THE proposed Budget 2023 is an election budget to benefit the interests of the ruling parties instead of helping the people overcome the country’s economic problems, said DAP chairman Lim Guan Eng.

Lim said the early tabling of the budget by three weeks to October 7 points to early general elections being called in November this year.

“Unfortunately, the current government appears to be obsessed with political survival and holding general elections at the expense of taking concrete measures to resolve our economic ills,” Lim said in a statement.

On Friday, Prime Minister Ismail Sabri Yaakob informed the cabinet that Budget 2023, which was initially scheduled to be tabled on October 28, will now be brought forward to October 7.

Lim said that at a time when every resource and focus should be on saving the country from the current economic crisis, the government was sacrificing good governance for political expediency.

“If early elections can help to resolve our economic problems, then elections should be called yearly.

“Tabling an early budget merely for general election purposes negates the entire purpose of the budget being a fiscal and monetary policy statement for next year.”

The Bagan MP said the government should take a holistic approach to slow down soaring prices by addressing fiscal bottlenecks, severe labour shortages, depreciating ringgit, bureaucratic red-tape and barriers to economic growth faced by businesses.

“Clearly, financial measures and subsidies of RM77.7 billion alone undertaken by the government have not helped to arrest soaring prices, as shown by the rise in Gardenia bread.

“Addressing these problems will help to reduce costs and generate higher economic growth, where the higher volume would help businesses to further cut down costs.

“The price increases of Gardenia bread contradicts the irresponsible claims made by the current government that they have brought soaring prices under control especially when it comes to food, which rose by 6.2% in July 2022.

From this Thursday, bread producer Gardenia will increase the prices of its products for the second time in less than a year.

In a statement shared on its social media account, the company said this was due to the impact of inflation on raw materials.

From September 1, Gardenia Original Classic 400g will cost RM3 (up 20 sen), Original Classic Jumbo 600g RM4.30 (up 30 sen), and Breakthru Wholewheat 400g RM4 (up 40 sen).

Lim quoted Minister in the Prime Minister’s Department (Economy) Mustapa Mohamed as saying that without the provision of subsidies, aid, and incentives Malaysia would have recorded an inflation rate of 11.4% and not 4.4% in July 2022.

“Mustapa said of the RM77.7 billion subsidy, the highest subsidy allocation of RM38.3 billion was for petroleum, to continue the policy initiated by PH in 2019, of maintaining the RON95 price at RM2.05 and diesel at RM2.15, although the international market price had exceeded the price in this country.” – August 29, 2022.