Govt launches 5-year plan with 429 measures to ease cost of living

The Malaysian government has unveiled a five-year National Cost of Living Action Plan 2030, comprising 429 measures across 35 strategies, aimed at alleviating cost-of-living pressures and enhancing the wellbeing of citizens. Domestic Trade and Cost of Living Minister Armizan Mohd Ali revealed that the plan prioritises two key objectives - boosting household incomes and stabilising the prices of essential goods and services.

Building upon existing initiatives, the plan introduces new measures in eight strategic clusters: income, food, health, education, transport, housing, utilities, and general matters. Acting as a national framework, it coordinates cost-of-living initiatives across ministries and agencies via a whole-of-nation approach. Armizan emphasised that the implementation will involve collaboration with the private sector, non-governmental organisations, and the public.

The National Cost of Living Action Council (Naccol) has received an expanded mandate to oversee the implementation of measures across various ministries and agencies. Previously, Naccol focused solely on reviewing new initiatives and issues related to cost-of-living. Now, it is tasked with monitoring the execution of the plan's measures in a coordinated, targeted, and efficient manner.

The prime minister highlighted that the plan is designed to remain flexible and responsive to both domestic challenges and global geopolitical and geoeconomic uncertainties.