Budget 2024 is expected to allocate lower subsidies as the government accelerates its efforts to remove the top 20% (T20) income earners from enjoying blanket subsidies.
TA Research head of research Kaladher Govindan said Budget 2024 could include a total subsidy of RM40bil, down by 32% from the RM58.6bil allocated for this year.
“The cost savings for the government will widen next year when it imposes the same mechanism on fuel subsidy that would effectively remove the T20 group from enjoying the bulk of the benefits,” he said in a research note.
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