Although this is the biggest budget in Malaysia’s history, it is very much still a recovery budget from the pandemic damage, says James Chin.
, tabled a revised RM388.1 billion budget, the largest in Malaysia to date and about 16 per cent more than last year’s budget. Cost of living issues took centre stage, with RM64 billion for aid, subsidies and incentives.
Sure, Anwar is reaching out to the core voters by giving direct cash payments. For example, Islamic religious teachers will get between RM100 to RM600 cash payment, while civil servants will get RM700 each. Government pensioners will get RM350.will get cash and Bernas, the national rice monopoly, will share part of it profits with rice farmers.
The financial markets will probably be neutral on this budget. What they will like is that there are no shinning big projects that will cost billions. They will like that taxes for small businesses will be reduced, and that some major infrastructure projects will be re-tendered, all of which will led to major savings. They will also like the new proposed taxes for luxury goods like watches and fashion items.
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