Latest news with #Act2023
The Star
13 hours ago
- Business
- The Star
Household financial assets are double debt levels, Dewan Rakyat told
KUALA LUMPUR: Malaysia's household financial assets remain robust, standing at 2.1 times more than total household debt, the Dewan Rakyat was told. This is despite debt levels reaching RM1.65 trillion, equivalent to 84.3% of the nation's gross domestic product (GDP), as at the end of March, said Deputy Finance Minister Lim Hui Ying. She added that while household debt levels are significant, they must be assessed alongside the size of financial assets owned. 'Household debt must be viewed in tandem with financial assets, which are substantially larger. 'In aggregate, household financial assets continue to exceed debt by 2.1 times, providing a strong buffer for households,' she told Datuk Awang Hashim (PN-Pendang) who asked about Malaysia's high debt-to-GDP ratio. In a reply to Datuk Ngeh Koo Ham (PH-Beruas), Lim added that the government remains committed to optimising public expenditure. She said this will be achieved through subsidy rationalisation, a review of statutory bodies and a comprehensive reassessment of government spending as part of broader fiscal management efforts. Among the measures being pursued are the gradual implementation of fiscal consolidation, broadening the revenue base and ensuring sustainable revenue collection, she added. 'Government borrowings are strictly for financing development expenditure projects and programmes that generate long-term returns for the nation and its people,' she said. Lim pointed out that the government has capped financial guarantee exposure at 25% of GDP under the Public Finance and Fiscal Responsibility Act 2023 to ensure exposure remains within limits aligned with current economic and fiscal capacity. In addition, she said, the government is prioritising user-pay projects through the 2030 Public-Private Partnership Master Plan (Pikas 2030) to reduce the fiscal burden. She added that the government is also reviewing the use of off-budget mechanisms for project implementation and will only consider development projects that fall within the scope and ceiling of the country's five-year Malaysia Plans. Lim also highlighted that key national strategies – including the National Energy Transition Roadmap (NETR), the New Industrial Master Plan 2030 (NIMP 2030), the Governance, Empowerment and Accountability Reform-Up (GEAR-uP) programme and policy enhancements such as minimum wage adjustments – are expected to stimulate economic activity, strengthen government revenue and reduce reliance on borrowing. 'The government is also committed to implementing institutional reforms to support national development, including the tabling of the Government Procurement Bill aimed at improving procurement processes and governance,' she said. This includes drafting legislation related to government-linked companies (GLCs) to enhance corporate governance, improve accountability and optimise GLC performance, she added.
The Star
21-07-2025
- Business
- The Star
RON95 subsidy rationalisation in final stages
KUALA LUMPUR: The government is focusing on finalising the details of the RON95 subsidy rationalisation, which will begin in the second half of this year, said Finance Minister II Datuk Seri Amir Hamzah Azizan. He noted that just as it was with the diesel rationalisation, the goal for the RON95 subsidy rationalisation is to ensure that the government plug leakages and that businesses and the wealthy contribute their fair share. "This is so that we have the fiscal strength to secure subsidies for the people who genuinely need them. "The same careful approach applies to the expansion of Sales and Service Tax (SST) -- it diversifies revenue and is part of prudent expenditure management," he said in his keynote address at the Invest ASEAN-Malaysia Conference 2025 today. Amir Hamzah noted that the government's commitment to fiscal consolidation remained strong as the country had achieved a budget deficit-to-gross domestic product (GDP) ratio of 4.1 per cent last year, better than the official target of 4.3 per cent. He said that the government is now targeting a 3.8 per cent fiscal deficit for 2025 and is staying consistent with the Public Finance and Responsibility Act 2023 to reduce the deficit to three per cent in the medium term. "This will be accomplished through revenue-enhancing measures, tax system efficiency and taxpayer compliance. "This year we are doing the SST expansion and the RON95 subsidy rationalisation, and hopefully that will add a revenue base along the way," he said, adding that the government is confident of getting the additional RM10 billion revenue from the SST expansion, despite recent additional exemptions. In the meantime, Amir Hamzah emphasised that Budget 2026 and the soon-to-be-tabled 13th Malaysia Plan (13MP) will focus on being pragmatic, sensible and driving continuity in the nation's progress. "While it is too early to share details, I can say that it will be yet another effort in securing our economic future, responding where necessary to current economic headwinds and building a fairer, more equitable society," he said. He added that several other reforms are in the pipeline to support economic growth, build credibility and set governance examples. "These include the judicial and institutional reform, fiscal and public sector reform, social protection and inclusivity reforms, and digital and innovation-led transformations. "Current global volatility makes reforms more, not less, urgent. Institutional strengthening, fiscal discipline, and innovation capacity-building are complements to sustainable, resilient economic expansion that is capable of weathering future global disruptions," he added. - Bernama
The Sun
01-07-2025
- Business
- The Sun
RON95 subsidy rationalisation in final stages, says finance minister
KUALA LUMPUR: The government is in the final stages of preparing the RON95 subsidy rationalisation, set to begin in the second half of this year, Finance Minister II Datuk Seri Amir Hamzah Azizan announced today. Speaking at the Invest ASEAN-Malaysia Conference 2025, he stressed that the move aims to prevent leakages and ensure wealthier individuals and businesses contribute fairly. 'This will allow fiscal strength to secure subsidies for those who truly need them,' he said. The approach mirrors the recent diesel subsidy rationalisation, part of broader efforts to strengthen public finances. The government also plans to expand the Sales and Service Tax (SST) to diversify revenue streams. Amir Hamzah highlighted Malaysia's progress in fiscal consolidation, with the budget deficit-to-GDP ratio improving to 4.1% last year, beating the 4.3% target. The goal for 2025 is a 3.8% deficit, aligning with the Public Finance and Responsibility Act 2023's medium-term target of 3%. 'Revenue-enhancing measures, tax efficiency, and compliance will help achieve this,' he said. The SST expansion is expected to generate RM10 billion despite recent exemptions. Looking ahead, Budget 2026 and the 13th Malaysia Plan (13MP) will focus on pragmatic policies to ensure economic stability and fairness. 'Reforms in judicial, fiscal, and social sectors will support growth and resilience amid global volatility,' he added.
