Budget 2026: Experts believe tax relief is foremost for SA consumers

As South African households continue to navigate the rising cost of living, experts at Standard Bank believe the 2026 budget will be closely watched for signs of tax relief.

Finance Minister Enoch Godongwana will deliver this year’s budget at the dome in Cape Town on Tuesday.

It the second cycle under the Government of National Unity (GNU).

For many consumers, the budget speech is not just about the numbers. They’re hoping Treasury recognises the cumulative pressure that households face.

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Despite the absence of personal income tax increases over the past two years, Standard Bank said consumers have still felt the pinch from silent tax policies.

This includes reduced purchasing power from bracket creep after personal income tax brackets were not adjusted for inflation in 2024 and 2025.

The head of economic and behavioural analytics at Standard Bank, Emile du Plessis, said if the budget does not make inflation adjustments, households may need to reassess their spending and trim costs.

Du Plessis added that other pressure points to look out for include indirect taxes such fuel levies and sin taxes and government debt servicing costs, with constrained public finances likely to limit the scope of tax cuts.