My Honest Thoughts On BUDGET 2023

MADANI Budget 2023 garnered a lot of discussions lately, both good and bad. Some said it was a boring budget, with nothing exciting while others said it was an impactful budget. So, here are my honest thoughts and opinion on Budget 2023.

What to Watch Next:
🍀I Tried Living In Seremban And Working In KL 🙃:
🌲The best place to buy your first house KL?:
🌳MyEG Stock Crash: A Story of 3 Companies And 1 Government Contract:

#mrmoneytv #budget2023 #malaysia

-----

HERE ARE OUR REFERRAL PROMOTIONS JUST FOR YOU!
--
【STOCK MARKET】

Invest in US STOCKS 📈 🇺🇸
Check out Interactive Brokers to learn more!

Invest in Bursa Malaysia Stocks 📈
// FREE 7 Days Trial with RM1 per day subsequently

Looking for a news and analysis portal for investors?
Check out Seeking Alpha to get 'em!
New sign-ups will get a 1-year subscription for $99 instead of $239.

--

【CRYPTOCURRENCY】

FREE RM25 when you sign up and use our code!
Code: mmtv1

--

【ETF】
// 50% Discount Fees

--

【UNIT TRUST】
Invest in Unit Trust Malaysia
// Low Fees

--
【OTHERS】

Invest in an ergonomic chair and table for yourself!
// Use my promo code "ENMONEY10" to get a 10% discount!

Invest in YOURSELF 📚
// FREE 1-month trial for first 1000 sign-ups

--

Come say Hi to us at,

🤳 TikTok: @mrmoneytvchannel

For business & job enquiries, do contact us at,

Disclaimer:
This is not an investment advice. All content produced is solely for education and entertainment purposes only. Please consult your financial advisor before making any investment decision.

[lightdarkunknown]

Don't thank Grab yet. Grab is now implementing cost cutting measures. And yea...agreed to the 'opportunity cost' there.

[VictorTan]

Great video Peter! It was a wonderful introduction to the intricacies and specific steps outlined in the Budget and a very valuable watch!

As you’ve rightly pointed out, it would have been nice if there were more long term measures in this budget. I would venture to say that developing heavy industry is something that is rather complicated and cannot be done unilaterally without considering many other things that work together in unison, though!

As I look at some of the steps that prime minister is taking at the moment, I can see some encouraging movements on that front though some other things perhaps could be done better.

As you’ve rightly pointed out, most certainly more can be done on the front of education; while that definitely does seem more long-term than a focus on promoting the gig economy, investment in education takes a long time to materialise although certainly more can be done on this front such as incentivising online courses and qualifications so that youths can upskill in line with the needs of industry, although this also requires us to ask the more pertinent question as to how exactly it is that the nation should respond to the challenges of the next era rather than a question of how much money should be spent - there definitely needs to be much more systematic look at the ways that technology will influence the global demand for talent, and in this respect much greater foresight is essential.

Having said that, I do believe that some credit is due where it is due. Developing industry isn’t something that can be done just unilaterally, as it requires buy in from the different parties that would otherwise benefit from setting up within Malaysia - companies, institutions, and organizations need to see that it is worthwhile to do so in order to begin that process, and it is through their individual actions collected together that visions of the reality for which we wish may transpire.

We do see some encouraging news on that front, for example the government’s recent focus upon electric vehicles, which could be an example of some of the steps that the current government is taking in order to bring high-value industries in to our country – setting up a charger infrastructure is no doubt going to be a big part of that, and so will other things as well, although the challenge will certainly continue to present itself as we evaluate our role in the global economy, and consider the question of how we will create the circumstances to benefit from the global flow of capital into this region in ways that will incentivise the development of Malaysia as a whole clearly showcasing that we are worth investing to not simply because we are cheap (although this may be the case in the short term) but rather because we have distinct value propositions that many different parties should consider.

As I look at the roads forward, I perceive that any strategy forward will require a masterful combination of economic policy, education policy, and also tax structure – and a remarkably instructive example can be found in the example of Singapore‘s strategy to develop its economy under the helm of Lee Kuan Yew and EDB.

Singapore took a very strategic approach to attracting and cultivating relationships with leaders of industry (LKY’s sabbatical at Harvard was crucial in this) that would prove crucial in helping Singapore establish itself as a nation - A place where people knew clearly that they had to be valuable, had to value people in their own community in order to thrive, and had to create value given the little that they had in order to create a world class economy from nothing but the efforts of merely a small group of people that today has the highest proportion of millionaires per capita in the world, on the basis of the single word that Lee Kuan Yew used to explain why it is that he felt Singapore succeeded:

“Confidence”. (From Third World To First - Page 68).

