Budget slated for Monday 28 October

The budget for next year will be delivered in parliament on 28 October, Prime Minister Robert Abela said, adding it will be another social budget.

In comments to reporters at the end of the UN General Assembly in New York, Abela reiterated that the budget will widen the tax bands to benefit the middle class.

He said the budget will not include tax increases or new taxes.

“This will be a socially strong budget but one that will also reward hard work by strengthening the middle class through income tax cuts,” Abela said.

This will be the third budget Finance Minister Clyde Caruana will be delivering since the 2022 general election, marking the midway point of this administration. The budget will be followed by two keynote speeches a week later by the Opposition leader and the Prime Minister.

Abela said the budget will deliver on improving the quality of life. “The government will not only incentivise, subsidise and offer better incomes for families but ensure people enjoy these benefits in tranquility,” the Prime Minister said.

He added that the Maltese economy is going strong and remains resilient despite the international challenges and is expected to continue growing.

Abela said the government wanted to ensure that economic growth is sustainable and addresses the new challenges presenting themselves. He reiterated that the country should target value-added industries that require fewer low-skilled workers.