Bajet 2024, also known as Budget 2024 or ‘Belanjawan 2024’ in Malay, is a financial plan tabled by the Prime Minister and Finance Minister of Malaysia, Datuk Seri Anwar Ibrahim, in Parliament. It encompasses allocations and financial directives for the country for the year 2024. This budget is crucial as it outlines the government’s financial priorities, helping to steer the nation’s economic policy. For 2024, specific sectors like business services, retail, hospitality, construction, and green technology have been highlighted, suggesting a focus on these areas for economic growth or development.
The budget presentation is significant as it marks the first time under the Kerajaan Perpaduan (Unity Government). The overarching policy of this government, called Memperkasa Ekonomi Madani, aims to uplift the nation’s dignity and status, with the budget likely being a key tool in achieving these objectives.
Why is Bajet 2024 important to Malaysians?
Bajet 2024 is important because the budget is annually discussed and approved in the Dewan Rakyat (House of Representatives) in October, forming a vital part of the country’s legislative and economic planning process for the following year.
The significance of Bajet 2024 lies in its ability to allocate resources, outline the government’s financial priorities, and set the economic direction for Malaysia, which can have substantial impacts on various sectors of the economy and the populace.
Where can I watch Bajet 2024 live?
You can watch the live broadcast of Bajet 2024 on several platforms and channels as per the details provided below:
Official MOF Site
The official website of the Ministry of Finance (MOF) will host a live broadcast of the budget tabled on October 13, 2023.
Some channels and platforms will provide live streaming of Bajet 2024 on Facebook.
- RTM TV1: Available on YouTube for live streaming.
- Official Parliament YouTube Channel: The official YouTube channel of the Malaysian Parliament will also host the live broadcast.
- Bernama TV: Available on YouTube, MyFreeView channel 212, and Astro channel 502 for live streaming.
- Astro Awani: Available on Astro channel 501 and YouTube for live streaming.
You can tune into channel 663 on Unifi TV to watch the live broadcast.
Additionally available on MyFreeView channel 212 and Astro channel 502.
Live streaming will be available on Buletin TV3 on October 13, 2023, at 4:00 PM local time.
These platforms and channels will allow you to follow the budget presentation live and keep up with the financial plans and allocations being proposed for Malaysia in 2024.
Will subsidies be discussed in Bajet 2024?
Yes, subsidies are discussed in Bajet 2024. Various mentions and discussions regarding subsidies have been noted, particularly focusing on targeted subsidies.
Here are some aspects of subsidies discussed in Bajet 2024 from different sources:
Electric Vehicle (EV) Subsidies for Lower Income Groups (B40)
- Bajet 2024 may include targeted incentives for lower income groups to help spur the adoption of electric vehicles in Malaysia.
Targeted Subsidy Program
- A targeted subsidy program has been a key talking point, and the government plans to implement this program early next year. This program’s timeframe is based on the launch of a socio-economic database.
- The diesel subsidy will transition from a blanket to a targeted subsidy, phased over time. This change aims to reduce serious leakage, with the current market price at RM 3.75 per litre and the subsidy at RM 1.60 per litre. Goods vehicles will continue to enjoy this subsidy.
- Consumer groups have expressed a desire for a reduction in subsidies in Bajet 2024.
Anticipation for Subsidy Details
- Economists and credit analysts are eagerly awaiting details on subsidy provisions within Bajet 2024.
These discussions and mentions indicate that subsidies, especially those targeting certain demographics or sectors, are a notable part of Bajet 2024. The government appears to be moving towards more targeted subsidies to better manage resources and spur growth in specific areas like electric vehicle adoption.
Is there any Government Aid or ‘bantuan’ in Bajet 2024?
In Bajet 2024, various forms of government aid or ‘bantuan’ have been mentioned to support different segments of the Malaysian population. Here are some of the key aid initiatives and details:
Sumbangan Tunai Rahmah (STR)
- This initiative is aimed at assisting those with lower income in facing the challenges of living costs. The allocation for STR in 2024 will be increased to RM 10 Billion compared to RM 8 Billion in 2023.