Without an educated, English – speaking population capable of mastering the skills that were required for the work, Singaporeans would not have been able to benefit from the experience of working with multinational corporations; without favourable agreements to induce those corporations to come to Singapore, they may well have set up somewhere else (although this is debatable given the strategic location of Singapore); Without a policy of incentivising ethical behaviour through the workings of the market and a powerful legal system, it may well have experienced the toil of corruption and loss of reputation that accompanies so many other South East Asian countries; without a high income population that was capable of supporting multiple industries such as the arts and even other areas, economies of agglomeration that catalysed the viability of further investment for other companies and also created a good living environment for the people who were considering coming in would not have transpired; without good urban planning and infrastructure, it may not have experienced the time and cost savings that are associated with superior transport infrastructure, or the admiration of the world for structures like Changi airport and MBS that make Singapore a place that people of the world deeply wish to work and live in.

All of these things, together, made Singapore a place in which it was very easy for investors to repost their confidence - and I think that Malaysia has much to learn from that.

All in all, I think this comment was too long, but that said I think PM Anwar is doing a good job overall (though the nepotism thing was a bit sus) and I think that he can and will do very much more for our nation to move us in the direction that we need to go in, if he is equipped with a good and capable advisors who are willing to learn and not just from the past but also from the present in order to chart the future. Here’s to days ahead and to everything that will come with them!

[aimarfaiz]

PMX received the job while Malaysia is already in a 'pretty bad' condition. These short-term solutions is kinda good but I still look forward for next year plan.

[myretronation]

I'm in my 40s and the syllabus I went through back then was already 💩💩💩
We are 30 years overdue for education overhaul

[vanness]

Babe wake up, new mr money tv video about the government just uploaded

[HotRod]

Main focus is to increase the earning power for Malaysian. You see, even the used to be cheapest Axia is now more expensive than Saga. Means that the bar for being poor have been raised. So the M40 need to have better budget that improve the earning power. Be realistic, we can never go back the price of chicken rice at RM4 a plate. We just need increase of income to overcome the inflation cost.

[bababoi]

i think Malaysia should get better in cybersecurity since there are scammers everywhere that exploit the vulnerability of the B40 families by stealing their money through Scams... But i think this can be applied later after the nation improves by now, they can pay attention by making commercials and spreading awareness what to look for in case you feel like you're getting scammed. Since cyberspace also rapidly being improved around the world should Malaysia also follow?

[Kaddo]

Our education system struggles to catchup with a rapidly changing world, students are facing greater pressure o meet with market expectations and demands from their career.

Right now, many parents provide the best education that money can buy for their child despite putting additional stress (mental and physical) on them - private education is not cheap at all. Not to mention, rising cost of living.

Perhaps we should look into things that matters to our, or even our children's future like skills they don't teach you in school.

Hopefully these skills (i.e how to sell, think, negotiate, facing failure, manage money or financial education) will prepare them for a future they will face.

[khawthianming]

Building ev charging stations are great but in times I still have mix feelings for it bc I feel some rakyat out there will spoil the charging station or worse

[realmlee]

The govt need to hv a blueprint on how govt assist B40 and M40, also for B40/M40 to help themselves to progress and work to go to next bracket. For T20 that contribute more, what will they enjoy from govt by contributing more.

[GuatKuanChua]

agree on the Education part, overall 'software' quality improvement not hardware.

[JoujiLockhart]

i wish they do more focus on small and medium fabrication industries, mainly at sabah, and provide more help and boost worker skills, currently in malaysia skills worker in fabrication or manufacturing is really low, even my small workshop cant find local worker and only left with 3 foreign worker :/

[whutever]

I was hoping the government would invest in public transportations that people could and would actually use like increasing buses fleet to improve last mile connectivity. It's such a simple solution and isn't as costly like MRT, and yet it could drastically increase the appeal of using existing PT, and possibly addressing our hellish traffic jam in KV especially. Also, since they are giving tax relief when you spend on things EV related, wouldn't it make sense to give same treatment to those people who uses PT as well, by giving tax relief to those purchasing MY50 pass. That's RM600 worth of tax relief per year for B40 and M40 for sure as they would be the biggest group who uses PT.

[adlifiruz]

Im happy with the current gov's progress but there's definitely alot needed to be done

[CW]

If prices keep getting higher at a faster rate, no amount of salary increment or financial aid will solve the problem. Economy issue needs to be addressed at every end.

[zchongsoonNG]

i agree with all except for the education syllabus.. i think the new syllabus kssm/kssr is really tough, but the delivery of it that lacks... not the syllabus

[ariefabdulsamad]

Peter, is that a Tudor Black Bay 58? Nice watch indeed!

[benzpinto]

isnt rm100k - rm 130k annual salary range belong to upper M40 bracket? so it seems government is increasing tax on M40 as well.. :( M40 is probably the group that pays the most taxation due to the quantity of M40 citizens compared to T20. also, the uber rich or upper bracket of T20 individuals probably deploy ways to avoid taxation.

[alfiedj]

Thank you for the short and concise summary of the 2023 budget. Great job 👍🫡

[kevinyeohck]

Slightly starstrucked when I saw you at Lot 10 a few weeks back. You are exactly the same guy as you are on YouTube and that's a good thing 😬