Upcoming budget to trickle down economic benefits – Amiruddin

The Pakatan Harapan government's first budget on Nov 2 will focus on trickling down the country's economic growth to the people, especially for those in the bottom 40 per cent of household income group.

Deputy Finance Minister Amiruddin Hamzah said the trickle-down effect was crucial to ensure people at all income levels would enjoy the benefits of the country's growth and development.

“The upcoming budget will focus on ensuring the cake of economic development can be equally shared by all people,” he told reporters after the annual Labuan Industrial Dinner on Friday.

Amiruddin said the government would also focus on sustainable economic growth in its budget to create long-term and sustainable employment opportunities.

“Certainly the budget will also take into account the importance of proactive economic measures to ensure that the inflation rate is manageable and limit its impact on the people's wellbeing,” he said. Amiruddin also hinted that Labuan, which is heavily-dependent on the oil gas (O&G) sector that currently facing a slowdown, might receive allocations from the upcoming budget.

He said the O&G sector in Labuan might be reviving as global oil prices hit US$80 a barrel and was expected to surge to US$100 per barrel.

“I was told that the scenario will soon change with the ‘men in overalls of different colours, blue, red or orange' will come back here, and this will be good news to Labuan,” he added.