A WOW and a very well-thought-out budget which includes representation from various sectors of the economy and all walks of life
Prior to the budget, I am one of Tengku Zafrul’s critics, particularly on his fiscal consolidation policy which to me is just an IMF template to control government spending. I was ready to criticise the budget.
But contrary to what I expected, the finance minister did just the opposite. He was bold to table a fat budget with an increase of more than 50 billion ringgit from the previous year.
One word to describe this Budget 2023 is WOW! It is a very well thought-out budget from the preparation which includes representation from various sectors of the economy and all walks of life. In another word, almost no one is left behind. From those giving birth, kindergarten students, youth, unemployed, senior citizen and both those who are still married with kids as well as single parents. As always, the physically disabled group was never forgotten.
Budget 2023 Creates A Vibrant Economy
The government appears to be very serious and proactive not only to create a vibrant economy from spending on various development projects which benefits large corporations but as well as medium and small enterprise up to each individual such as e-hailing drivers and food delivery riders through various incentives, training and financing. This is a very proactive budget for creating new jobs for almost everyone.
In other words, as long as we Malaysians are willing to work, there are means provided by the government to assist us, be it for an 18-year-old who just left school or a retiree who wants to make a comeback into the working class.
The question is, where is the government going to get the extra 50 billion ringgit to finance this budget? I guess it will be from the anticipated GDP growth which will provide a vibrant personal, corporates as well as sales tax. Secondly, I guess the government is also anticipating a big revenue from the newly introduced sales tax on online purchases and finally there is a possibility of the reintroduction of GST next year. Just a wild guess though.
Budget 2023 Criticism
The critics can say anything about this budget with labels such as “Election Budget” or whatever but truly it is a very comprehensive budget. The only reason the opposition is going to reject this budget is that they are the opposition. They have to oppose anything that the government suggests even though it can benefit the people.
So I encourage each individual, old and young, employed or not employed, married or single to go through the 102 pages of the budget speech and look for the opportunities that suit you.
Well done Tengku Zaful. Well done Ismail Sabri. Credit must be given where it’s due! — NMH
About the writer: Zam Yahaya was a Banking and Capital Market professional by training and a graduate in Accounting, Business & Islamic Finance and is a columnist with NMH. The points expressed in this article are that of the writer and do not necessarily represent the stand of NMH.
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