I've just come quickly to the podium so that I benefit from your clapping of hands. [Laughter.] [Applause.] Chairperson, The fiscal allocations and revenue proposals tabled by the National Treasury coincides with a surging low fiscal growth and the global fiscal threats such as the coronavirus outbreak which threatens the financial markets.
The downward revision of revenue estimates by R63,3 billion in 2019-2020 as a result of low growth has further deepened our economic woes.
The trade unions are our biggest economic threat. This is not to say workers must not be represented; South Africa has ratified the Freedom of Association Convention of International Labour Organization, which is a blueprint for our acclaimed labour regime.
Our main proposition is as follows: firstly, when the budget deficit of a country is expected to increase to 6,8% of Gross domestic Product, GDP, in 2020-21.
Secondly, when its public wage bill is set to crowd out its investment in education, health and social service; what role should the trade unions play as sectorial partners to manage a fiscal cliff? Hon Chairperson, the projected 0,2% economic outlook and a 15,2% of debt service costs, which will come from the main budget revenue, ought to rally trade unions around governments fiscal framework.
In the early 70s to the 80s, the Amandla slogans and chants would have been desirable. In the millennium, there is no plausible reason why a democratic government must be held in perpetual captivity by the left-wing, the so- called pseudo Marxist radicals.
Hon Chairperson, the hypocrisy of the trade unions is telling. When big mergers and joint-ventures are authorized by the Competition Commission, jobs are often shed with no opposition from unions. The same trade unions ratify these ventures, motivated largely by narrow personal gains. During the state capture, for example, loud-mouthed unions were silently grieving. They allowed the plunder to continue.
However, we urge the President and the National Treasury to act in the best interest of the South Africans. We appreciate the support that is also given to small businesses and the so- called small-scale farmers. This should not be discontinued.
The businesses that are run by the foreign nationals must be made to pay tax so that we add to our GDP. We can't afford letting these people not paying tax, rather running business in our country.
We support the report. Thank you very much. [Applause.]