Prime Minister Datuk Seri Anwar Ibrahim has announced that Budget 2025 will focus on addressing the rising cost of living while confronting issues related to market monopolies and cartels. Speaking at the Finance Ministry’s monthly assembly in Putrajaya, Anwar, who also holds the finance minister portfolio, emphasized the government’s commitment to easing the financial strain on Malaysians.
He noted that while Malaysia enjoys some of the lowest prices for essential goods like sugar, oil, flour, and fuel in the region, many citizens still face significant economic pressure. Anwar acknowledged that despite efforts to maintain low prices, the sense of financial strain among the public remains.
The Prime Minister’s remarks underscored a broader focus of Budget 2025, which aims to provide immediate relief and tackle systemic issues, including the influence of cartels and monopolies contributing to price inflation. Anwar emphasized the importance of regulating these entities to prevent market exploitation.
Budget 2025 Economic Priorities
Budget 2025 will focus on key areas designed to improve the overall economic landscape, guided by three primary short-term priorities outlined by the Finance Ministry. These include:
1. Economic Restructuring:
The government plans to drive economic restructuring aimed at enhancing competitiveness and increasing value-added activities. This involves supporting industries and sectors that contribute significantly to economic growth while ensuring that Malaysia remains competitive on the global stage.
2. Improving Quality Of Life:
Efforts will be made to enhance the quality of life for Malaysians by addressing disparities and providing equal opportunities across various segments of society. This includes investing in social programs and infrastructure that support education, healthcare, and affordable housing.
3. Strengthening Governance:
The budget will also focus on improving governance and public service delivery. This entails ensuring transparency, reducing bureaucratic inefficiencies, and enhancing the effectiveness of government programs and services.
Balancing Relief and Reform
Prime Minister Datuk Seri Anwar Ibrahim emphasized that the Finance Ministry will collaborate with other ministries and stakeholders to ensure Budget 2025 effectively addresses key priorities. He highlighted the need for a holistic approach to economic planning and policy implementation. He stated that the Finance Ministry will leverage its expertise and work with other sectors to address the root causes of price increases and market imbalances.
The budget is also expected to tackle issues related to supply chain disruptions and the rising cost of essential goods, with the government exploring measures to stabilize prices and improve access to critical resources. The presentation of Budget 2025 to the Dewan Rakyat is scheduled for October 18, 2024, and will be a pivotal moment in shaping Malaysia’s economic policies.
Budget 2025 will aim to balance short-term relief for those struggling with the cost of living and long-term reforms to ensure fair market practices and enhance economic resilience. This reflects the government’s commitment to fostering a more equitable and sustainable economic environment.
Read the full Pre-Budget 2025 Statement
Stay Informed on Budget 2025
Check back on this blog regularly for comprehensive guides and insights.
Follow our Facebook page for bite-size, actionable tips.
Speak to any of our experienced tax consultants for tailored advice and assistance for your business.