Ettienne said that South Africa currently has a R150 billion budget deficit – the amount by which the government’s expenses exceed its income.

Of the 55 million people in South Africa, roughly 14 million are registered taxpayers, with only 7,4 million earning enough to pay tax.

This means that only 14% of the population, together with businesses and trusts, carry the burden of covering the government’s expenses.

Another interesting fact that he mentioned about the Budget is that the marginal tax rate for wealthy individuals, who earn more than R1,5 million per year, has  increased from 41% to 45%. An estimated 100 000 South Africans currently fall into this group.

But there are also a few interesting facts about Ettienne himself.

Becoming a finance fundi

Ettienne started out as a lecturer in economics at the NWU campus in Vanderbijlpark. He then became an economist with the Treasury, where he also had the opportunity to further his studies in the United States.

His career in the banking environment started at First National Bank, after which he joined RMB. An expert in currency and balance of payments, his main task as chief economist at RMB is to monitor the macro-economic environment for new trends in economic variables and policy.

A scarce commodity

Ettienne’s knowledge of the economy is sought after, and in July 2013, Trevor Manuel, then Minister in the Presidency: National Planning Commission, appointed him to the South African Statistics Council.

He is also a regular face in the media and has published various opinion pieces and research articles in national publications such as Business Day and Financial Mail.

Ettienne’s ties with the university remain strong. He occasionally gives guest lectures in economics at the NWU campus in Vanderbijlpark, and from time to time addresses alumni on topics such as global economic markets and the financial outlook of the South African economy.