BUDGET 2023 may see some adjustments based on the economy during the time it is re-tabled, Caretaker Finance Minister Tengku Zafrul Abdul Aziz said today. 

Nonetheless, Tengku Zafrul stressed that the budget, which was tabled on October 7, was not only a “responsible budget” but was also “inclusive, more progressive” and “sustainable”. 

Speaking at The Straits Times’ inaugural Asia Future Summit, Tengku Zafrul highlighted that the budget would see a deficit going down. 

“There may be some adjustments based on economies during the time. I must be frank with you. We have to see (the situation of) the global economy that would affect the Malaysian economy,” he said. 

He stressed that the budget prioritised spending to grow the most important sectors of the economy.  

His segment was pre-recorded and moderated by Malaysia bureau chief of The Straits Times, Shannon Teoh. 

Tengku Zafrul was responding to the question of whether Budget 2023 would be re-tabled as “it is” or “close to what was presented last month” if Barisan Nasional (BN) won the upcoming 15th general election. 

To a question on whether the BN government would introduce a “less populist” policy after the general election such as targeted subsidies or the re-introduction of the Goods and Services Tax (GST), Tengku Zafrul replied: “We will obviously not commit ourselves to any drastic measure that was not outlined for fear of choking the growth momentum.” 

“We need to increase our revenue collection as it is quite low. This needs to be addressed,” he added. 

The federal government’s revenue collection is envisaged to decrease by 4.4% in 2023 to RM272.6 billion or 15% of gross domestic product (GDP) due to anticipated lower non-tax revenue collection. 

The non-tax revenue in 2023 is expected to decline by 23% year-on-year to RM67 billion due to lower dividends from government entities. 

This is according to the Ministry of Finance in its Fiscal Outlook and Federal Government Revenue Estimates 2023 report released on October 7. 

Budget 2023 was tabled three days before parliament was dissolved. – Bernama, November 1, 2022.