The Star
20-06-2025
- Business
- The Star
'Economy grew better than expected', PM defends reforms
PUTRAJAYA: Prime Minister Datuk Seri Anwar Ibrahim has defended the government's handling of the economy, asserting that although the reforms may be challenging, they are beginning to yield real and positive results. Speaking at the monthly gathering of Finance Ministry staff, Anwar acknowledged public concerns and online criticism that the government is not managing the economy well, overspending, or making life harder with new taxes and reduced subsidies. "We are burdened with a tired fiscal system, weighed down by old debts and a narrow income base," he said. "But like it or not, we must reform, even if it's tough," said Anwar on Friday (June 20). Anwar stated that the country's economy is improving in several key areas. Malaysia has jumped 11 places to 23rd in the world in the latest global competitiveness ranking — the best score since 2020. "The economy grew by 5.1% in 2024, better than expected. The unemployment rate is down to 3.0%, the lowest in 10 years, and the ringgit has strengthened, gaining over 5% against the US dollar this year. "This shows the world is recognising our reforms and investors are responding positively to the direction we're taking." He said Malaysia's financial discipline is also gaining international praise. The International Monetary Fund (IMF) recently commended the country's efforts to control spending and debts, particularly the introduction of the Fiscal Responsibility Act 2023. "Government spending is now more careful, with fewer new debts and a shrinking fiscal deficit, which dropped to 4.1% in 2024." Anwar also stated that reforms are not about abandoning the people. "Instead, help is being delivered in a more targeted and effective way, where in 2023, 85% of households were unaffected by changes to electricity subsidies. "Diesel subsidies were adjusted in 2024 to reduce government spending without raising the cost of goods, as the logistics sector continued receiving support." He said the expanded sales and service tax (SST) changes starting in July 2025 will not affect essential goods. "We're not just saving money, we're using it better, for the people who truly need it." With more efficient use of funds, the government has been able to increase support where it matters most. Anwar said a record RM13 billion in cash assistance through the STR and SARA programmes will benefit nine million Malaysians, or 60% of the adult population. "Budgets for public services have also grown, with RM64bil allocated for education and RM45bil for healthcare in 2025. We're making sure these savings go back to the people — in the form of better aid, education, healthcare, and public transport." Anwar said Malaysia can no longer afford to do things the old way. Reform is hard, but necessary. "This is a journey of courage and commitment," he said. "With teamwork, understanding, and the will to do the right thing, we can carry out this trust with full responsibility." He urged civil servants and the public to stay united, work hard, and believe in the path the country is taking.
Irish Daily Mirror
13-06-2025
- Irish Daily Mirror
Terrified student gets 3-year restraining order against ex: 'He's following me'
A terrified young student has been granted a three-year restraining order against her ex-boyfriend after alleging he threatened and stalked her around Dublin. The South American woman, who cannot be named for legal reasons, applied for the order at Dublin District Court. In evidence, she recounted how after their relationship of a couple of years ended a few weeks ago, her ex started following her. The student told the court she was afraid, and alleged, "He is saying he will attack me." Asked if he had followed her regularly, she said he had done twice in the previous week, once to work, and after school. Giving evidence with the assistance of an interpreter, the visibly upset student said that he was threatening her, following her to school, to her home, and to her job. They did not have any children. Her former partner did not attend the scheduled hearing to contest the claims against him. Judge Anthony Halpin accepted the sworn evidence tendered by the woman. He granted the civil restraining order to protect her from the man's activities. He stipulated that he must not follow, watch, or beset the applicant or put her in fear or use language that threatened the applicant. He also warned that the man would not communicate with her. Judge Halpin directed gardai to serve a copy of the order on the man, which is to remain in force for three years. Breaching it can result in the subject of the order being brought to court, jailed for up to a year, and a maximum €4,000 fine. The restraining orders were introduced in the Criminal Justice (Miscellaneous Provisions) Act 2023 as a remedy for people seeking protection. The District Court may issue an order to prevent the respondent from violence or threats, stalking, harassing or approaching the applicant's home, work, or school. It can last up to five years but may be shorter depending on the presiding judge's assessment.
