PM's FULL BUDGET 2015 SPEECH
A good one. Budget 2015 outlines at least 7 major thrusts to elevate the peoples' economy, enhance investment, creating more opportunity, stabilise daily goods prices and capitalise on strong fundamentals.
![]()
Budget 2015, unveiled by Prime Minister Datuk Seri Najib Tun Razak today, continued to be business and investor-friendly as well as inclusive, taking into account the concerns of the rakyat by emphasising on the needs of the middle and lower income group.
Noteworthy among the proposals highlighted for businesses are the promotion of high quality investments, encouraging the establishment of principle hub by multinational companies, spurring creative industry, increasing capacity of high speed broadband and developing small and medium enterprises, as well as, developing innovation and commercialisation.
Themed, "People Economy", it outlined seven main strategies namely strengthening economic growth; enhancing fiscal governance; developing human capital and entrepreneurship; advancing the Bumiputera agenda; upholding the role of women; developing national youth transformation program; and prioritising the well being of the rakyat.
The premier said the main challenge in preparing the RM273.9 billion budget, whcih was an increase of RM9.8 billion compared to the previous budget, was to balance between policies that are populist and policies based on economic and financial imperatives.
Budget 2015 is the last budget in the 10th Malaysia Plan period (2011-2015). Najib, clad in a bright tangerine Baju Melayu, presented the 2015 Budget at the Dewan Rakyat, his sixth national budget since assuming leadership of the administration.
The prime minister was confident the country would achieve a strong economic growth of between 5.5 per cent and 6.0 per cent this year and 5.0 per cent to 6.0 per cent in 2015.
Fiscal deficit would continue to improve to 3.5 per cent this year and reduce further to 3.0 per cent by end 2015, he said.
Touching on the GST, Najib said its implementation was estimated to generate RM23.2 billion in revenue next year.
"However, as a caring government we have exempted several goods from GST amounting to RM3.8 billion," he said, adding that with the implementation of GST, the Sales and Services Tax (SST) would be abolished.
"This will result in revenue foregone of RM13.8 billion. This means that after deducting RM13.8 billion and RM3.8 billion from a revenue RM23.2 billion, the government will have a balance of RM5.6 billion," Najib said.
Out of this, he said RM4.9 billion would be channelled back to the rakyat through assistance programmes such as the increase in BR1M.
"Finally, net revenue collection from GST would only amount to RM690 million," he said.
Proving that the government was listening to the rakyat, Najib said consumers and targeted groups would not have to pay GST on the purchase of RON95 petrol, diesel and LPG.
Budget highlights:
Following are the highlights of the 2015 Budget:
* 2015 Budget allocates RM273.9 billion, up RM9.8 billion compared to 2014 initial allocation.
* RM223.4 billion is for operating expenditure, RM50.5 billion for development expenditure.
* RM65.6 billion is for emoluments, RM38.1 billion for supplies and services.
* RM29.3 billion allocated to the economic sector.
* RM12.6 billion allocated to the social sector for education, training, health, housing and well-being of society.
* RM4.9 billion earmarked for the security sector, RM1.7 billion for general administration and RM2 billion for contingencies.
* In 2015, Federal Government revenue collection estimated at RM235.2 billion, a RM10.2 billion increase from 2014.
* For 2015, economic growth expected to remain strong between 5 per cent and 6 per cent, fiscal deficit projected to further decline to 3 per cent of GDP.
* In 2015, government revenue estimated at RM23.2 billion with implementation of Goods and Services Tax (GST).
* Government to exempt goods from GST amounting to RM3.8 billion * With GST implementation, Sales and Services Tax (SST) abolished, resulting in revenue foregone of RM13.8 billion.
* RM4.9 billion to be channelled back to the people through assistance programmes, such as the increase in Bantuan Rakyat 1Malaysia (BR1M).
* RM690 million net revenue collection from GST
* RM65.6 billion is for emoluments, RM38.1 billion for supplies and services.
* RM29.3 billion allocated to the economic sector.
* RM12.6 billion allocated to the social sector for education, training, health, housing and well-being of society.
* RM4.9 billion earmarked for the security sector, RM1.7 billion for general administration and RM2 billion for contingencies.
