BUDGET: Minister Godongwana promises growth without austerity [SOUND]

# Finance minister Enoch Godongwana has promised economic growth without austerity, despite South Africa’s deepening fiscal challenges. In his third budget speech, he said the government will increase spending by 5.4-percent over the next three years, while holding off on raising VAT or introducing major new taxes. Godongwana acknowledged rising debt-service costs, now projected at 1.3-trillion-rand over the medium term: