The Labour government is presenting its third Budget for this legislature. Will you have more money in your pocket next year? Is it the Budget Malta needs at this moment? Herman Grech will updated you as its happens.

9.30pm: The marathon speech might be over but the debates and analysis are about to start. The two leaders are expected to address the press in the coming minutes. Times of Malta will tomorrow be carrying a 16-page supplement. And on TVM at 10.05pm tomorrow Times Talk will host Edward Scicluna and Mario de Marco for a post-mortem. Keep sending us your views on the 2016 Budget on timesofmalta.com.

9.26pm: And that's it! Two-and-a-half hours later, the Budget speech is over, amid hugs and cheers from the government benches and chants of disapproval from the Opposition. 

9.25pm: "Fejn hu il bailout" government MPs call out in the chamber as the minister underscores his government's achievements in the economy.

9.12pm: The Budget speech is still being read and we're already receiving the first reactions. The hoteliers' association gives the thumbs up - says the 50c contribution per tourist per day if managed well should not adversely impact tourist numbers.

9.08pm: A PPP will be set up to reduce waiting lists for people who require hip and knee replacements. A new block at Mater Dei will add 68 new beds and the Karen Grech hospital will be developed into a hospital for the elderly.

Meanwhile, The Sunday Times of Malta columnist Mark Anthony Falzon gives his views on the economy (right):

9pm: The government will team up with the private sector to revamp Lower Fort St Elmo in Valletta, which until recently was used as a space for the building of carnival floats. Although the government had not managed to re-allocate the Monti market to Ordnance Street in Valletta, "alternative" solutions were being considered. Could this be the first move to shift monti hawkers away from the Piano project? He also announced that €50 million will be spent next year on the rehabilitation of social housing estates and the building of new social housing within development zones.

8.55pm: We are two hours into the Budget speech (that's already much longer than the presentation of budgets in other big EU states). We remind you to use #MaltaBudget or #Budget2016 to embed your tweets on our website.

One government source tells timesofmalta.com. if it gets the go-ahead, the underwater tunnel can be built in three years

8.48pm: Studies commissioned have shown that a tunnel between Malta and Gozo would be more feasible than a bridge. Nearly €500,000 will be spent next year on detailed technical and geological studies on the building of a tunnel. Cue: much commotion in the chamber. Pie in the sky? Not at all, one government source tells timesofmalta.com. if it gets the go-ahead, the underwater tunnel can be built in three years... he claims.

Gozitan MEP candidate Clint Camilleri is optimistic.

The minister also announced that Gozitan students working in Malta will see their allowance raised by €300 per year.

8.40pm: Minister announces new Institute for Tourism Studies, a new multi-million project to be located at Smart City.

8.36pm: Marsaxlokk will see a regeneration project, that will initially focus on converting Triq Xatt is-Sajjieda into a pedestrian zone.

8.30pm: Fines for use of mobile phones while driving will increase while breathalyser tests will be held on the spot.

Oliver Mallia on Facebook makes his point:

8.26pm: A €7,000 grant will be given to scrap your 10-year-old car and buy an electric vehicle instead. A €2,000 grant will be given for an electric quad. The licence for small motorcycles is being reduced to a flat rate of €10. A measure to encourage the use of bicycle racks elicits much laughter in the chamber. Meanwhile a Labour meme pokes fun at Simon Busuttil's recent bike initiative during Car Free Day.

8.22pm: The financial allocation for road maintenance to improve our sorry excuse for roller coaster will be increased by €3 million to €13 million. Could we start with Testaferrata Street please!

8.15pm: Minister mentions the problem with traffic. The Opposition reacts with "oohs" and "aahs". Joseph Muscat remarks that he thought the Opposition had left the chamber. The next major project will be the Kappara junction, followed by Marsa.

The government says it has raised €75 million through the IIP scheme.

8.10pm: A new Private Public Partnership will be set up to revamp and upgrade Mriehel Industrial Zone, a neglected industrial zone. Thousands of workers will heave a sigh of relief.

8.07pm: Meanwhile, on timesofmalta.com we've just started a new online poll in connection with the Budget:

8pm: To boost alternative energy, families who cannot instal PV panels on their roofs may now invest in communal solar farms.

7.55pm: The one tablet computer per child project will start being rolled out next year, starting from Year Four students. New childcare centres will be set up in Zebbug, St Julian’s and Floriana. A residential and community centre will be built at the university. In Gozo, work will start on a campus for students at doctorate level. Mature students will now also get a stipend.

7.51pm: An individual posts a very relevant suggestion on Facebook. That poor girl using sign language on the bottom part of the TV screen must be exhausted.

7.50pm: The government will launch a consultation process to set up an agency to offer temporary work for migrants. The aim will be to ensure that the sector is regulated. Migrants will no longer be able to solicit work in the streets as is done at present in Marsa. Those given work will be required to pay tax, but measures will be taken to ensure that such temporary workers do not replace permanent workers. Of course, some members of government persist in calling them "illegal immigrants" even if they are not.