* In 2015, Federal Government revenue collection estimated at RM235.2 billion, a RM10.2 billion increase from 2014.
* For 2015, economic growth expected to remain strong between 5 per cent and 6 per cent, fiscal deficit projected to further decline to 3 per cent of GDP.
* Government to continue providing conducive and comprehensive ecosystem to accelerate domestic and foreign investment.
* In 2015, several infrastructure projects will be implemented -- 59-km Sungai Besi-Ulu Klang Expressway (SUKE) with total construction cost of RM5.3 billion; 276-km West Coast Expressway from Taiping to Banting (RM5 billion); 47- km Damansara-Shah Alam Highway (DASH)(RM4.2 billion); 36-km Eastern Klang Valley Expressway (EKVE)(RM1.6 billion); 56-km Second MRT Line from Selayang to Putrajaya (estimated RM23 billion); LRT 3 Project linking Bandar Utama to Shah Alam and Klang (estimated RM9 billion); and RM150 million upgrading of East Coast railway line.
* Pengerang Integrated Petroleum Complex project with total investment of RM69 billion expected to create over 10,000 jobs.
* In an effort to develop electric vehicle manufacturing industry, RM70 million Sustainable Mobility Fund to be established under SME Bank, 50 electric buses will be introduced initially.
* RM100 million Digital Content Industry Fund to be set up under Communications and Multimedia Commission to further promote creative industries like animation, filming, designing and cultural heritage.
* RM2.7 billion allocated over next three years to build 1,000 new telecommunication towers and laying undersea cables in efforts to enhance high-speed broadband.
* Government eyes 29.4 million foreign tourist arrivals during Malaysia-Year of Festivals 2015, RM89 billion in expected income.
* RM316 million set aside for various programmes under Tourism and Culture Ministry.
* In 2015, TEKUN to provide additional funds of RM500 million, of which RM350 million allocated for Bumiputera entrepreneurs, Young Indian Entrepreneurs Financing Scheme (RM50 million), Young Professional Women Entrepreneurs Development Programme (RM50 million), and Armed Forces Veteran Entrepreneur Development Programme (RM50 million).
* Soft loans totalling RM50 million for SME entrepreneurs from Chinese community, and RM30 million for hawkers and petty traders.
A good one. Budget 2015 outlines at least 7 major thrusts to elevate the peoples' economy, enhance investment, creating more opportunity, stabilise daily goods prices and capitalise on strong fundamentals.
Noteworthy among the proposals highlighted for businesses are the promotion of high quality investments, encouraging the establishment of principle hub by multinational companies, spurring creative industry, increasing capacity of high speed broadband and developing small and medium enterprises, as well as, developing innovation and commercialisation.
Themed, "People Economy", it outlined seven main strategies namely strengthening economic growth; enhancing fiscal governance; developing human capital and entrepreneurship; advancing the Bumiputera agenda; upholding the role of women; developing national youth transformation program; and prioritising the well being of the rakyat.
The premier said the main challenge in preparing the RM273.9 billion budget, whcih was an increase of RM9.8 billion compared to the previous budget, was to balance between policies that are populist and policies based on economic and financial imperatives.
Budget 2015 is the last budget in the 10th Malaysia Plan period (2011-2015). Najib, clad in a bright tangerine Baju Melayu, presented the 2015 Budget at the Dewan Rakyat, his sixth national budget since assuming leadership of the administration.
The prime minister was confident the country would achieve a strong economic growth of between 5.5 per cent and 6.0 per cent this year and 5.0 per cent to 6.0 per cent in 2015.
Fiscal deficit would continue to improve to 3.5 per cent this year and reduce further to 3.0 per cent by end 2015, he said.
Touching on the GST, Najib said its implementation was estimated to generate RM23.2 billion in revenue next year.
"However, as a caring government we have exempted several goods from GST amounting to RM3.8 billion," he said, adding that with the implementation of GST, the Sales and Services Tax (SST) would be abolished.
"This will result in revenue foregone of RM13.8 billion. This means that after deducting RM13.8 billion and RM3.8 billion from a revenue RM23.2 billion, the government will have a balance of RM5.6 billion," Najib said.
