Budget 2024

Budget 2024EconomyStories

Curbing inflation for lower-income households

In a recent study, three Central Bank economists concluded that, compared to 2023, when most pensioners ended up either with a stable purchasing power or with a reduction, in 2024 all pensioners will be better off. A recent Central Bank of Malta study looks at how the recent surge in inflation impacted lower-income households. Three economists first define a new measure of inflation which is calculated based on the actual expenditure patterns of low-income persons and of retired...
Budget 2024EconomyStories

An oasis amidst the austerity desert

The rollout of Budget 2024 measures has given households a significant boost in purchasing power and lifted hundreds of children out of the risk of poverty. Just a week after nearly 93,000 families received close to €15 million through the revised additional mechanism against inflation, yet more money has been channeled to boost people’s purchasing power. This time round, families will be receiving over €19 million, which...
Budget 2024Stories

Additional cost-of-living support puts €15m in families’ pockets

The revised additional mechanism against inflation starts to kick in. More than four out of 10 families in Malta will qualify for the benefit. Almost 92,500 families have received the first of two additional cost-of-living benefits that they have become entitled to as a result of the Budget 2024. This payment, which covers the period from 1st January to the end of June, will put almost €15 million in the...
Budget 2024Voices

As different as can be

“The Prime Minister showed great statesmanship when keeping true to socialist principles, instead of adopting an anti-foreign rhetoric. We all know what happened to the UK after Brexit. People were fooled into thinking that immigration would be stopped but today there are many more immigrants in the UK than before Brexit. That is exactly what would happen if Bernard Grech and his lot are let in Castille.” A comparison of Robert Abela’s and Bernard Grech's speeches on Budget 2024 Earlier this week, both Prime Minister Robert Abela and Opposition Leader Bernard Grech gave their take on Budget 2024 in comprehensive speeches in Parliament. The only thing in common between the two speeches was their length. Aside from that, the contrast could not...
Budget 2024Stories

Malta’s Draft Budget passes first EU test

The European Commission did not send Malta a letter asking for further explanations of the plan on 27th October, as it did to many other Euro area countries. As part of the Stability and Growth Pact – a set of rules designed to ensure that countries in the European Union pursue sound public finances and coordinate their fiscal policies – each and every government of Euro area country must send a Draft Budgetary Plan to the...
Budget 2024EconomyVoices

Helping families weather inflation

Understanding the additional mechanism against inflation: While the standard COLA is an addition to wages and social benefits, the additional COLA is a benefit in its own right. Its calculation, although somewhat inspired by the one underpinning the standard COLA, differs in important respects. It’s always a good idea to double-check one’s facts before publishing anything. In its editorial, The Malta Independent on Sunday implied that the fact that the number of beneficiaries of the additional cost-of-living adjustment (COLA) mechanism introduced in...