Finance Minister Pravin Gordhan's maiden Budget presented in the National Assembly on Wednesday seems to have found favour with most political parties in the House.

However, most expressed concern at the high deficit and 25,5 cents a litre fuel taxes increase.

African National Congress (ANC) secretary-general Gwede Mantashe said that Gordhan had clarified a "sticky point" in terms of the South African Reserve Bank's mandate and independence.

Gordhan said in his speech that the Bank should pursue its mandate independently and without fear, favour or prejudice, as required by the constitution.

The Congress of the People's (Cope's) Parliamentary leader Mvume Dandala congratulated Gordhan for "sticking to a formula that had worked".

"Minister Gordhan placed great emphasis on galvanising the people," Dandala said. "We congratulate him for that."

Cope spokespeson Nic Koornhof was happy to have seen some leadership from the minister of finance.

"He put to bed the whole debate about the Reserve Bank, the value of the rand and he is sticking to the inflation targets.

"That's good news for the macroeconomic policies of South Africa".

Cope was concerned about debt levels.

"In 2015 we will go to debt of close to 43% of gross domestic product (GDP) - R1,3-trillion - that's too high.

"If you added the debt of the semi-State institutions, we will get close to 50% and the International Monetary Fund has warned emerging markets not to touch that level," Koornhof said.

Democratic Alliance (DA) leader Helen Zille said that "there was much more to welcome than to criticise" in Gordhan's speech.

"We welcomed Minister Gordhan's plans to focus on subsidising jobs for the youth and on transferring skills," she said, adding that it was time the government considered privatising State-owned enterprises (SOEs).

Steve Swart, of the African Christian Democratic Party, broadly welcomed Gordhan's "fair and balanced" Budget presented under difficult economic conditions, both globally and domestically.

"The minister has not departed from government's prudent, yet expansionary and counter-cyclical fiscal policy, notwithstanding pressure from various quarters.

"He has also addressed monetary policy issues, such as the Reserve Bank's mandate, inflation targeting and the strength and volatility of the rand.

"This, we trust, will calm jittery foreign investors, who require certainty and predictability on economic policy."

Swart also expressed concern at the high deficit. Rising budget deficits, which were normally funded by borrowing, were not sustainable in the long run and led to spiralling debt-service costs, resulting in lower spending on service delivery and/or increases in tax rates, he said. Also regrettable was the increased tax on fuel by 25,5 cents a litre, which together with electricity hikes would place an additional burden on households and the economy.

Inkatha Freedom Party leader Mangosuthu Buthelezi welcomed Gordhan's honesty, saying he had not tried to bluff people and paint a rosy picture.

Buthelezi particularly welcomed the increased infrastructure and HIV/Aids allocations.

The United Democratic Movement's (UDM's) Stanley Ntapane said it was regrettable Gordhan had chosen to talk about "starting today" on job creation.

"The ANC government should've started 15 years ago," he said.

The UDM was also concerned about projected public debt rising to 40% of GDP by 2013, especially since lower-than-expected revenues might become a trend.

Higher fuel taxes were not welcome, as they increased inflation and further exacerbated the disproportionately high price of fuel in South Africa.

The UDM broadly agreed with the priorities of education, health, fighting crime, rural development, job creation, and municipal and housing investment, Ntapane said.