Budget 2025 Live Updates: Govt allocates RM421 billion

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• This includes RM20 million for the bipartisan All-Party Parliamentary Group Malaysia Sustainable Development Goals, as well as funds to empower the Public Accounts Committee (PAC) to check and balance the government

• Parliament will receive a budget of RM180 million in 2025, up from RM166 million.

• MACC to receive RM360 million in allocation for 2025 compared to RM338 million this year

• From 2025, the government plans to double the special grant rate for Sabah and Sarawak to RM600 million

• Allocations for the development of Sabah and Sarawak continue to be a priority and are the highest among the states at RM6.7 billion and RM5.9 billion respectively.

• The 2025 Budget allocates a total of RM421 billion, comprising RM335 billion as operating expenditure and RM86 billion as development expenditure, not including RM2 billion in contingency savings.

• The government will also impose a dividend tax on individuals for dividends exceeding RM100,000. The dividend tax will begin for the 2025 tax assessment year.

• Malaysian Competition Commission (MyCC) to receive RM27million to combat cartels aiming to monopolise the economy

• The government plans to implement targeted subsidies for those using RON95 petrol by the second quarter of 2025.

• This year’s revenue collection is again projected to be higher at RM322 billion instead of the projected RM308 billion.

• The government also expects the 2025 revenue collection to rise to RM340 billion.

• The country’s total debt last year stood at RM1.2 trillion or more than 64 percent of the GDP. Including liabilities, the debt level has reached RM1.5 trillion ringgit or 80 percent of GDP.

4.20pm: In his speech, Anwar, which also touched upon the domestic economy, Anwar mentions that in August 2024, the inflation rate was only 1.9%, among the lowest in the region.

As of the same month, the unemployment rate also went down to 3.2%, the lowest since January 2020.

Government revenues for 2024 are expected to increase from RM329.5 billion this year.

4.15pm: In the opening to his Budget speech, Anwar announced a RM5.5 million allocation for upgrade and repair works of the iconic Siti Khadijah market in Kota Bharu, Kelantan.

4.06pm: Anwar Ibrahim has begun tabling Budget 2025 in the Dewan Rakyat.

3.40pm: Anwar arrives at the Parliament building

3.15pm: Anwar Ibrahim dressed in a white-coloured Baju Melayu prepares to leave the Finance Ministry for Parliament, where he will be tabling the Malaysia Madani 2025 Budget at 4pm.

2.45pm: Prime Minister Datuk Seri Anwar Ibrahim has arrived at the Finance Ministry (MOF) headquarters ahead of tabling of the Budget 2025 at Dewan Rakyat this afternoon.

Prime Minister Datuk Seri Anwar Ibrahim will table Budget 2025 in Parliament at 4pm.

Themed ‘Ekonomi MADANI, Negara Makmur, Rakyat Sejahtera’, this will be the third budget under the MADANI government led by Anwar and the last under the 12th Malaysia Plan (2021-2025) before transitioning to the 13th Malaysia Plan for the next five years.

The Finance Minister had previously said Budget 2025 aims to improve the living standards of the people and advance the nation’s development.

Stay tuned to this live report and our social media channels - X, Instagram, Telegram as we bring all the relevant developments and updates on the Budget 2025.

Meanwhile, here is what can you expect from Budget 2025:

Anwar: Budget 2025 to address inflation, boost wages: The MADANI government will address the issue of inflation in Budget 2025. Read more here.

Budget 2025 - Educators call for quality infrastructure, support: The enhancement of digital education through the Ministry of Education’s Digital Education Policy is a major expectation for educators in Budget 2025. Read more here.

Budget 2025: MOSTI proposes more R&D allocation: The Ministry of Science, Technology and Innovation (MOSTI) is proposing an increase in allocation for research and development (R&D) under Budget 2025, said its minister Chang Lih Kang. Read more here.