Debt and rising debt repayment costs, now the biggest government expenditure, was the thread in Wednesday's Medium-Term Budget Policy Statement. It means everything from no bailouts for state-owned entities to rejigging departmental spending and more taxes.

'I have a new name now - Mr Austerity," quipped Finance Minister Enoch Godongwana in the lock-up briefing to journalists before he delivered the Medium-Term Budget Policy Statement (MTBPS) on Wednesday.

It hinted at the criticism he and National Treasury faced from labour - the ANC's partner is trade union federation Cosatu, which organises the majority of public servants - and from civil society.

The criticism sharpened in September when the so-called Spier meeting with President Cyril Ramaphosa on cutting costs, programmes and projects - alongside reorganising the state - became public knowledge.

Wednesday's MTBPS extended the R350 social relief of distress grant for a year to March 2025 and, despite expenditure cuts totalling some R21-billion, found an overall R10.3-billion of additional spending by rejigging roll-overs and shifting unspent money.

The message on maintaining social protection was driven home - 61% of non-interest spending is going to the social wage that includes health, education, housing and grants. With an election in 2024, it's important.

But the core takeaway from the 2023 MTBPS is the threat of debt - it's the fastest rising public finance expenditure, and risks crowding out social spending if not reined in. Or, as Deputy Finance Minister...