The Centre for Extension Education (CEE) of Kampar Campus in collaboration with Centre for Accounting, Banking and Finance (CABF) organised a talk titled “Budget 2020” on 15 November 2019 at UTAR Kampar Campus.

Present at the talk were CABF Chairperson Dr Zam Zuriyati binti Mohamad, staff and students. Invited to deliver the talk were Faculty of Business and Finance (FBF) Department of Commerce and Accountancy academics Dr Tan Swee Kiow and Wong Tai Seng. The objective of the talk was to share the summary of Budget 2020 to staff and students. Besides, it also aimed to provide new insights into pertinent policy changes, their implications and impacts on taxpayers.

At the talk, Dr Tan highlighted the summary of the federal government’s budget including the fiscal deficit, revenue, as well as the operating and development expenditures. Apart from that, she also highlighted the theme of Budget 2020 ‘Driving Growth and Equitable Outcomes towards Shared Prosperity’.

She continued her talk by explaining the initiatives to drive the economic growth in the new economy and digital era. She said, “The first strategy is to make Malaysia the preferred destination for investment. The second strategy is to accelerate the digital economy by utilising fibre optics and 5G infrastructure. The third strategy is to strengthen the access to finance businesses and entrepreneurs and the fourth is to strengthen the economic diversity.” She added, “The fifth strategy aims to improve job opportunities for Malaysian by launching “women at work initiative” and allocating extra RM30million to build more daycare centres at government premises like the hospitals and schools; the sixth strategy aims to modernise the labour market and develop the employment conditions of workers through the Social Security Organisation (SOCSO). The final strategy aims to invest in education and talent.”

The talk was then continued by Wong, who presented the next initiative, namely creating a united, inclusive and equitable society by improving the infrastructure of rural areas and providing water and electricity. He also elucidated on the government’s plan to develop mySalam protection plan for better health services and enhance the transportation ecosystem by providing 18% discount on all PLUS highways with 30% toll fee reduction during peak hours. Apart from that, he also added that the cabinet has approved the proposed offer to acquire all four highways in Klang Valley and reduce toll rates.

According to Wong, Budget 2020 also helps to assist youths in purchasing their first house by introducing the Youth Housing Scheme, administered by Bank Simpanan Nasional (BSN), starting from 1 January 2020 to 31st December 2020. He also clarified that the scheme offers a 10% loan guarantee through Cagamas Bhd to provide a full financing option for the borrowers. He further explained the approach to implement sports for all programme, which includes rehabilitating and upgrading the overall sports facilities throughout the country. He also explained how the government expects to reduce the fiscal deficit to an average of 2.8% GDP over the medium term. Lastly, he stated that the establishment of integrity unit at every ministry and government agency and the establishment of Public Sector Home Financing Board (LPPSA) will offer free personal accident insurance for two years to the new government housing loan borrowers.

The talk ended with a Q&A session, followed by the presentation of the token of appreciation to the speakers.