Out of this, he said RM4.9 billion would be channelled back to the rakyat through assistance programmes such as the increase in BR1M.
"Finally, net revenue collection from GST would only amount to RM690 million," he said.
Proving that the government was listening to the rakyat, Najib said consumers and targeted groups would not have to pay GST on the purchase of RON95 petrol, diesel and LPG.
Budget highlights:
Following are the highlights of the 2015 Budget:
* 2015 Budget allocates RM273.9 billion, up RM9.8 billion compared to 2014 initial allocation.
* RM223.4 billion is for operating expenditure, RM50.5 billion for development expenditure.
* RM65.6 billion is for emoluments, RM38.1 billion for supplies and services.
* RM29.3 billion allocated to the economic sector.
* RM12.6 billion allocated to the social sector for education, training, health, housing and well-being of society.
* RM4.9 billion earmarked for the security sector, RM1.7 billion for general administration and RM2 billion for contingencies.
* In 2015, Federal Government revenue collection estimated at RM235.2 billion, a RM10.2 billion increase from 2014.
* For 2015, economic growth expected to remain strong between 5 per cent and 6 per cent, fiscal deficit projected to further decline to 3 per cent of GDP.
* In 2015, government revenue estimated at RM23.2 billion with implementation of Goods and Services Tax (GST).
* Government to exempt goods from GST amounting to RM3.8 billion * With GST implementation, Sales and Services Tax (SST) abolished, resulting in revenue foregone of RM13.8 billion.
* RM4.9 billion to be channelled back to the people through assistance programmes, such as the increase in Bantuan Rakyat 1Malaysia (BR1M).
* RM690 million net revenue collection from GST
* RM65.6 billion is for emoluments, RM38.1 billion for supplies and services.
* RM29.3 billion allocated to the economic sector.
* RM12.6 billion allocated to the social sector for education, training, health, housing and well-being of society.
* RM4.9 billion earmarked for the security sector, RM1.7 billion for general administration and RM2 billion for contingencies.
* In 2015, Federal Government revenue collection estimated at RM235.2 billion, a RM10.2 billion increase from 2014.
* For 2015, economic growth expected to remain strong between 5 per cent and 6 per cent, fiscal deficit projected to further decline to 3 per cent of GDP.
* Government to continue providing conducive and comprehensive ecosystem to accelerate domestic and foreign investment.
* In 2015, several infrastructure projects will be implemented -- 59-km Sungai Besi-Ulu Klang Expressway (SUKE) with total construction cost of RM5.3 billion; 276-km West Coast Expressway from Taiping to Banting (RM5 billion); 47- km Damansara-Shah Alam Highway (DASH)(RM4.2 billion); 36-km Eastern Klang Valley Expressway (EKVE)(RM1.6 billion); 56-km Second MRT Line from Selayang to Putrajaya (estimated RM23 billion); LRT 3 Project linking Bandar Utama to Shah Alam and Klang (estimated RM9 billion); and RM150 million upgrading of East Coast railway line.
* Pengerang Integrated Petroleum Complex project with total investment of RM69 billion expected to create over 10,000 jobs.
* In an effort to develop electric vehicle manufacturing industry, RM70 million Sustainable Mobility Fund to be established under SME Bank, 50 electric buses will be introduced initially.
* RM100 million Digital Content Industry Fund to be set up under Communications and Multimedia Commission to further promote creative industries like animation, filming, designing and cultural heritage.
* RM2.7 billion allocated over next three years to build 1,000 new telecommunication towers and laying undersea cables in efforts to enhance high-speed broadband.
* Government eyes 29.4 million foreign tourist arrivals during Malaysia-Year of Festivals 2015, RM89 billion in expected income.
* RM316 million set aside for various programmes under Tourism and Culture Ministry.
* In 2015, TEKUN to provide additional funds of RM500 million, of which RM350 million allocated for Bumiputera entrepreneurs, Young Indian Entrepreneurs Financing Scheme (RM50 million), Young Professional Women Entrepreneurs Development Programme (RM50 million), and Armed Forces Veteran Entrepreneur Development Programme (RM50 million).
* Soft loans totalling RM50 million for SME entrepreneurs from Chinese community, and RM30 million for hawkers and petty traders.