The cost of living, economy and the ringgit’s depreciation are among the issues the King raised in his maiden Royal Address in Parliament.
The Yang di-Pertuan Agong Sultan Muhammad V said the Government would be relentless in its efforts to ease the people’s plight, especially those from the bottom 40% (B40) and the middle 40% (M40) of household income groups.
He cited the examples of targeted subsidies, increasing and diversifying the 1Malaysia People’s Aid (BR1M), assisting small businesses and other measures.
“In our efforts to improve the people’s standard of living, the Government will continue to provide help and various incentives to enable them to attain higher income, hence addressing issues on the cost of living.
“At the same time, enforcement will be intensified on unscrupulous traders to safeguard the well-being of the people,” he added.
His Majesty voiced confidence that the Government would take the right steps to address the ringgit’s depreciation.
“The depreciation is caused by external and internal factors. We are certain that the Government will act with full commitment to resolve the problem as soon as possible,” the King said.
He said the Government was committed to pursuing fiscal consolidation so it could achieve a balanced budget in 2020.
“Concrete measures will be taken by the Government to expand the size of our economy from the current RM1.3 trillion to RM2 trillion within the next seven to eight years.
“In the long term, our Government will strive to make Malaysia among the world’s top 20 economies,” he added.
His Majesty also congratulated Prime Minister Datuk Seri Najib Tun Razak for his initiatives to increase the prices of commodities such as rubber and palm oil.
The Government, he said, was aware of attempts to create negative publicity by associating the production of commodities with matters that could affect the country’s export.
“Hence, the Government will continue its promotions and campaigns to fend off such accusations,” he added.
On national security, the King lauded the success of the police in reducing the crime rate, exterminating radicalism and deviant teachings as well as militant ideologies.