Beyond data centres: What Budget 2027 needs to deliver, according to MBSB Investment Bank

Budget 2027 is set to strategically enhance Malaysia's AI development by advancing beyond data center construction towards enterprise adoption, cybersecurity, and workforce productivity.

MBSB Investment Bank Bhd recommends improving supply-side efficiency through tax base expansion, carbon pricing, and rationalized spending to strengthen the investment ecosystem and boost long-term economic value.

The budget, expected to be moderately expansionary with a record federal expenditure of RM440.9 billion, aims to balance economic support with fiscal consolidation goals.

It also projects an improved fiscal deficit and increased revenue through enhanced tax collections and digitalization efforts.

KUALA LUMPUR, Sept 11 — Budget 2027 should move Malaysia’s artificial intelligence (AI) agenda beyond data centre construction towards enterprise adoption, domestic intellectual property, cybersecurity and workforce productivity.

MBSB Investment Bank Bhd (MBSB IB) said there should also be focus on supply-side efficiency by broadening the tax base, closing leakages, expanding consumption excises, introducing carbon pricing, rationalising spending and crowding in private investment.

“Budget 2027 should not only be assessed through fiscal expenditure. It should also strengthen Malaysia’s broader investment ecosystem and the mobilisation of domestic capital,” it said in its Budget 2027 preview today.

MBSB IB emphasised that its wish list centres on policy certainty, transparent project implementation, outcome-based incentives and measures that channel long-term savings into productive investment.

“A successful budget would not merely provide near-term economic support, but it would improve access to growth capital, strengthen domestic capabilities and help translate Malaysia’s investment cycle into sustainable productivity, higher-quality employment and long-term economic value,” it added.

MBSB IB also emphasised that a multi-year project pipeline, with project values, tender timing, funding sources and execution milestones disclosed, should be published.

“This would improve planning and reduce speculative market movements,” it said.

Budget 2027 is scheduled to be tabled on Oct 9, 2026, and would be the fifth Madani Budget and the second budget under the 13th Malaysia Plan.

On the overall Budget 2027 allocation, MBSB IB said the budget is expected to remain moderately expansionary, with total federal government expenditure potentially reaching a new record of around RM440.9 billion, compared with Budget 2026’s RM421.2 billion.

“The larger allocation is likely to reflect higher operating expenditure, continued social and cost-of-living support, as well as higher development spending.

“Nevertheless, the increase is expected to remain measured as the government continues to balance the need to support economic growth with its medium-term fiscal consolidation objectives,” it said.

Development spending is expected to increase to between RM85 billion and RM90 billion, up from RM81 billion in Budget 2026.

On the fiscal deficit, MBSB IB said the deficit is expected to narrow to around 3.3 per cent to 3.5 per cent of Gross Domestic Product (GDP) in 2027.

Meanwhile, the investment bank said federal government revenue is expected to improve further in 2027, supported by increased direct and indirect tax collections on the back of sustained economic growth, continued efforts to broaden the revenue base and improved fiscal collections.

“For 2026, MOF had originally projected revenue of RM343.1 billion, underpinned by better tax collection and digitalisation initiatives. Total revenue is estimated to reach RM365.1 billion next year,” it added. — Bernama

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2027 年预算案旨在通过超越数据中心建设，将马来西亚的人工智能发展战略性地提升到企业应用、网络安全和劳动力生产力等领域。

MBSB投资银行有限公司建议通过扩大税基、碳定价和合理化支出来提高供给侧效率，以加强投资生态系统并提升长期经济价值。

该预算预计将采取温和扩张政策，联邦支出将达到创纪录的 4409 亿令吉，旨在平衡经济支持与财政整顿目标。

报告还预测，通过加强税收征管和数字化举措，财政赤字将有所改善，收入将有所增加。

吉隆坡，9 月 11 日——2027 年财政预算案应推动马来西亚的人工智能 (AI) 议程超越数据中心建设，转向企业应用、国内知识产权、网络安全和劳动力生产力。

MBSB投资银行有限公司（MBSB IB）表示，还应注重提高供给侧效率，例如扩大税基、堵塞漏洞、扩大消费税、引入碳定价、合理化支出以及吸引私人投资。

该机构在今天发布的《2027年预算案预览》中表示：“评估2027年预算案不应仅仅着眼于财政支出，还应加强马来西亚更广泛的投资生态系统和国内资本的调动。”

MBSB IB强调，其愿望清单的核心是政策确定性、透明的项目实施、基于结果的激励措施以及将长期储蓄引导至生产性投资的措施。

报告还补充道：“成功的预算不仅能提供短期经济支持，还能改善获得增长资本的渠道，增强国内能力，并有助于将马来西亚的投资周期转化为可持续的生产力、更高质量的就业和长期的经济价值。”

MBSB IB 还强调，应公布多年项目储备计划，其中应披露项目价值、招标时间、资金来源和执行里程碑。

“这将改善规划，减少投机性市场波动，”报告称。

2027 年财政预算案计划于 2026 年 10 月 9 日提交，这将是第五份“马达尼”预算案，也是第十三个马来西亚计划下的第二个预算案。

关于 2027 年财政预算案的整体拨款，MBSB IB 表示，预计该预算将保持适度扩张，联邦政府总支出可能达到约 4409 亿令吉的新纪录，而 2026 年财政预算案为 4212 亿令吉。

“拨款增加可能反映了运营支出增加、持续的社会和生活成本支持以及发展支出增加。

“尽管如此，预计增幅仍将保持温和，因为政府将继续在支持经济增长的需要和其中期财政整顿目标之间寻求平衡，”声明称。

发展支出预计将从 2026 年财政预算案中的 810 亿令吉增加到 850 亿至 900 亿令吉之间。

关于财政赤字，MBSB IB表示，预计到2027年，赤字将收窄至国内生产总值（GDP）的3.3%至3.5%左右。

与此同时，该投资银行表示，在持续经济增长的推动下，直接和间接税收增加，扩大收入基础的努力不断推进，财政收入有所改善，预计联邦政府收入将在 2027 年进一步提高。

财政部补充道：“财政部原先预计2026年财政收入将达到3431亿令吉，这主要得益于税收征管效率的提高和数字化举措的推进。预计明年总收入将达到3651亿令吉。”——马新社

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