Budget 2024 will be the first full Madani Economy budget of the unity government without major political or time constraints. So how will we know if it is good or bad?
Friday the 13th is not normally auspicious but it will bring the first Madani Economy budget for the unity government and Prime Minister Anwar Ibrahim.
Budget 2024 should appeal to the rakyat but to reassure stakeholders that there is a clear plan consistent with the vision and mandate of the unity government it should also be consistent with the seven Economy Madani targets and other key areas of the Madani framework. Savings from cutting wastage, leakages and corruption should fund other priorities to emphasise the benefits of the anti-corruption target to be in the top-25 in the Corruption Perception Index.
Taxes on consumption should also not be raised until incomes have increased. Otherwise people will be burdened at a time when they are already struggling. Middle-income groups will be hit hard by subsidy reform and they already need help with the cost of living. So reform of the labour market to raise incomes, incentives for secondary incomes, flexible working arrangements, freelancing, micro-enterprises and the gig-economy should all be enhanced.
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