Rebate on Electricity Bills and Waiver of Electricity Account Deposits
- Hardcore poor households will receive a RM 40 monthly electricity rebate and a waiver for electricity account deposits.
These initiatives are part of the Malaysian government’s efforts to provide financial relief, spur economic recovery, and address the cost of living challenges faced by various segments of society. The targeting of subsidies and the allocation of funds towards specific demographics or sectors are indicative of a more directed approach to managing resources and fostering growth in critical areas like health, education, and the economy.
Bajet 2024 summary
If you do not have time to watch live broadcast of Bajet 2024, here are some quick summary that is valid at the time of writing:
|Education and Training||– Launching the Academy in Industry initiative with RM70 million allocation for skills development during employment (up to 18 months).|
|– HRDCorp to deploy RM1.6 billion for 1.7 million training opportunities.|
|– RM100 million allocated for industry-recognized certifications for TVET graduates and industry-public TVET institution collaborations.|
|– RM6.8 billion aggregate allocation for Technical and Vocational Education and Training (TVET) education.|
|Digital Economy||– Fortification of digital economy centers in each state constituency with RM25 million to aid small entrepreneurs in online sales.|
|Financial Support||– Syarikat Jaminan Pembiayaan Perniagaan Bhd (SJPP) guaranteeing loans for SME entrepreneurs, with RM20 billion guarantee fund.|
|– RM600 million under the National Impact Fund to foster economic growth and financial services access for rural and semi-urban communities.|
|– Bank Negara Malaysia provisioning RM8 billion in loan funds to bolster SMEs with RM600 million for microenterprises and low-income entrepreneurs.|
|– Small loans totaling RM2.4 billion for micro-entrepreneurs and small traders via agencies like Bank Negara Malaysia, Bank Simpanan Nasional, and TEKUN.|
|– RM1.4 billion under BSN’s microloans for capital, equipment, premises, and marketing for small-scale vendors and entrepreneurs.|
|Islamic Finance||– Shortening halal certification processing period to 30 days with RM20 million allocation for research in Islamic economics.|
|– Full income tax exemption for Labuan entities involved in Islamic finance trading activities for 5 years from 2024.|
|– Income tax exemption on income from Islamic Securities Selling and Buying (ISSB) from 2024.|
|– Realignment of the Islamic financial system for equality, well-being, and prosperity with RM1.5 billion funding for startups in HGHV sectors.|
|Investment and Trade||– RM28 million for MYStartup platform development to aggregate startups and facilitate their business operations.|
|– Ministry of International Trade and Industry (MITI) and Malaysian Investment Development Authority (MIDA) to facilitate FDI and DDI.|
|– Establishment of an Investment and Trade Coordination Task Force reporting to the National Investment Council chaired by the Prime Minister.|
|Infrastructure and Energy||– High-tech industrial area establishment in Kerian, Northern Perak for the E&E cluster.|
|– Solar-hybrid energy generation and electricity transmission networks in southern Sabah for stability and reduced disruptions.|
|– RM2.8 billion for federal roads and bridges maintenance with RM300 million for contractors within the G1 to G4 categories.|
|Taxation and Fiscal Measures||– Introduction of High Value Goods Tax on certain high-value goods like jewelry and watches.|
|– Mandatory e-invoicing for taxpayers with annual income or sales over RM100 million, effective August 1, 2024.|
|– Capital Gains Tax enforcement on the disposal of unlisted shares by local companies at a rate of 10 per cent, effective March 1, 2024.|
|General Allocations||– RM398.3 billion allocation for the 2024 Budget, the largest budget ever tabled by the government.|
|– Debt service payments projected to amount to RM46.1 billion or 15.2 per cent of the 2024 revenue.|
|Other Initiatives||– RM500 million for simple loans for waqaf lands redevelopment.|
|– RM100 million for streetlight maintenance, including switching to energy-efficient LED lights.|
|– RM150 million for the upkeep and repair of public restrooms in 150 local councils nationwide.|