KUALA LUMPUR – Prime Minister Anwar Ibrahim on Friday unveiled an expanded RM388 billion (S$118 billion) government budget for this year which focused on supporting Malaysias lower-income groups, taxing the wealthy and keeping the national debt in check.
The Pakatan Harapan chief, who is also Finance Minister, is taking advantage of higher government revenue to raise spending, after Malaysias economy performed better than expected last year with economic growth at 8.7 per cent.
Budget 2022 was valued at RM332.1 billion but actual spending, largely due to a record RM80 billion in subsidies resulting from soaring fuel costs, came in at RM395.2 billion. Stripping out the subsidy element expected to be capped at RM64 billion this year, thanks to lower oil prices the governments expenditure this year is set to exceed that of last year.
Some of the expenditure will be channelled towards the lower-income groups in the form of lower personal income taxes, tax incentives for small enterprises and RM8 billion in cash handouts to the poorest 60 per cent.
Datuk Seri Anwar justified the additional spending in the face of global economic uncertainties, warning that despite a strong recovery last year, Malaysias growth has been trending downwards. On a quarter-on-quarter basis, growth was 3.8 per cent, 3.5 per cent, 1.9 per cent and -2.6 per cent across 2022.
As income and wealth is concentrated among the upper classes and wealthy elite, it is appropriate that redistribution is focused on the poor and middle-class, he said.
Fridays Budget was Mr Anwars first since taking office after the general election in November.
Although national polls have already taken place, Budget 2023 is still seen as an election budget because six states are expected to head to the ballot box in July, with about half of Malaysias electorate casting their vote.
The result of this vote will have a huge impact on the stability of Mr Anwars administration, especially if its political partner Umno does not improve on its poor showing in November. The so-called unity government was cobbled together after the election resulted in Malaysias first ever hung Parliament.
So far, government finances appear to be in Mr Anwars favour.
The fiscal deficit was 5.6 per cent of GDP last year, lower than the targeted 6 per cent, thanks to the 8.7 per cent economic growth which exceeded projections of 6.5 to 7 per cent.
A larger economy will also boost government coffers, which means Mr Anwar can still aim to trim the deficit to 5 per cent this year despite his ambitious spending plan and gross domestic product growth expected to moderate to 4.5 per cent this year.
This growth estimate is higher than World Bank and Fitch projections of 4 per cent and Mr Anwar was optimistic that efforts to implement reforms and Budget 2023 measures would see Malaysia surpass his own 4.5 per cent target.
He also added that while revenue estimates of RM291.5 billion for 2023 are lower than the RM294.4 billion collected last year, this is before taking into account additional sources that will be announced in coming weeks. More On This Topic Malaysia to focus on living costs, raising wages as growth slows ahead of looming state polls Malaysian PM Anwar rules out reintroducing GST despite high debt The Premier did not offer more details on these measures but said in his speech that a tax on luxury goods as well as e-cigarettes and vaping would be introduced.
This is on top of a tax hike for 150,000 taxpayers who earn over RM100,000 a year.
He also committed to continue reducing the Budget deficit to 3.2 per cent in 2025, stressing at the start of his speech that his government had inherited debt which is expected to breach RM1.2 trillion this year, or 60 per cent of GDP. Servicing the interest alone would require RM46 billion, or 16 per cent of revenue.
The Premier also focused on corruption and administrative leakages, revealing that RM10 billion in diesel subsidies was misappropriated last year. Meanwhile, RM22 billion in flood mitigation and deals to empower Bumiputera contractors handed out through direct negotiations were reopened for tender bids, with expected savings of RM3 billion.
This is proof of the excesses… that must be stopped if we want the nation to leap forward, he said.
Malaysias fiscal trajectory is closely watched by the marketplace after two years of Covid-19 restrictions, when the government was forced to deepen borrowings to pay for welfare and economic stimulus packages.
Development expenditure will surge this year to RM99 billion including a standard RM2 billion reserve for unforeseen circumstances which was classified under development for the first time from RM71.6 billion in 2022, with the largest segment to be spent on improving transport infrastructure including for urban rail networks, roads and ports. More On This Topic What Anwar needs to do to tackle Malaysia's rising cost of living Malaysias economy a tale of two halves
While fans in Edmonton and Dallas are always singing about how they have friends in low places, only one of them has the high ground in the Western Conference finals. And that’s the Oilers after their 6-1 win Sunday in Game 3 to take a 2-1 series lead.
With the series tied heading into Sunday, the objective for Game 3 was to gain a firm grasp of the conference finals, and the Oilers did just that by having five players with multipoint performances. As for the Stars, losing Game 3 left them trailing a series for the second time this postseason, with the only other such occurrence coming after Game 1 against the Colorado Avalanche in the first round.
