Friday, October 23, 2009

Budget Preview: CNA Report

Below is my comments from the Channel News Asia preview report on the Budget announcement for later today. Called me an 'economist' instead of a 'politician'! Hah! ;-)

Tony Pua, an economist, said: "One of the problems Najib faces now is he's in a scenario where he's between a hot rock and a hard place. Najib is stuck because he can't find the money. He knows he needs to spend. He needs to boost and continue to sustain the deficit.

"But because in the previous years, there's no surplus, no savings, he's not able to find the money, especially when oil prices halved from the peak."

Government sources said the 2010 deficit may be reduced to 5.5 per cent of the GDP, so as not to affect Malaysia's sovereign ratings. There are hints the government could roll back billions of dollars spent in subsidies and cut back on expenditure by 15 per cent.

Mr Pua continued: "More importantly, where the money is spent needs to be measured carefully. Otherwise, you can spend all the money, but it's not going to productive sectors. So you end up burning all the cash.

"We believe that he needs to bite the bullet now, put in measures to strengthen the government institutions and the financial management of the economy."

There may be disappointment for the over one million strong civil servants hoping for bonuses.

But Friday's budget will still be keenly watched, as the Prime Minister outlines how he intends to steer the economy in the medium to long term.


Anonymous said...

He has to rationalise the civil service. Where 5 people are doing 1 person's job, he has to sack 3-4 now and increas the pay of the remaining person, but still get savings.

He may get into trouble for a while but as long as people know he is reforming the economy to more efficient and effective way, he will get votes next election.

Anonymous said...

GST Tony, they will have to do it which they know its not popular. They will argue that many experts says they have to and all countries have it. Its his only way out. Oil prices is going up only because dollar is falling and ringgit gaining a bit so not much to gain from that.

PR better have a ready attack when they come with it. Cut Najib's political throat with it because he is no good at arguing about such an unpopular thing..Once he bleed, Muhiyiddin or someone else will do much worst to him..

Anonymous said...

A boring budget 2010.

What's that 27% to 26% reduction for personal income tax? This is for the rich. What about the lower income bracket? Just hoodwinking people.

Now I have to cancel some of my creditcards with the RM50 service charge. The more cards the more money to feed them to screw us. To impose prudent spending they whack you a service charge. Think I stupid. Whack my RM50 I have less one meal. Shit!

Anonymous said...

Stop having function in 5 star hotels, wasting our tax payer $$$

Anonymous said...

Have lost hope in this corrupt UMNO-BN government!

Hope Pakatan Rakyat with professionals like Tony Pua can take over the Federal Government soon!

Anonymous said...

One 5 star hotel at Subang Jaya achieved 100% occupancy this week because of federal government function. THIS IS OUR MODAL INSAN!

PJU Voter said...


Due to all those stupid chaos caused by PAKATAN RAKYAT for their nonsense ILLEGAL ASSEMBLIES, STREET DEMOS & CANDLELIGHT VIGILS......

TIAN CHUA is now doomed. He can now start to wave GOODBYE to being a MP for Batu.

Reliable sources said TONY PUA will be next. Is this true??? If yes, serves you RIGHT, wanker!!!

For all those stupid CANDLELIGHT VIGILS you had organized/participated, what purpose has it served besides causing unecessary chaos for others????

GOD is watching & it's PAY BACK TIME. You will be DISQUALIFIED as PJU's MP very soon. Start saving $$$ to pay your punishment & kindly make way for a BN HERO to take over your PJU seat.

Wave SAYONARA to PJU, will ya??? I foresee PJU & PJS falling back to Barisan Nasional within the next few months.

DAP = Dumb Ass People


Anonymous said...

RM50.00 service charge for a credit card? For prudent spending? Nonsense!

I (a retiree) do not gain anything at all from the budget, but instead is burden by the RM50.00 service charge.

joseph said...

PJU - Tony Pua, Can u represent our citizen in parliment that, we are object on credit cards service tax (RM50), not only many people less spending in market and it will cause many people will lost their jobs, specially card sales agent, unfortune i am one of them.
People use less credit card, and Banks will have less profit on cards sales, and Banks will give lesser Coprt tax to govet(25%), in the end, Govet still gan less taxes over rall.

Anonymous said...

Y.B. Tony Pua,

Izinkan saya menulis dalam dwibahasa sebagai menghormati bahasa kebangsaan tanahair kita, Bahasa Malaysia/Melayu dan Bahasa Inggeris.

Setelah kali terakhir saya memasuki alam maya semalam dengan tujuan satu-satunya saya memasuki alam maya hanyalah untuk menulis komen dalam blog Dr. M. Bakri Musa yang masih belum disiarkan di sini:-
saya memasuki dunia alam maya untuk menulis komen dalam blog Y.B. Tony Pua di sini.

I hope that Y.B. Tony Pua continues the good work of enhancing societal awareness through blog writings.

We should all strive to eradicate corruption, abuse of power, environmental pollution, violence, crime, self-interests in politics and religion, racism, discrimination and all negative elements through educating society positively.

A senior citizen beside me whilst I'm writing this laughed it up as wishful thiking on my part. I replied to Uncle Andy Lau, that exuberance of youth may someday translate to positively effectual idealism. Good people such as Nelson Mandela, Florence Nightingale, Ralph Nader, Dudley Sennayake and other good people who have always respected life and liberty are models of the international stage.

Hakimi bin Abdul Jabar
Batu Pahat, Johor.