The tabling of a country’s budget isn’t just about announcing government decisions about spending and how that expenditure will be funded. It’s a complex communication exercise which, if well crafted and executed, can win support for the budget from diverse audiences ― the public, political stakeholders, businesses and financial markets.For the public and political stakeholders the speech by a finance minister is key. To reach these audiences the minister must craft emotionally resonant narratives ― framing deficits and reforms, and justifying trade-offs. The importance of the speech comes out clearly in a study by two IMF economists of fiscal policy messaging by Group of Seven (G7) finance ministries.In a working paper (which doesn’t necessarily reflect IMF views), Tatiana Evdokimova and Patrick Imam argue that fiscal policy works not only through taxes, spending and borrowing, but also through “the expectations that households, firms and markets form about the government’s intentions”.Key to shaping those expectations, especially those by households, are the narratives finance ministries create: “Fiscal communication is thus not peripheral but central to how economic policy is transmitted, interpreted, and sustained.”In this respect, the role of finance ministries is similar to that of central banks in managing monetary policy, only more complex. Unlike monetary policy, which has one focus ― inflation ― fiscal policy lacks a singular target. Finance ministries must also meet the expectations of heterogeneous audiences ― the public, businesses, markets and political stakeholders. This is further complicated by the nature of fiscal policy. It is about taking from Khuzwayo to give to Zwane, a function shaped by political and legislative bargains.The budget outputs of finance ministries ― budget documents, speeches and media releases ― reflect these tensions “and often present fiscal narratives that vary in tone, depth, and purpose”.Where budget documents lean more on macroeconomic assumptions and institutional commitments, speeches “reinterpret those same plans through emotionally resonant frames (such as growth, fairness and responsibility) designed to connect with voters”.This comes with risk though in that such multilayered communication ― through budget documents, speeches and media engagements ― can result in confusing messaging. This result arises also because of the differing needs of fiscal policy’s diverse audiences. Where financial markets want clarity on debt trajectories and financing plans, the media is looking for accessible soundbites, while the electorate seeks reassurance, fairness and national purpose. A further complication is that the electorate isn’t homogenous ― some foot the bill and others are the biggest beneficiaries of government expenditures, especially of a social nature.This is where the finance minister’s speech comes in. It should make complex fiscal decisions accessible to the public and political stakeholders. “Speeches connect abstract numbers to national aspirations, such as growth, security, fairness and intergenerational responsibility,” the paper’s authors say.To be effective, the speech shouldn’t be too much about the budget’s granular detail but more about “persuasion, explaining and justifying the budget in terms that resonate with the general public and political stakeholders”. But the financial markets are also listening to the same speech, complicating a finance minister’s task.Notwithstanding the messaging risks, a finance minister would have failed in their duty if they did not carry the public and political stakeholders with them at the same time as they persuaded the financial markets and other constituencies that their budget was sound.As the IMF economists say, fiscal policy is complex, existing at the intersection of political economy, behavioural economics, macro-finance and public administration. Communicating through that maze is complicated.• Sikhakhane, a former spokesman for the finance minister, National Treasury and South African Reserve Bank, is editor of The Conversation Africa. He writes in his personal capacity.