The ownership of assets and the distribution of income is captured by a minority of the population.

Government continues to invest in improving the financial capability of municipalities. In the period ahead, National Treasury and provincial treasuries have agreed to focus their efforts on four “game changers”:

The new Municipal Standard Chart of Accounts, which will be implemented from July, bringing greater transparency and consistency of municipal finances.

Targeted supply-chain management interventions to achieve cost savings and combat fraud.

Enhanced revenue management, including appropriate tariff-setting, regular billing and effective collection systems.

Improved asset management, including adherence to 8 percent of the value of assets being spent on their maintenance.

Transformation A growing economy makes more rapid transformation possible, but it is the fiscal system that is the most direct vehicle for redistribution and inclusivity. About two-thirds of the budget is dedicated to realising social rights.

We need to see progress, rapidly. There is growing impatience and ferment. Can we channel this energy into constructive activism and productive collaboration?

Allow me to emphasise five critical priorities in which government is committed to work with the private sector and social stakeholders to propel inclusive growth:

Improved education is a central priority, and particularly the quality of basic literacy and numeracy achieved in the first phase of schooling. We must increase funding for proven interventions.

Reform of technical and vocational education and training programmes is vital, so that they effectively meet occupational and industrial needs. We must strengthen collaboration between employers and Technical and Vocational Education and Training colleges.

We must accelerate the development of our cities, housing investment, improved public transport