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Dear Members and Readers The month of August 2022 is the forerunner to the Master Builders South Africa Congress to be held on 9 September 2022 at The Capital Zimbali. Members are encouraged to make their bookings to attend the Congress and the National Safety Awards. The MBSA Congress is an important industry event and provides a valuable networking opportunity. The Congress theme is “reconstructing South Africa” and delegates in attendance include key stakeholder bodies in the construction value chain, social partners and business leaders. In keeping with the steps taken by global central banks, the South African Reserve Bank (SARB) raised its interest rate by 75 basis points to 5.50%, effective 22 July 2022. It is the steepest hike since September 2002 and it is envisaged that the aggressive tightening of monetary policy will cool surging inflation. South Africa’s annual inflation rate reached 7.4% in June 2022, the highest level since the global financial crisis. The prime lending rate for commercial banks is now 9%. Members should take note that there is the possibility of further rate hikes. As per the Statistics SA release on Selected building statistics of the private sector as reported by local government institutions, for the period January to May 2022, the value of recorded building plans passed, increased by 1,2% in comparison to the same period in 2021. Whilst increases were recorded for additions and alterations and residential buildings, there was a decrease for non-residential buildings. For the same period, the value of buildings reported as completed, increased by 40,5%. The cidb SME Business Conditions Index increased to 42 in Q2 of 2022 in comparison to 35 from Q1. This is the highest recorded level since 2017. However, the increased lack of access to credit was cited as a business constraint. The provincial breakdown reflected that that there was a marked increase in positive sentiment among contractors in KZN and there was also an improvement in activity in KZN. It is anticipated that the interventions by government to overcome the energy crisis in South Africa will assist in ensuring a sustainable energy supply and mitigate the impact of the interruption of electricity to businesses and households. Energy security is a fundamental requirement for sound business operations and must be underpinned by affordability and reliability. Members are urged to keep abreast of these developments. The Master Builders KwaZulu-Natal annual awards event is scheduled to take place on 7 October 2022 at the Premier Hotel, Umhlanga. Members are informed that the call for nominations for positive contribution to the Construction industry has been extended until Friday, 5 August 2022. Please click here for nomination forms. This newsletter edition highlights the importance of utilising construction contracts for projects and also provides information on construction supplier agreements. Read about the alignment of occupational qualifications which will open doors for learners at the end of grade 9. Guidance on income tax auto-assessments as well as recommendations for developing an effective job description are also included in this edition. The article on reducing the risks associated with lifting operations provides pertinent information for readers. Enjoy the read! | 
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