PETALING JAYA: Budget 2023, which at RM388.1bil is Malaysia's biggest ever, features many measures to help lower and middle-income earners struggling with inflation and rising cost of living.
The spending plan is 17% larger from Budget 2022.
The following are some key highlights on the allocation and measures of Budget 2023:
Ministries with the biggest and smallest allocations
The Education Ministry which continued to receive the biggest chunk of the budget's allocation amounting to 14.2%, followed by Health at 9.4% and Finance at 7.3%.
The National Unity Ministry got the smallest allocation at 0.15%, followed by the Plantation and Commodities Ministry a 0.17% and the Entrepreneur and Cooperatives Development Ministry at 0.18%
Ministries with the biggest growth in allocations
The Economy Ministry saw the greatest increase in allocation with a 62.1% rise in Budget 2023 compared with Budget 2022.
This was followed by the Finance Ministry with a 58.1% increase, and the International Trade and Industry ministry which got a 33.3% rise.
The A-Z of Budget 2023
The Budget tabled today on Friday Feb 24 is in fact the second budget tabled for this year.
Tengku Datuk Seri Zafrul Abdul Aziz who was the former Finance Minister under the previous government had tabled Budget 2023 on Oct 7 last year.
However, Parliament was dissolved for the 15th General Election (GE15) before lawmakers could approve the spending plan.
Today saw a fresh budget tabled by Prime Minister and Finance Minister Datuk Seri Anwar Ibrahim, in line with the aspirations of the current ruling coalition which he leads.
The following is a comparison of the allocations for each ministry under the 2023 Budget tabled today by Anwar and the earlier spending plan for 2023 presented by Tengku Zafrul under the previous government.
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