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Budget 2016 live updates

 | October 23, 2015

Catch minute by minute updates as Budget 2016 is brought to you live.

UPDATED

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  • RM500 bonus for civil servants and RM250 for government retirees.
  • Minimum wage starting July 1, 2016 has been increased from RM900 to RM1,000 in West Malaysia and from RM800 to RM920 in Sabah, Sarawak and Labuan.
  • BR1M will benefit 4.7 million households and 2.7 million single individuals with a RM5.9 billion allocation.
  • For single individuals with incomes not exceeding RM2,000, they will receive BR1M of RM400.
  • For those with household incomes of RM3,001 to RM4,000, they will receive BR1M of RM800.
  • For those with household incomes of RM3,000 and below, BR1M will increase from RM950 to RM1,000.
  • Those listed under e-Kasih with an income of RM1,000 and below will receive BR1M of RM1,050.
  • Minimum pension of RM950 a month that will benefit 50,000 retired civil servants with at least 25 years of service.
  • Minimum wage of RM1,200 that will benefit 60,000 civil servants.
  • Number of MACC officers will be increased according to needs.
  • 500 motorcycles and 500 patrol cars for PDRM.
  • RM20 million for the Program Bandar Selamat in 60 “black areas.”
  • RM50 million to improve security in prisons.
  • RM36 million to build offices, quarters, and to upgrade the immigration detention centres.
  • To build 2,000 homes for ownership by policemen in Rawang and locations that are being identified.
  • RM155 million to build two district police stations in Lawas and Kota Kinabalu, and for 10 district police headquarters and five police stations under construction.
  • RM155 million to reduce crime rate.
  • RM523 million allocated for ESSCOM in Sabah and RM160 million allocated for 4,000 units of military quarters.
  • RM17.3 bilion allocated for the Minister of Defence to acquire six Littoral Combatant Ships, armoured vehicles and Airbus A-400M among others.
  • RM180 million allocated for managing natural disasters, RM730 million for flood mitigation programmes and RM60 million for flood forecasting and warning.
  • RM2 billion allocated to Ministry of Women, Family and Community Development to assist the disabled, senior citizens and families living in poverty.
  • RM300 a month aid for senior citizens.
  • RM4.6 billion allocated for medicine, consumables, vaccines, re-agents
  • RM72 million for medical aid including hemodialysis.
  • RM52 million allocated for 328 1Malaysia Clinics and to open 33 more.
  • Kajang Hospital will be redeveloped.
  • Commencing of operations of the women’s and children’s hospital in Kuala Lumpur costing RM848 million in 2016.
  • Five new hospitals in Pasir Gudang, Kemaman, Pendang, Marang and Cyberjaya.
  • RM200 million to help pay deposits for first-time owners of affordable homes.
  • RM200 million allocated to build 10,000 Mesra Rakyat homes with RM20,000 subsidy for each unit.
  • RM1.6 billion allocated for PR1MA to build 175,000 homes to be sold at 20 per cent below market value.
  • RM40 million for implementing infrastructure projects and soft loans for Chinese living in New Villages for paying land premiums and house repairs.
  • RM90 million allocated for micro-credit facilities for Chinese petty traders which includes RM50 million for Kojadi.
  • RM50 million allocated by SME Bank for small and medium Indian businesses.
  • RM100 million is allocated for the socio-economic development of the Indian.
  • Tekun allocated RM600 million – RM500 million for Bumiputera and RM100 million for 10,000 individual Indian entrepreneurs.
  • New boats and facilities for Klinik 1Malaysia in the rural areas in Sabah and Sarawak.
  • RM115 million is allocated for native projects in Sabah and Sarawak i.e. NCR projects.
  • Interest-free loans of RM70 million for longhouse building.
  • Limit of RM50,000 loan for each longhouse unit.
  • Domestic travel for rural air services will be GST-free.
  • Development agenda for Sabah and Sarawak will include a toll-free highway.
  • Ekuinas has been allocated RM400 million, RM250 million to PUNB and RM150 million to Pelaburan Hartanah Berhad for boost Bumiputera entrepreneurship. Uda has been allocated RM100 million for the development of Kampung Baru in Kuala Lumpur.
  • Mara has been allocated RM3.7 billion including sponsorship for higher education for 72,000 Bumiputera students.