Now that the Oilers are in control of the series, what does it mean for them going forward? What must the Stars do differently ahead of Game 4 for them to return home tied rather than a game away from elimination? Ryan S. Clark and Greg Wyshynski examine those questions while delving into what lies ahead for two teams that not only faced each other in the conference finals last season but between them have been involved in every conference final since 2020.
Edmonton Oilers Grade: A
Much could change between now and whenever the playoffs end. But for now, the argument could be made that this was the most important playoff game the Oilers have had this postseason.
The Oilers have had numerous strong performances, such as Game 3 against the Los Angeles Kings in the first round or their final two games against the Vegas Golden Knights in the conference semifinals. But what made the Oilers’ performance in Game 3 against Dallas arguably their most important was that they found a balance between being difficult in the defensive zone while not relying on a shutout to accomplish that objective.
The Stars finished with 37 shots, 13 high-danger chances in 5-on-5 play and scored only once. Connor McDavid has repeatedly stressed that the Oilers can play defense, and that has been made clear over their past five games. But Sunday proved they didn’t need Stuart Skinner or their defensive structure to blank an opponent to win. — Ryan S. Clark
Dallas Stars Grade: C+
The final score doesn’t reflect the majority of this game, which Dallas coach Pete DeBoer can mine for positives among the many (many) negatives and some mitigating circumstances. Having Roope Hintz warm up but not be able to go because of the foot injury he suffered from a Darnell Nurse slash in Game 2? That’s deflating. Having the on-ice officials miss a delay of game call on Brett Kulak in the first period only to have Evan Bouchard open the scoring 10 seconds later? Also deflating.
So it’s to the Stars’ credit that they got to their game at 5-on-5 in Game 3 better than they have in any game of the series, at least before Edmonton ran up the score in the third. The results weren’t there and a loss is a loss — and a loss by this margin is difficult to stomach — but their second period and the performances from some of their slumbering depth players give the Stars at least a glimmer.
However, there’s no question Edmonton has this thing in well in-hand and the Stars have to find a way to solve Skinner, which is not something I thought I’d be writing at this stage of the postseason. — Greg Wyshynski
Three Stars of Game 3
Two goals and an assist for his seventh career multigoal playoff game. Hyman’s second goal was the Oilers’ fourth off the rush, the most in one game by any team this postseason. Hyman also was plus-5 Sunday.
Bouchard scored his sixth goal of the postseason and these two were on the ice for the first two Edmonton goals. At 5-on-5 this postseason, the Oilers are outscoring their opponents 7-1, and 5-0 in this series, when Bouchard and Kulak are on the ice.
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Connor McDavid restores Oilers’ 2-goal lead
Connor McDavid finds the back of the net to restore the Oilers’ two-goal lead vs. the Stars.
3. Connor McDavid C, Oilers
For all the talk about the lack of goals from the best hockey player in the world (which was odd because he had 20 points in 13 games and was a plus-7 entering Game 3 despite having only three goals), McDavid punched out a pair of tucks for his sixth career multigoal playoff game. Also, seeing McDavid with the puck barreling toward the net on a 3-on-1 is nightmare fuel for opponents. — Arda Öcal
Players to watch in Game 4
Zach Hyman LW, Oilers
To go from 16 goals last postseason to just three goals entering Game 3 of the conference finals is one way to assess Hyman. Another is to realize that he’s been the most physical player on a team that is among the tallest and heaviest in the NHL.
Hyman came into Game 3 leading the NHL with 99 hits. He remained physical Sunday by leading the way with six hits in a game that saw the Oilers continue their punishing style with 47. But to then see Hyman score two goals and finish with three points in addition to that physicality? It once again adds to the narrative that the Oilers might not only have more dimensions than last year’s team, they could be better than the team that finished Stanley Cup runner-up in 2024. — Clark
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Zach Hyman’s 2nd goal puts Oilers up 4
Zach Hyman taps home his second goal of the game to put the Oilers up 5-1 vs. the Stars.
This is the first two-game losing streak for the Dallas goaltender in the playoffs. A lot of what happened in Game 3 wasn’t necessarily on him — a Connor McDavid beauty and a Zach Hyman breakaway were among the Edmonton tallies — but outside of the third period of Game 1, he’s not been a difference-maker in this series. Oettinger came into the game leading the playoffs with 5.58 goals saved above expected, according to Stathletes. The Stars have been able to depend on him as a slump-breaker. But this is his third game with a save percentage south of .900 in the series. As the Stars try to build on some positives from this game, they need Otter to provide the foundation for it — and in the process, silence those “U.S. backup!” chants from the Oilers fans. — Wyshynski
Big questions for Game 4
Are the Oilers about to do to the Stars what they did to the Golden Knights?
