00:00Then the second issue, of course, subsidy rationalization. It sounds attractive. Even the English is about, you know, what I would say, elegant subsidy rationalization. Oh my God!
00:22But it has to be done. You know, the media has been daily asking about Ron 95. And the opposition is saying, look, with all this talk about the success of Benegara and Kazana and billions brought in, the country is extremely poor. They are oppressing the people.
00:49That is the narrative that you find in the social media.
00:58And many of the corporate players are completely oblivious what's happening in what we say. And that's our challenge.
01:03Now, it has to be done. But it has to be explained, well articulated, get the people to understand and appreciate.
01:14That's why I think this sort of reason, exchanges and discourse is vital to ensure not only the program is considered to be effective or sound policies, but effectively implemented and understood by the majority of our people.
01:38So, again, back to subsidy rationalization. Targeted, not blanket. Ensuring the assistance reaches those thoroughly in need.
01:53Third, tax reform. I said, you know, this is a dilemma. Remember, to paraphrase Hamlet, to tax or not to tax.
02:09Now, you have to expand the revenue base. We want to ensure quality education, better health reform and services.
02:25Now, to tackle the new challenges, new technology, digitalization, all would demand funds, disbursement of more funds.
02:39But nobody wants to pay, including the very rich. So, that is our challenge. Therefore, tax reform is a necessity to expand the revenue base, improve enforcement and, of course, addressing leakages without burdening the poor.
03:05Then, next will be human capital upliftment of all agencies, government, colleagues, the private sector.
03:18Have to undertake this measure.
03:20Have to undertake this measure. Because once we pride ourselves in being able to be, to attract foreign investments, new technology, AI, you know, from Infineo, to NVIDIA, to Google, to AMD.
03:39But then, we need to, therefore, uplift human capital and talent through, of course, Tibet, digital upskilling, including labor market reforms.
03:55For many Malaysians, private health care is becoming increasingly inaccessible due to escalating medical cost inflation.
04:07This is not simply an economic concern. It is a matter of national well-being.
04:13Now, in recognition of this, I am pleased to announce the establishment of our joint ministerial committee.
04:23This is typical Parkinson's law. You have a problem, you set up a committee.
04:28Not successful, ministerial committee. Again, not too successful. A super coordinating committee.
04:36And then we all fail. Then we change to a new government. And they start all over again.
04:49Now, please don't quote me.
04:51Normally, you don't joke in the central bank programs. They are supposed to be very serious.
05:02So, apologies, Governor. This ministerial committee will comprise the Ministry of Finance, Health, and, of course, Central Bank,
05:15to ensure that quality health care is both affordable and accessible for all Malaysians.
05:23We are not talking about minor adjustments or minor paradigm shift.
05:30We must be prepared to undertake a fundamental shift towards value-based private health care system
05:40that prioritizes outcomes, transparency, and fairness.
05:46Key reforms include clearer pricing, stronger digital health care, and expanded access through affordable options,
05:57such as universal-based medical insurance products.
