Budget gets good rating, Labour more trusted than PN to run countrys finances
MaltaToday survey | Budget rating: 3 out of 5 • Finance Minister rating: 3.1 out of 5 • Most trusted party on finances: PL 28.2%, PN 15.5%, Others 0.7%, None 34.6%, Don’t know 21%
SUMMARY
The survey shows the budget was well-received, obtaining a rating of 3 out of a maximum of five points. But it also shows that despite the extensive tax cuts benefitting lower- and middle-income earners only 24.2% say they have been left with more money in their pockets. While only 15.3% feel worse off after the budget, a significant 36.1% feel they are left in the same position as before.
Crucially, the survey also shows that the PN is only trusted with running the country’s finances by 15.5% of voters in contrast to 28.2% who trust Labour. On this aspect, the PL is probably buoyed by its own finance minister, Clyde Caruana, who is given a positive rating of 3.1 out of five by voters. Caruana is also given a pass by current PN voters.
BUDGET RATING: Budget gets 3 out of 5 points
The budget has been positively received across the board with respondents to a MaltaToday survey giving it a mean score of 3 points out of a maximum of 5.
The budget rating ranged from 2.4 among current PN voters to 3.9 among current Labour voters. Significantly, current non-voters have given the budget a rating of 2.8 out of 5.
The survey started a week after Clyde Caruana delivered the budget and coincided with the budget reaction speeches given by Opposition leader Bernard Grech and Prime Minister Robert Abela.
A breakdown by age suggests that the budget has been most positively received by pensioners who give it a rating of 3.3. However, all other age groups have given the budget a positive rating of more than 2.9.
On a regional level, the budget was most positively received in the South-eastern region, where respondents gave it a score of 3.5 out of five.
Crucially, the budget was given a pass mark of over 2.5 by all categories except current PN voters (2.4).
But while the budget was positively received, despite the substantial tax cuts benefitting a wide range of middle- and lower-income earners, surprisingly only 24.2% replied that the budget left them with more money in their pockets.
On the other hand, a substantial 36% reported that they were neither worse off nor better off after the budget. And in another indication that many people have switched off from politics, 24.2% replied that they were not sure how they were impacted. On the other hand, only 15.3% reported being left worse off by the budget measures.
Among current PN voters the percentage who feel left worse off increases to 31%. In the crucial category of non-voters had a lukewarm reception – while only 11% reported being left worse off, nearly half replied that they were neither better off nor worse off.
The survey also indicates that pensioners aged over 65 were both the most likely to report being left better off by the budget (40.2%) and the most likely to report being worse off (26.2%). Younger respondent aged under 35 were more likely to report being left in the same position as today (54.2%).
The budget’s positive rating is reflected in a better voting intention result for the Labour Party when compared to the September MaltaToday survey. However, the extent of the bounce is much less pronounced than it was in 2023 despite a more favourable outlook of the budget this year. The outcome has seen the PL claw back some of the lost ground since September when it trailed the PN by 12,000 votes but it still leaves Abela’s party one point behind the PN.
FINANCE MINISTER RATING: Caruana passes exam with flying colours
Clyde Caruana has passed the budget test with flying colours, obtaining a mean score of 3.1 out of five in MaltaToday’s budget survey.
This comes on the back of a budget that introduced a significant income tax cut and a generous increase in Children’s Allowance, among other social measures. It is an improvement over the score of 2.9 Caruana obtained last year.
Respondents were asked to rate the performance of the Finance Minister between 0 (very bad) and 5 (very good).
Significantly, Caruana is given a pass mark by all categories of respondents including current PN voters (2.5), third party voters (2.5) and current non-voters (2.9). Caruana’s score increases to 4 among current Labour voters.
However, Caruana is slightly more appreciated by males (3.2) than by females (3) and by over 65-year-olds (3.3) than by 16- to 35-year-olds (3). A regional breakdown shows Caruana’s score in the range between 2.9 in the Northern region and 3.4 in the South-eastern region.
A breakdown of results by educational attainment of respondents shows Caruana’s score ranging between 2.9 among the tertiary educated and 3.6 among those with a primary level of education.
Caruana’s ratings across all categories are a notch higher than last year.
This was Caruana’s third budget presentation of this legislature and the fourth since becoming finance minister in November 2020.
TRUST RATING PARTIES TO RUN PUBLIC FINANCES: PL more trusted than PN
Only 15.5% trust the Nationalist Party with running the country’s finances while 28.2% trust the Labour Party, MaltaToday’s budget survey shows.
But while the PL is more trusted with administrating the public coffers, a relative majority of 34.6% trust neither party with the task.
In a post-budget survey last year, the PN was trusted by 24% of people with running the country’s finances and economy, while 35.1% trusted the PL. This year’s results suggest a growing disillusionment with both parties that is more pronounced for the Opposition.
Significantly, only 47.5% of current PN voters trust their own party with this crucial task while 24.2% trust neither the PN nor the PL. Just over a quarter (26.6%) were not sure who to trust.
Crucially none (0%) of current non-voters trust the PN with running the country’s finances, while 9.7% trust Labour. Among this category of voters, 68.7% trust nobody to run the country’s finances and 20.7% are unsure.
While distrust in both major parties is high, only 0.6% of people trust a small party with running the country’s finances. This is an indication that despite the strong showing of third parties – they attract the support of 8% of voters – very few believe they are up to the task when it comes to administrating the country’s coffers.
A breakdown by level of education shows that trust in Labour’s financial acumen was lowest among the tertiary educated (16.5%) but even in this category trust in the PN’s ability to handle Malta’s finances was even lower (15.7%).
The survey also shows that males are substantially more likely to trust Labour with the country’s finances. While 33.4% of men trust Labour in this crucial aspect of governance, only 23.2% of females express the same judgement. The PN is only trusted with Malta’s finances by 17% of women and 14% of men.
A breakdown by age, shows that among under 50 year olds less than 11% trust the PN with the country’s finances.
Geographically, trust in the PN’s financial acumen is highest in the Northern region (21.3%) and lowest in the South-eastern region (7.8%), which coincide with the level of support the PN enjoys in these regions.
Significantly, in Gozo a relative majority (34.3%) trust the PL with running the country’s finances compared to 27.2% who trust no one and just 14% who trust the PN.
The results suggest that the PN still cannot project confidence in its abilities to run the country’s finances and economy, which could prove crucial in tipping the balance either way in an election where the parties are running neck and neck. In this aspect, the PL also rides on the back of its own finance minister’s very positive rating.
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