  • The strengthening of the Bumiputera is a national agenda and will include those in Sabah and Sarawak.
  • 1.2 million children to get RM250 book vouchers.
  • RM1.6 billion for PSD scholarships.
  • Financial aid of RM100 vouchers for families with household incomes RM3,000 and below.
  • Food programme for students from hard-core poor families.
  • RM38.5 million allocated for Dwi-Bahasa programme and 300 schools chosen for pilot project.
  • Emphasis on English and Bahasa Malaysia under pioneer Dwi-Bahasa programme.
  • 13 FTAs entered into by Malaysia. TPPA accepted in principle. Final decision to be made in Parliament.
  • Bank Negara to arrange RM-Yuan credit swap.
  • Agriculture important to increase food production. Emphasis on fruits, vegetables and aquaculture. RM90 million allocated for young agriculture entrepreneurs. Tax-free incentives to help increase food products including 10-year tax holidays.
  • RM515 million allocated to improve electricity supply in Sabah.
  • Online visa application extended to India, Myanmar, China and US among other countries.
  • E-visas for tourists beginning next year.
  • Tourism expected to contribute RM103 billion.
  • RM1.2 billion to improve Internet speed from 5mbps to 20 mbps.
  • Drainage and irrigation works to mitigate flooding in Kelantan, Sabah and other states hit by frequent flooding.
  • Rural roads to be upgraded and rural electricity supply to be stepped up.
  • National fibre optics and undersea cables for improved connectivity and broadband.
  • Public transportation will be improved. MRT and LRT are examples. MRT2 and LRT3 in the works.
  • High-speed rail will proceed in cooperation with Singapore.
  • World Bank report says Malaysia 25th out of 126 countries in logistics.
  • SMEs will contribute 41 per cent to GDP by 2020.
  • Nine high-impact domestic projects worth RM6.7 billion in total in the healthcare, education, tourism and ICT sectors.
  • Domestic investment will contribute to over 26 per cent in GDP in 2016.
  • Government fiscal deficit is expected to shrink to 3.1 per cent in 2016.
  • Government revenue in 2016 is estimated to be RM225.7 billion, up by RM3.2 billion compared to 2015. Government allocation for expenditure is RM267.2 billion of which RM215.2 is for operating expenditure and RM52 billion for development.
  • Tax for those earning between RM600K to RM1 million will be 26 per cent while those earning RM1 million and above will be 28 per cent.
  • Seven steps will be taken to improve the GST. Medication for 33 conditions GST-free. Instant formula, soya and dhall will be GST-free. Mee kolok popular in Sarawak will be GST-free. Pre-paid will be credited under the GST system.
  • The Opposition is against the GST but they have included it in their budget. It is an efficient system of tax implemented by 160 countries.
  • The national deficit would have gone up to 4.8 per cent with the GST. Deficit for 2016 is estimated as 3.1 per cent.
  • Petronas’s dividends to the government depend on crude oil prices and these have declined by RM31 billion. GST has made up for the shortfall.
  • Nearly 400,000 firms have registered under the Goods and Services Tax (GST), a 90 per cent achievement.
  • Five million Malaysians who live in the rural areas have access to basic amenities such as water and electricity.
  • Unemployment has dropped to 2.9 per cent and 1.8 million jobs have been created.
  • BR1M payments fulfilled as usual and reserves are sufficient to meet short-term debt payments.
  • Deficit expected to reduce to 3.2 per cent from 6.7 per cent.
  • Growth this year will be at 4.5 per cent to 5 per cent despite the crude oil prices heading south along with commodity prices, the ringgit and the stock market. 
  • PM says nine major achievements since 2009 including maintaining the economic growth rate.
  • This is the first of five budgets to come geared towards a High-income Advanced Economy.
  • Najib says he hopes he will be presenting future budgets for the country as well.
  • PM reveals theme of Budget 2016 as “Prospering the People.”
  • Rosmah Mansor, the wife of the prime minister arrives in Parliament.
  • Prime Minister Najib Razak arrives in Parliament to deliver Budget 2016 amidst tight security. Also present are Higher Education Minister Idris Jusoh and other VIPs who are streaming in.

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