Rethinks Fiscal Policy to Combat Weakening Consumption

Presidential Regulation No. 75/2023, issued by Jokowi, which revises the 2023 state budget, was enacted to address the shrinking domestic purchasing power.

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14 Nov 2023 - 19.57
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Rethinks Fiscal Policy to Combat Weakening Consumption

Illustration - State budget.

Bisnis, JAKARTA — To address the public’s weakening purchasing power, the government has implemented changes in its fiscal posture for 2023, as outlined in Presidential Regulation No. 75/2023, which revises the 2023 state budget.

Changes were made to the central government's expenditure derived from the 2023 state general treasury budget, from IDR359 trillion to IDR405 trillion, or a 16% increase. The highest growth is in spending aimed at accelerating the economy, reaching 13% and totaling IDR155 trillion. This spending includes incentives to strengthen the purchasing power of the society.

On the revenue side, the income tax target has been revised from IDR935 trillion to IDR1,049 trillion, a 12% increase. Meanwhile, the value-added tax (VAT) revenue target, which reflects the purchasing power or consumption, has decreased by 1.6% from IDR742 trillion to IDR731 trillion.

President Joko Widodo (Jokowi) revised several details of the 2023 state budget, from revenue to budget surplus as of November 10, 2023. This revision aligns with the conclusions of a working meeting between the House of Representatives Budget Committee, the government, and the governor of the Bank of Indonesia in the context of discussing the state budget realization report for the first half and the prognosis for the second half.

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Editor: Yusuf Waluyo Jati
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Rethinks Fiscal Policy to Combat Weakening Consumption

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