Daily Maverick breaks down all the numbers, categories, segments and fiscal policy changes that have an impact on you, fellow South African, this Budget season.

As Finance Minister Enoch Godongwana delivered the 2026 National Budget on 25 February, the stakes for South Africa's fiscal arithmetic have seldom been as high.

Following a dramatic reversal of the proposed VAT hike in 2025 - a move that left a R75-billion hole in the books - Treasury has been forced to find a path between maintaining fiscal discipline and re-igniting a stalled economy.

Daily Maverick breaks down what the numbers and endless Excel tables actually mean, where every R100 of your tax goes, how South Africa is handling debt and if, amid tentatively positive signs, the 2026 Budget also reflects a stronger economy than a year ago.

The 2026 Budget shows a smaller shortfall than 2025's Budget, alongside a R400-billion increase in economic output.

In 2025, proposed VAT hikes were scrapped in the third and final iteration of the Budget. Last year, Godongwana announced a R20-billion tax plan, which was set to be revealed in 2026. But lo and behold, the South African Revenue Service (SARS) did such a good job of collecting tax that the previously pencilled R20-billion has been withdrawn from the budget.

"Given the opportunity presented by higher-than-expected in-year revenues and the projected achievement of...