Key highlights of Budget 2025

Ravin Palanisamy Ravin Palanisamy Updated 1 year ago · Published on 18 Oct 2024 8:53PM · 6 Comments

Malaysia has set aside a record RM421 billion for next year’s federal spending plan, a 3.3% increase from the sum spent this year. – The Malaysian Insight file pic, October 18, 2024.

PRIME Minister Anwar Ibrahim today tabled his unity government’s Budget 2025 in the Dewan Rakyat, allocating a record RM421 billion for next year’s federal spending plan, a 3.3% increase from the sum spent this year.

Anwar, who also serves as finance minister, said Budget 2025 aims to further boost economic growth while ensuring justice for the people. It is the third budget from his government and the final one in the 12th Malaysia Plan (2021-2025).

Here are the key takeaways from the budget:

RON95 subsidy rationalisation in mid-2025

The government plans to introduce its long-awaited subsidy rationalisation for RON95 petrol in mid-2025. Anwar said 85% of Malaysians will still receive subsidies, while the wealthiest and foreigners will not.

“To avoid confusion, I want to emphasise that subsidies will continue for 85% of the rakyat, costing the government an estimated RM12 billion. However, RM8 billion can be saved by withdrawing subsidies for the ultra-rich and foreigners,” Anwar said. He said the savings would be directed towards education, health, and welfare improvements.

Minimum wage rise to RM1,700

Starting February 1, the national minimum wage will increase from RM1,500 to RM1,700. Anwar said meaningful economic restructuring must result in improved incomes for the people.

RM100,000 Perodua electric vehicle

Perodua is set to release an electric vehicle costing less than RM100,000 next year. Anwar said the RM2,400 incentive for electric motorbike purchases will continue next year. Additionally, the net energy metering programme for solar panel installation will be extended to 30th June 2024.

RM600 million makeover for iconic buildings

The government will allocate RM600 million to restore and upgrade the Sultan Abdul Samad and Carcosa Seri Negara buildings. This includes constructing a multi-storey bridge connecting Taman Botani Perdana and Carcosa Seri Negara.

An additonal RM110 million is set aside to boost eco-tourism destinations such as Endau Rompin National Park, Pulau Redang, and Pantai Tusan.

Other highlights

* The the biggest recipient of the budget, the Education Ministry is allocated RM64.1 billion

* The Health Ministry continues to be the second biggest recipient of the budget, where a total of RM45.3 billion were allocated.

* The Home Ministry gets RM19.5 billion in allocation.

* RM13 billion for Rahmah cash aid initiatives, an increase from RM10 billion this year. 

* Sabah and Sarawak to get RM6.7 billion and RM5.9 billion in development funds, respectively.

* Special grants for Sabah and Sarawak doubled to RM600 million in 2025.

* RM2.6 billion allocated  to Felda, Felcra and Risda.

* RM2 billion for Islamic affairs.

* To enhance tourism promotions and activities for Visit Malaysia 2026, almost RM550 million is allocated. 

* RM230 million for national sports development, and RM15 million for Harimau Malaya and the Under-18 and Under-13 teams.

* Government to come up with new law allowing house arrest – October 18, 2024.

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