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Financial Excellence – From Economic Excellence

Financial Excellence – From Economic Excellence. Presented by: Dawie Roodt 15 September 2006. Real Excellence. GDP. GDP. Relative size to GDP, 2006 Q2. Fiscal Excellence. State Finances. State Finances. State Finances. Monetary Excellence. Inflation. Interest rates. Interest rates.

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Financial Excellence – From Economic Excellence

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  1. Financial Excellence – From Economic Excellence Presented by: Dawie Roodt 15 September 2006

  2. Real Excellence

  3. GDP

  4. GDP

  5. Relative size to GDP, 2006 Q2

  6. Fiscal Excellence

  7. State Finances

  8. State Finances

  9. State Finances

  10. Monetary Excellence

  11. Inflation

  12. Interest rates

  13. Interest rates

  14. Exchange rates R/$ $/Euro

  15. Trade Excellence

  16. Balance of Payments

  17. Capital Expenditure

  18. Economic Impact of the 2010 FIFA World Cup • Direct expenditure of R12,7 billion; • Contribute R21,3 billion to the GDP of South Africa; • Generate the equivalent of 159 000 annual jobs • Additional R7,2 billion will be paid to Government in taxes. Source: Gauteng Tourism Authority

  19. Excellent Summary • Strong GDP growth • State debt at more sustainable level • Benign inflation • More stable interest rate • Currency less volatile • Investment in infrastructure

  20. Less Excellent

  21. Credit Extension

  22. Household debt to disposable income Source: SARB

  23. Debt Servicing Cost Source: SARB

  24. Savings to disposable income of households Source: SARB

  25. Prime and PSCE %

  26. Mortgages

  27. State Finances

  28. Effective Tax Rates

  29. Red Tape • High compliance cost of taxation: • Relative cost higher for small companies • Too many forms for small companies: • 3x income tax • 12x PAYE • 12x UIF • 12x SDL • 6x VAT • 12x RSC levies • 2x Provisional tax • STC for companies • Non-resident shareholders • Property taxes • Excise duties • Business is unpaid agents for government!!

  30. Unemployment Rate by Province

  31. Less Excellent Summary • Debt Levels • Tax levels • Red Tape • Unemployment • Crime • AIDS • Skills • State inefficiency • Wealth redistribution • Telecommunication costs

  32. International and African (not so) Excellent

  33. Percentage of World GDP ‘04 Source: UNAIDS

  34. 4% of African area 23% of African GDP 21.2% of African Exports

  35. GDP Source: UN

  36. Countries Compared to Provinces Source: UN

  37. AIDS Source: UNAIDS

  38. Mistakes made in Africa ? ? ? ? • Private Property Rights • Regulated Prices • Idolise Leaders • Marketing Boards • Nepotism • Incompetence • Corruption • Poor Fiscal Discipline • Poor Monetary Policy • Unrealistic Projects

  39. Development Data & Statistics Source: World Bank

  40. Zimbabwe: GDP Source: IMF

  41. Zimbabwe: GDP Source: IMF

  42. Zimbabwe: Inflation Source: IMF

  43. Efficient’s Excellent Asset Allocation

  44. Asset Allocation

  45. Local Equities, 2006

  46. www.efgroup.co.za

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