Malaysians should discard ‘windfall’ mentality, say economic experts
(Bernama) – The ‘one-off windfall’ mentality that has been ingrained in Malaysians as Budget day arrives, should be discarded.
Universiti Utara Malaysia, Graduate School of Business dean Prof Dr Noor Azizi Ismail said the people should rather view the budget as a series of government expenditure encompassing various aspects for long-term benefit.
He said one-off payments such as the one-month bonus for civil servants, 1Malaysia People’s Assistance (BR1M) and other financial windfalls would only bring short-term satisfaction.
“The budget involves physical, educational, socio-economic and various other important developments.
“But it has become the norm among the community to expect a windfall even though the benefit is only short term,” he told Bernama when contacted today.
He opined that the government could shift such mind-set by not offering any ‘sweets’ while presenting the budget.
Noor Azizi said in many developed countries, the people were willing to pay high taxes because they knew that the government would spend the money prudently for their betterment.
“If the government can promote this culture that is practised in the western countries, then as rational people we will understand why for instance, the subsidies and so on had been reduced,” he said.
Of Budget 2015 to be tabled by Prime Minister Datuk Seri Najib Tun Razak on Oct 10, he said the government should focus on reducing the deficit, prudent people-oriented spending and urban poverty.
Universiti Kebangsaan Malaysia’s Social Science and Humanities deputy dean, Prof Dr Mohd Fuad Mat Jali said the ceaseless one-off demands by certain parties prior to every budget presentation mainly contributed to such mentality.
“The problem with our society is that our ‘thirst’ is only satiated when we are given fast cash.
“We forget that whatever development had been decided in the budget for next year depended on the present financial and economic status of the country,” he said.
Prof Mohd Fuad said the people needed to have some knowledge on how the national economy works and instil it in their mind that one-off gratifications would not have a lasting impact.
“It is difficult to change the mentality because it has been ingrained for so long. But with some economic knowledge, the people will understand the situation, such as when the country is facing a huge deficit,” he said.
