The alliance council's joint statement was penned by ANC secretary-general Ace Magashule, SACP deputy general secretary Solly Mapaila and Cosatu general secretary Bheki Ntshalintshali.
It reads: "The alliance political council assigned its economic working group the task of finalising the unifying economic strategy that is needed. The task team will report to the alliance political council in early December 2019."
The statement further emphasised that commitments made in the May 2019 ANC election manifesto should take precedence. This is in line with an SACP argument that the Treasury's paper was opposed to the ANC manifesto.
The joint statement continues: "The manifesto was developed by the ANC, as the strategic leader of the alliance, in consultation with all alliance formations. It was accordingly endorsed by all and then taken to the electorate for support on the ballot. The manifesto is therefore a fundamental electoral mandate."
The alliance council was also "against privatisation of state assets and retrenchments in our economy".
This contradicts the Treasury paper's suggestions regarding the sale of some Eskom coal-fired power stations and reducing the public wage bill.