. This is an outcome we all are determined to avoid. Additional measures will be announced in the 2020 Budget. Mr President, I say this deliberately because we need to understand that this MTBPS does not propose tax policy changes. However, in February we will deal with the tax policy changes in order to allow us to balance our books much better.