The morning after the South African Finance Minister, Enoch Godongwana, tabled the all-important 2023 budget before Parliament, a high-level panel discussion was held at the D'Aria Wine Estate in Durbanville, where the country’s most eminent accountants gathered to debate the pros and cons of the speech and celebrate a long-standing and fruitful partnership.
 
Hosted by the South African Institute of Professional Accountants (SAIPA) and the University of the Western Cape (UWC), the Budget Breakfast has become an important part of the annual calendar and a chance for the accounting community to reconnect with each other.

Host Africa Melane opened the proceedings and handed over to the Acting Rector and Vice-Chancellor, Professor Vivienne Lawack, who welcomed delegates, honoured the SAIPA/UWC partnership, and reminded everyone how important the concept of “accountability” is for all: “One can talk about all the bad news,’ she noted, ’but what I do like here today is that we have a theme of accountability and integrity - that speaks to what we want to do at UWC.”
 
Prof Lawack was followed by SAIPA Chairperson, Prem Govender, UWC’s Dean of Economic and Management Sciences, Professor Michelle Esau, and SAIPA Chief Executive, Shahied Daniels - each of whom spoke passionately about the importance of the profession, how technology is impacting the world of work, and a renewal of the integrity that accounting needs to have if we are to rebuild a functional society in South Africa.
 
Each of them also extolled the virtues of the partnership between UWC and SAIPA for the next generation and were thrilled by the announcement of the new programme in Information Systems that UWC is introducing, including the new Department of Management and Entrepreneurship, and the Department of Finance with its new integrative curricula.
 
But all the positive tone of the first hour gave way to stark reality when it was time for the panel to get into the details of the budget itself. 

“It was boring and unstylish. There was nothing new,” said Professor Walter Geach.
 

“Very little innovation,” according to renowned industry expert, Etienne Retief. UWC alumnus, Professor Osman Mollagee, told the panel that he listens to the budget looking for clues from the Finance Minister. 

“What are you telling us? Where are we going?”... questions like that. After that speech, I still have no idea,” said Prof Mollagee. 

Like in the budget itself, much of the discussion revolved around Eskom and what to do about the giant, embarrassing albatross that has its hands around the neck of the South African economy.

Jashwin Baijoo was scathing about Eskom and the measures the minister announced. He said: “What we've come to realise is that two years in Eskom-time is actually five years. First, they say they will have this problem solved in two years. Then they say in 2027! It's nonsensical. Furthermore, these measures being discussed are not going to address core corruption and fraud”. 
 
Other topics that were discussed during the course of the panel discussion included the future of hybrid work and how offices are changing, what technology is doing for the profession, how SARS is performing, the risk of an emigrating tax base and how inadequate the Income Tax Act 58 of 1962 is for today’s modern, transformed economy.
 

For more images from the event, all by Neels Kleynhans, see gallery below...