Charles Santiago
The government keeps telling the people to marvel at Malaysia’s impressive growth numbers and be grateful.
But Khazanah Research Institute’s findings on affordability and household wellbeing paint a deeply troubling picture.
This should have set off alarm bells in Putrajaya. Instead, we have seen remarkably little urgency. Has Prime Minister Anwar Ibrahim even seen the report, and if so, what action will his government take?
Many ordinary people are struggling to afford a decent life while household debt remains high at about 84% of gross domestic product and, in nominal terms, continues to rise (even though the debt-to-GDP ratio has recently edged down and broad-based repayment stress remains limited).
Pakatan Harapan’s recent electoral setbacks in Sabah, Johor and Negeri Sembilan should be treated as a massive last warning: empty pockets, not political rhetoric, can determine how people vote. Economic anxiety has political consequences.
Treat the affordability crisis as an emergency. Set up a high-level task force of economists, policymakers, civil society, businesses and affected communities, and give it three months to produce a public action plan. The DAP should make this a condition for remaining in government.
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Those championing ethnic Malay unity and ‘Ketuanan Melayu’ (Malay supremacy), and gloating over electoral victories, should offer solutions too. Race, religion and the DAP bogeyman may win votes. But they do not put food on the table, cut household debt or make life more affordable.
What exactly is so difficult about tackling affordability? This is not rocket science. We do not need years of research and development to figure it out.
Other countries have tried policies that appear to have helped address particular affordability pressures. The government can study them, adapt them and act. So what’s stopping it?
This crisis is putting severe pressure on families: driving debt, eroding quality of life and potentially affecting children’s wellbeing and development. We need urgent action. Economic growth means little when ordinary people cannot afford a decent life.
Ordinary people deserve better from both the government and the opposition. Enough finger-pointing. Political leaders must show leadership and deliver durable solutions.
Protecting families and restoring economic security must be at the centre of Malaysia’s political agenda.
Charles Santiago is a prominent Malaysian politician, economist and human rights advocate who served three terms as the MP for Klang and has twice chaired the National Water Services Commission.
The views expressed in Aliran's media statements and the NGO statements we have endorsed reflect Aliran's official stand. Views and opinions expressed in other pieces published here do not necessarily reflect Aliran's official position.
- Tegakkan maruah serta kualiti kehidupan rakyat
- Galakkan pembangunan saksama, lestari serta tangani krisis alam sekitar
- Raikan kerencaman dan keterangkuman
- Selamatkan demokrasi dan angkatkan keluhuran undang-undang
- Lawan rasuah dan kronisme
