Budget strikes a delicate balance of increasing revenue while reducing the fiscal deficit at the same time.
Budget 2024 allows the government to raise spending in key areas without burdening the public coffers, said economists Afzanizam Rashid and Geoffrey Williams.
The 2024 budget was tabled earlier today at the Dewan Rakyat with a total allocation of RM393.8 billion, a 1.5% increase from last year’s RM388 billion. Of this, 77% or RM303.6 billion was allocated for operational expenditure with RM90.1 billion for development expenditure. “This still allows plenty of space for government spending without excessive borrowing, and is more fiscally responsible than previous budgets.”
“There is a clearer statement on some short-term subsidy rationalisation schemes and a clear benefit of an increase in Rahmah cash transfers from RM8 billion to RM10 billion. So, this connects subsidies rationalisation with social protection. However, Williams noted there were no details on how the government plans to achieve the seven key targets of the Madani economy framework.Meanwhile, the imposition of capital gains tax on the disposal of shares in non-listed companies has the potential to attract more listings on Bursa Malaysia, MIDF Amanah Investment Bank head of research Imran Yassin said.
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