Balancing fuel subsidies, wage growth to form core of 2027 Budget: Economy Ministry
GEORGE TOWN: Managing volatile global crude oil prices while driving wage growth will be among the key fiscal challenges addressed in 2027 Budget, says Economy Minister Akmal Nasrullah Mohd Nasir.
Balancing volatile global crude oil prices and wage growth will be central to the 2027 Budget, Economy Minister Akmal Nasrullah Mohd Nasir has stated. The minister highlighted the need to maintain effective consumer buffers amidst energy market volatility, especially due to unrest in the Middle East. Targeted fuel subsidies, such as Budi95 and diesel buffers, remain crucial for domestic stability while shielding citizens from price fluctuations.
The government aims to stabilize prices and mitigate the impact on daily life and economic activities. Akmal emphasized the importance of raising Malaysians' earning potential, which he believes requires a focus on income and wage discussions. He expressed optimism about the government's ability to review and improve wage positions for Malaysians in the upcoming budget.
The government plans to inject funds, including RM25 million for the National Automation, Testing, and Equipment (ATE) Campus in Batu Kawan, to transition local firms from assembly manufacturing to High Growth High Value (HGHV) sectors. This move is expected to create better job opportunities and lead to more substantial wages for Malaysian citizens.
Economy Minister Akmal expressed confidence that Prime Minister and Finance Minister Datuk Seri Anwar Ibrahim would present a framework to cushion households from global crude price fluctuations while outlining a clear path for national development.
Written by urgent.news from New Straits Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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