Most people are only interested in how the Budget for next year will affect them personally, but from a national standpoint it is the Government’s commitment to bringing its financial house in order that is most important.

Away from the usual for-and-against reaction, what matters is the Administration’s determination to tackle what counts, and in the current circumstances that is to bring the deficit down to below the threshold established by EU rules.

With the reduction in the energy tariffs having already been announced since well before the election, there are really no major surprises in the Budget.

Many are already asking whether the Government is banking too much on the controversial Individual Investor Programme to raise the necessary revenue to finance some of its more generous measures.

What is most indicative of what is to come perhaps is the new tax on cement, which may be considered as a crafty measure taken in the light of an expected surge in unwelcome mega construction projects.

The Budget carries quite a number of measures, 120 in all, but it is not by figures that it has to be evaluated. Quite a number of measures are indeed desirable but others are bound to stir some controversy, such as the rise in stipends.

Is this wise, considering also the questionable decision to go ahead with the widening of income tax bands? Stipends ought to be given to students who are in real need of financial assistance. But governments keep ignoring such advice.

The €75 annual cut in tax for low income parents, described as a measure of social justice, would be most welcome by those in the low wage bracket. Another positive measure is the waiving of duty for first-time property buyers on the value of their property up to €150,000, currently standing at 3.5 per cent.

Those who had been expecting a quick refund of the VAT paid on the registration of cars between 2004 and 2008 will no doubt be disappointed as the Government plans to pay the refund over seven years. Most interesting is the plan to set up an oil and gas corporation.

With all the talk going on for possible joint exploration with Greece and Italy (never mind politically unstable Libya for the moment), the setting up of such a corporation would place the island’s attempt at striking oil on firmer footing.

The creation of free child care centres is a strong initiative that should encourage more working mothers.

On the other hand, the Budget lacks enough green initiatives to encourage consumers to go for alternative sources, especially considering the reduction in energy rates, which will undoubtedly increase demand for fossil fuels - a pity after the few inroads made in recent years. With traffic emerging as one of the island’s biggest problems, it was only natural to expect the Government to give an indication of what it plans to do to ease the growing frustration.

It is logical to ban heavy vehicles and horses from the roads at rush hour, and consideration of new modes of public transport is long overdue too, but what is urgently needed is intelligent coordination among all the entities and efficient police direction at sensitive points.

The measures to get people off the unemployment register, particularly that of internships, fit well with the overall plan to raise the employment figure.

But, as economies elsewhere start to recover, Malta needs to sharpen even further its competitive edge so that the economy creates new jobs and ensures a better living standard for all.