Not just about the goodies
Today is that special day when the Finance Minister walks into Parliament with briefcase in hand and, in a three-hour speech, showers us with goodies as if he were Father Christmas.
To be fair, the budget nowadays is not as anxiously awaited as it used to be in the past, when people would be glued to their TV sets to see by how much the price of cigarettes would increase and whether there would be any reduction in their income tax.
This is mainly because this administration has largely stayed away from introducing new taxes and increasing the price of staples (even if this might happen throughout the rest of the year).
Overall, these past six budgets have been positive ones, with no big shocks announced.
It has already been announced that the Cost of Living Adjustment (COLA) increase this year will be around €3.49, which is definitely better than the €2.33 given for this year. The question remains, however, whether this increase is enough to make up for the increase in basic products experienced lately, like fuels, milk and bread.
It has long been argued that the country’s economic growth in some sectors is leaving a number of families and individuals behind. Some unions have long insisted that the current mechanisms do not reflect the reality on the ground, and calls for the introduction of a living wage - as opposed to the minimum wage system - have not yet bore fruit.
In his speech today, Edward Scicluna will surely mention how well the economy is doing and we hope that concrete measures are announced to tackle the ever-present property problem.
He will likely outline the road infrastructure projects that will be taking place over the coming months and years, but we also hope that the Professor will have some green initiatives in his goodie bag, too.
Like we have said time and time again, roadwidening alone will not solve this country’s traffic congestion and air quality problems. We hope that, rather than rhetoric about bigger and newer roads and studies on the Malta-Gozo tunnel, the government will have something interesting to say about a mass transport system.
The PM said yesterday that there will be a preferential rate for charging electric vehicles at night, but more must be done in this field.
Scicluna will likely also tell us how many millions the government has bagged through the IIP scheme, but we hope that he will also outline how the controversial passport-for-cash programme will have its safeguards strengthened, given the latest reputational damage some of its agents have caused.
Many will be expecting the Minister to announce new home ownership schemes, income tax reductions and job-training and employment initiatives. But we would also like to see how the government plans, if at all, to address the free-for-all in our construction sector, the lack of green lungs in our urban areas and the problem of air pollution.
We are also curious to see whether all the talk of attracting quality tourism will ever materialise into something tangible, and when the hyped up rent laws will finally come into force.
We also expect the government to tell us how it plans on dealing with the situation in the gaming and banking sectors, over which storms clouds have been gathering over the past months.
At the end of the day, the Budget is not only about showering people with gifts but also about stating what the government’s vision for certain sectors is.
Goodies are always welcome, but we must also look at the bigger picture. We should not only care about our own pockets, but also about the economy in general, especially the sectors with questions marks hovering above them, as well as the environment and those less well off than the rest of us.