Budget presentation brought forward to Oct 7

The government will present its budget for 2023 to Parliament on Oct 7, earlier than originally scheduled, law minister Wan Junaidi Tuanku Jaafar said on Friday.

The budget was previously due to be tabled on Oct 28.

The next Parliament sitting was also brought forward to Oct 3 to accommodate the new budget schedule and the tabling of other bills, Wan Junaidi said in a statement without saying why the budget had been brought forward.

The rescheduling comes as the government looks to boost revenue in a bid to offset a jump in spending on subsidies for food, fuel and electricity amid rising prices.

The government expects to spend at least US$18 billion on subsidies and cash aid this year, the largest amount in history. 

It also comes amid speculation that Prime Minister Ismail Sabri Yaakob could call for elections earlier than a September 2023 deadline.

The prime minister has been under pressure from his party, Umno, to call for early polls to capitalise on its success in recent local elections and the strong economic situation.

Malaysia's economy grew 8.9% in the second quarter, its fastest annual pace in a year, boosted by expansion in domestic demand and resilient exports.