PETALING JAYA: Budget 2024, which is the first full budget by the unity government, must appeal to the people and help local enterprises as it carries the visions of the member parties, say economists.
Malaysia University of Science and Technology economics professor Dr Geoffrey Williams said the unity government’s maiden fiscal plan should be fully consistent with the seven Madani Economy targets, as well as other key social areas of the Malaysia Madani framework.
“It must also set out a clear plan for subsidy rationalisation, with parts of these reforms taking immediate effect and others set out for the long term.”The first one on Feb 24 this year was a retabling of Budget 2023 presented by Datuk Seri Ismail Sabri Yaakob’s administration, as it was not passed before Parliament was dissolved on Oct 10 last year to make way for the general election.
“The overall focus should be on spending within the constraints of revenue. Overall spending should only increase if revenues have increased to avoid higher borrowing and reduce the deficit ratio.“Spending on key priorities should be funded from savings in other non-essential areas and from cutting wastage,” he said.
Tunku Abdul Rahman University of Management & Technology assistant professor Dr Foo Lee Peng said such focuses were crucial for the budget’s success and the country’s stability. Foo, who is chairman of the university’s Centre for Business and Policy Research, predicted that Budget 2024 would focus on mitigating the burden of living expenses, implementing programmes to empower SMEs towards self-sufficiency, and enacting measures to stimulate the economy and foster investor trust.
“Among them, a 2% cut in individual tax for the RM35,000 to RM100,000 taxable income band will benefit the M40 group, particularly with their spending power and savings.While SMEs make up the majority of businesses in Malaysia, Foo said retaining domestic direct investment would help increase the country’s corporate tax revenue and job opportunities.“However, numerous local entrepreneurs voiced grievances that they were being treated as secondary to foreign direct investments .
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