As the Honourable Minister of Finance prepares to deliver his FY2021/2022 budget speech today, this week we at Bourse examine the historically ‘sticky’ expenditure side of the budget equation. Substantial dips in revenue over the past several fiscal years have not been met with commensurate cuts in expenditure, creating multiple years of Expenditure exceeding Revenue (fiscal deficits). With the path to Revenue improvement likely being slow, can any adjustments to Expenditure be made to help balance the country’s fiscal position?