The National Treasury is concerned about the leaks of budget information that took place before the day on which the now rejected budget was due to be tabled in parliament by finance minister Enoch Godongwana.
This is the first time in decades that such a thing has occurred.
The Treasury imposes a strict closed period in the weeks ahead of the budget during which no media communication is possible with its officials, and the embargo on budget documentation is also strictly enforced on budget day. Cabinet ministers are bound by an oath of confidentiality on all matters.
Such strictures are important to create a level playing field for the market so that all players get crucial information about the budget at the same time. Leaks amount to the same thing as insider trading in the corporate world.
It is perhaps no coincidence that the unprecedented leaks happened under the government of national unity, which includes 10 political parties, the representatives of which may have a political interest to breach the confidentiality rule.
While respecting this, the media is governed by its own imperatives to publish breaking, exclusive news, and so would be loath to pass up the opportunity of informing the public about a pending budget announcement.
While leaks are unfortunate, it is something the Treasury will have to live with as long as the confidentiality of budget information is not secured.
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