7.41pm: If you're a cigarette smoker here's your template dose of bad news. A packet of cigarettes will set you back by another 30c. And this time, even chewing gum users will be targetted in a new tax.

7.38pm: This could be controversial: From April 1 an Environmental Contribution of 50c per tourist per day will be imposed, up to a maximum of €5 per tourist. Visitors aged under 18, including language students, will be exempt. Revenue of €5m from this scheme will be used by a foundation which will be set up with the Malta Hotels and Restaurants Association for the maintenance of tourist areas.

7.36pm: Minister's announcement that the price of fuel is to be reduced from January (3c for petrol, 4c for diesel) elicits a chorus of disapproval from the Opposition benches. Malta's fuel prices are currently above EU average, despite a drastic decrease in international prices. Excise duty on lubricants will increase by 2c while paraffin will rise by 3c per litre. Gas prices will remain unchanged till April. Price of cement is also up. Can't see any new taxes on alcohol.

The process of removing eco-tax will continue next year, but equivalent excise duty will be imposed on products seen as harming the environment, such as plastic bags and plastic bottles. We still have to see how this will impact the consumer.

7.35pm: A public consultation will be held on measures targeting derelict commercial property to ensure that such property is kept in good order and secured. This would target properties like the former Jerma Hotel. Pity it's not targetting the tens of thousands of abandoned and derelict private properties.

Furthermore when any property is inherited and the majority of heirs decides to sell but some heirs object, the waiting time before a sale can take place is reduced to three years from the current 10. Minister said tax on works on regenerated property in urban conservation areas (UCA) is being halved to 2.5 per cent.

7.32pm: First-time buyers are to be exempted from paying from stamp duty. Meanwhile.

7.30pm: In a pilot project to ease demand for places in homes for the elderly, a pilot project was unveiled where those currently on the waiting list for a place in such homes will be granted half the minimum wage if they engage a certified carer full-time and take themselves off the list. Low income families made of couples where there is a single breadwinner on a minimum wage will get a top-up of up to €150 per child per year. There will be an increase in the credits of national insurance to mothers who stop working to raise their children, and then return to work.

7.22pm: Pensions are being raised for the first time in 20 years. A total of 12,000 pensioners with an income of under €140 per week will get an increase of between €4.15 and €8.92 per week. The €300 per year benefit for those over 75 will be retained. Under a system still under discussion, workers will be able, in agreement with their employers, to continue to work for four years past their retirement age and continue to pay in social security contributions. They will then get higher pensions. Government MPs bang on their desks in approval.

7.20pm: In a bid to reduce our ever-expanding waistlines, VAT on sports activities will go down from 18 per cent to seven per cent.

7.18pm: Income tax will be reduced for some 150,000 people who did not benefit from lower income tax in the past two years. Income tax cuts will mostly benefit those with an annual income of €28,700 and under. They will save between €90 and €210 euro per annum. Tax brackets will also be adjusted so that minimum wage earners and those with a small pension will see their threshold rise so that they will continue not to pay tax.

7.15pm: Cost of Living Allowance will be €1.75 a week. The PN reacts in a Facebook post:

7.12pm: Twelve new full-time jobs a day were created, the majority in the private sector. The economy is expected to grow 3.6 per cent next year. Former PN mayor Robert Musumeci gives his seal of approval:

7.05pm: The government is on track for a 1.6 per cent deficit of GDP by end of year. "We are not adopting a money-no-problem attitude."

7pm: A total of 2,100 people on social benefits has gone down because they opted for the incentives given. People in employment has reached record numbers. Nationalist MP Clyde Puli has different views:

6.55pm: Budget speech starts. Minister says his government has managed to turn the economic wheel, business was thriving, and taxation was down.

6.49pm: Minister just walked into Parliament. Speech was scheduled to start at 6.30pm. And we can't even blame the traffic this time.

6.40pm: Prime Minister Joseph Muscat manages six hashtags in one tweet as the President signs the Budget documents.

6.25pm: We'd like to know what you think of the Budget as it's being presented. Go to twitter and use the #MaltaBudget or #budget2016 hash tag, and your comments will appear in the timesofmalta.com sidebar.

6.20pm: Finance Minister Edward Scicluna will be celebrating his 69th birthday this evening by heading towards the new parliament to present Budget 2016. If you exclude the marathon sessions of negotiations in Brussels to discuss the fate of Greece, this could well be his most stressful evening of the year.

6.15pm: We're back for a live commentary of the 2016 Budget - one year after that marathon Budget speech lasted the duration of a flight from Malta to Moscow - four hours! Our indications this year is that it will last the equivalent of a flight from Malta to London. So strap yourself to your seat. We might be hitting patches of turbulence but some 'goodies' will be served.