With the impending arrival of Federal Budget 2019, StarProperty.my invites the public and stakeholders of different industries to contribute their thoughts on how should the government spend or save the money.
Budget 2019 Wishlist 001: Malaysians want cheaper homes
Budget 2019 Wishlist 002: A property wishlist for the new government
Contributed by IQI Global Business Innovation Strategist Fareen Khan
The recent general election (GE14) has sparked a wave of change from all aspects in what is termed as the “New Malaysia”. Each day the public are eagerly watching public platforms for hope and change.
While all newly formed governments have to grow past teething stages, it is encouraging to see the aggressive progression in which the new Pakatan Harapan government is championing. So far, most of the proposed changes by the government have been inclined towards the betterment of the lives of the rakyat.
With the Budget 2019 visible on the horizon, many are eager to see what the future of the newly elected government holds for us Malaysians. In respect to the information technology front, with YB Tuan Gobind Singh Deo in office, Malaysians have already experienced some exciting times with international broadcasts and upgrades on internet services throughout the country.
However, with technological development, the possibilities are endless, and Malaysia definitely has her work set out for her. As of now, Malaysia happens to be a rapidly expanding hub for anything tech-centric in South East Asia.
With the existence of bodies like MaGiC and MDEC, clear pathways have been paved for potential and existing tech startups to go forth and explore in this booming digital playground. Home to unicorns like Grab, Malaysia is taking centre-stage in the startup industry more than ever before.
We’ve seen a boom of accelerator programmes, co-working spaces, funding initiatives and so much more at such a fast pace in the past few years and it is showing no signs of slowing down.
Regarding the Budget 2019, there appears to be an illusion of things looking up until recently when the Minister of Finance, Lim Guan Eng stated that sacrifices will be required for the oncoming budget, despite there being no austerity.
This statement may have caused most players in the industry to have a slightly bleak outlook concerning the allocations the Pakatan Harapan government is going to make for the technological sector.
Despite this, we strongly believe that all hope is not lost. In fact, the new political forefront will form a stable launching pad for brand new opportunities within the sphere of technology.
Players in the tech industry already had access to resources that were existent prior to the formation of the new government, not considering the steady stream of investors into the local economy even before the general election. They will be able to use these factors to their advantage. This is further complemented by the new leadership which promises more transparency and equal opportunities.
From a property point of view, having three women in office for technology, housing and local government as well as rural development feels like it has the potential to be a powerhouse for progressive change, both from a social and digital point of view.
Assumptions aside, with many glass ceilings already shattered by existing proptech, legal tech and fintech companies in Malaysia – there lies a great potential in these companies combining forces in order to assist both government and Rakyat in easing processes in home purchasing and financing that could drive a spike in property investments across the region.
This would subsequently create greater confidence in technology and possibly stir all parties involved in implementing helpful policies and allocating more fundings.
Safe to say, New Malaysia is on a path to greater things; things we could not possibly have imagined a year ago. Social changes are at the forefront of everyone’s minds and for good reason — the mental and emotional wellbeing of Malaysians are the key to driving excellence in every other industry and sphere.
It is also true that technological development and progress require large chunks of funding in order to set it in motion. Hence, placing focus on its importance and garnering the support of key players in the industry could most certainly work wonders in favour of a new targeted Vision 2025.
Budget 2019 Wishlist 003: Budgeting for the people
Budget 2019 Wishlist 004: A fresh boost for 2019
Budget 2019 Wishlist 005: It’s easier to look back than to look into the future
Budget 2019 Wishlist 006: New initiatives for first-time homebuyers
Budget 2019 Wishlist 007: Delivering affordable housing to the public
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