Budget 2024: Key highlights

The education ministry has again been allocated the largest sum in the federal government budget with RM58.7 billion, an increase of about RM3.5 billion allocated for this year.

According to Datuk Seri Anwar, RM1.9 billion would be dedicated to upgrading schools, while RM2.5 billion would be allocated to build 26 new schools in Sabah, Sarawak, Pahang, Perak and Kelantan.

RM150 million to expand aid for poor students up to Form 3, compared to up to Form 1 previously, benefitting one million students, while RM100 million will be used to upgrade and maintain computer labs in schools.

Meanwhile, RM16.3 billion would be allocated for higher education, with RM250 million to improve WiFi access in all public universities and RM300 million to improve infrastructure in local universities.

The government is also planning to spend RM20 million to set up the country’s first AI facility in Universiti Teknologi Malaysia.

Government to give between 10 to 15 per cent discount on PTPTN loans while entrance fees for public varsities are capped at RM1,500.

Additionally, students who cannot afford to pay their tuition fees will not be barred from registering for courses.

The health ministry is allocated the second largest amount of RM41.2 billion, an increase of RM5 billion in the previous budget.

RM5.5 billion is allocated for medicines and vaccines, while over RM1 billion will be dedicated to building new development projects in various hospitals in Johor, Kelantan, and Selangor.

The government is also looking to spend RM766 million to replace medical equipment which are deemed “beyond economic repair”.

RM300 million will be used to repair 400 dilapidated health clinics, while RM200 million is allocated for outsourcing treatment to private hospitals due to the ongoing personnel strains of the public healthcare system.

The government is also planning to increase sugar tax from 40 sen a litre to 50 sen a litre.

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The government will dedicate RM160 million to support the creative industry, including funds to support local films and RM50 million will be allocated to government agencies to promote arts and culture.

To promote more performances and live entertainment, the government is looking at a 10 per cent reduction in entertainment duties for international acts, while local artists will not be subject to entertainment duties. The government also plans to revise entertainment duties in Federal Territories.

RM80 million is allocated for conserving and preserving Unesco heritage sites, including those in Sarawak, Kedah and Perak.

The government will look to expand the bankruptcy scheme to support youths with debts of less than RM200,000 while dedicating RM20 million to the Rakan Muda programme.

RM72 million will be allocated to improve the ecosystem for podium sports athletes, with RM20 million going to the Road to Gold Olympic programme.

An additional RM 12 million will be channelled to the National Sports Council to support training programmes and prepare para-athletes for international competitions.

The government will also continue to provide a matching grant of RM50 million to encourage the organisation of prestigious sports events by sports organisations and the private sector.

RM12 million for the National Sports Council to support the training of athletes.

Up to RM1,000 tax exemption for purchase of sporting goods, including training fees.

Net Energy Metering (NEM) will be extended until December 31, 2024, to encourage more people to use solar panels.

Additionally, solar panels will be installed at government buildings, and electric vehicles will be used as official government vehicles.

The government is also allocating RM200 billion to encourage industries to shift towards a low-carbon economy.

In order to encourage more usage of electric motorcycles, individuals earning RM120,000 and below would receive rebates of up to RM2,500.
Income tax exemption of up to RM2,500 for four years will be provided to those spending on EV charging ports.

Tax rebates for EV vehicle rentals will be extended for another two years.

Putrajaya would be made into a low-carbon city, after which the rest of the country could be modelled.

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The government will work with its various agencies to improve the ease of doing business, while RM200 million will be dedicated to catalyse the New Industrial Master Plan (NIMP) 2030.

RM25 million will be allocated in matching grants to produce more entrepreneurs, and RM10 million will be used to support franchises with export markets.

The government will also look to provide RM44 billion in loan and financing facilities for micro SMEs, which includes RM1.4 billion for micro loans from BSN, RM330 million in loans from Tekun Nasional, RM720 million for women and youth entrepreneurs and RM30 million for Indian businesses.

RM20 billion for Syarikat Jaminan Pembiayaan Perniagaan Berhad to guarantee loans for SMEs involved in the green economy, technology and halal sectors.

RM100 million to support the digitalisation efforts of 20,000 SMEs.

The next Visit Malaysia Year has been set for 2026, with the government targeting 26.1 million tourist arrivals.

RM350 million will be channelled to support efforts to promote Malaysia as a top tourism destination, which includes the Visit Malaysia 2026 campaign, aid for cultural performances, matching grants for charter flights, and supporting Islamic tourism.

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