In response to key questions from the Maltese and Gozitan public, addressing a press conference immediately after the Budget speech, Prime Minister Robert Abela said the Maltese government has set forth its vision in the 2024 budget with a strategic focus on “quality over quantity.” The government addressed concerns on the future of the economy, labor dynamics, and infrastructure development.
Emphasising a “high-quality approach”, according to the Prime Minister, the budget introduces significant tax cuts aimed at supporting the middle class and increasing income by €66 million for Maltese families. Specifically, this includes an income tax reduction, exempting 18,000 individuals from paying income tax altogether and raising the tax-exempt threshold for all workers.
Abela mentioned additional social measures which include a €250 annual increase in the children’s allowance and bolstered pension support. With these benefits, an average family of four could see an additional €1,800 in yearly savings. Investments also focus on key sectors such as mental health, elderly care, and support for the vulnerable.
Economic and tourism policies are set to attract higher-value investments and skilled labor, while reducing dependency on lower-wage foreign labor. Additionally, a 2050 vision strategy aims to prepare Malta for sustainable growth with comprehensive sector plans and enhanced infrastructure.
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