Simply put, the Oilers are where hope goes to die. Teams in a championship window that have yet to win a title are always being judged on their evolution. What the Oilers did to the Stars a year ago in the conference finals by winning the last three games showed that they could close out a series after trailing. This postseason Edmonton has shown a calculated and methodical coldness when it comes to putting away opponents.
The Golden Knights won Game 3 on a last-second goal to create the belief they may have found an opening. They didn’t score again for the rest of the playoffs after being in the top five of goals per game throughout the regular season. Breaking out for six goals to open the series seemed to be a sign the Stars may have found an opening. Since then? They’ve scored only once in the last six periods while facing questions about what’s happened to another team that went from being in the top five in goals per game in the regular season. — Clark
Can Dallas make Edmonton uncomfortable at all?
Our colleague Mark Messier made this point between periods of Game 3: The Stars have yet to do anything to get McDavid or Leon Draisaitl off their games. That extends to the rest of the Oilers. Outside of an anomalous run of three power-play goals in the third period of Game 1, there have been precious few instances of the Stars carrying play for long stretches or putting a scare into Edmonton at 5-on-5.
They had that for a bit in Game 3 with a dominant second period: plus-14 in shot attempts, plus-11 in scoring chances and a 10-1 advantage in high-danger shot attempts. But they were digging out of a 2-0 hole, only managed to get one goal of their own on the board and then McDavid stuck a dagger in them with 19 seconds left in the second.
The Stars need a lead. They need zone time. They need to get their rush game going: Skinner had a .897 save percentage on shots off the rush entering the game. Edmonton is playing with a champion’s confidence. Dallas has to find a way to inject a little doubt into its opponent or this series is going to end quickly. — Wyshynski
STOCKHOLM — Buffalo Sabres star forward Tage Thompson scored the winner 2:02 into overtime, and Team USA outlasted Switzerland 1-0 in the final of the ice hockey world championship at Avicii Arena on Sunday.
It is the first on-ice trophy for USA Hockey in this tournament in 92 years, after the Americans brought it home back in 1933. And it was an emotional one. As Team USA posed for its championship photo at center ice, players held up a No. 13 jersey of Johnny Gaudreau, the former NHL and USA Hockey star forward who died tragically last August when he and his brother, Matthew, were hit by an allegedly drunken and enraged driver as they cycled at night in New Jersey.
Thompson, who had 44 goals and 72 points with the Sabres this season, is hoping to polish off his resume for a spot on the U.S. roster for the 2026 Olympics, and he’s off to a great start. A Team USA reserve for the 4 Nations Face-Off in February who did not suit up, Thompson made the most of his time playing with a host of young NHL forwards who either did not make, or have been eliminated from, the Stanley Cup playoffs.
Thompson’s shot, off passes from Utah Hockey Club forward Logan Cooley and Nashville Predators defenseman Brady Skjei, flew past the blocker of Swiss goaltender Leonardo Genoni, ending a dramatic but tight title game. Team USA outshot Switzerland 40-25.
Boston Bruins goaltender Jeremy Swayman capped off the shutout in the final, finishing with 25 saves a year after his NHL teammate, David Pastrnak led the Czech Republic to this same title.
“We did it, the wait is over,” Swayman said in a post to USA Hockey fans on the organization’s social media platforms. “Thanks for sticking along with us. It’s going to be a great summer.”
The Americans were also formally awarded the title in 1960 when they won the Olympic tournament and the worlds did not take place. But they hadn’t won it on the ice in more than nine decades.
The Swiss played without injured star center Nico Hischier, the captain of the New Jersey Devils. After the loss, Genoni was named the tournament’s MVP.
Earlier Sunday, Sweden defeated Denmark 6-2 in the bronze medal game. Calgary Flames center Mikael Backlund and Minnesota Wild forward Marcus Johansson scored two goals each for the hosts, marking the second-straight third-place finish for Sweden. The fourth-place result was the best-ever finish for Denmark.
Stuart Skinner made 33 saves in the Edmonton net to improve to 4-4 in the postseason this year, his first victory in the playoffs that wasn’t a shutout.
“We had a bit of a dip, they had a bit of push,” Nugent-Hopkins said of the Stars’ play in the second period, lauding Skinner for keeping the team in it. “He stepped up big time for us, and made some big saves. You need your goalies to do that.”
The Oilers have won two straight since their third-period collapse in Game 1 in Dallas, and improved to 10-3 in the postseason since dropping the first two games of their first-round series vs. the Los Angeles Kings.
Jason Robertson scored for the Stars, who are hoping to avoid being knocked out in the third round by the Oilers for a second consecutive season.
“They were definitely the better team in the second period,” Skinner said of the Stars. “And we kind of knew that going into the third. So, we just had to reset.”
Jake Oettinger stopped 18 shots in Dallas’ net, falling to 5-10 in his career in West final contests.