Towards a better quality of life

Malta has in recent years experienced strong economic growth and today we have one of the strongest economies in Europe. This led to the strengthening and creation of a new middle class, with greater career opportunities for young people, offering the best wages and working conditions.

This did not happen by chance. It was the result of investment and policies aimed at improving the lives of the Maltese and Gozitan people through concrete measures—increased stipends and pensions, free childcare, strong investment in infrastructure and new public spaces.

However, today we must look beyond these achievements and focus on what we will do to ensure that progress continues and leaves a deeper impact on people’s lives.

I am convinced that the Labour Party remains the only party with a clear and ambitious vision for the future. Vision 2050 is a vision of an ambitious modern country that promotes sustainable and fair economic growth.

This is why it was necessary to change the way we measure success. The economy must continue to grow, however, traditional measures such as Gross Domestic Product (GDP) are not enough. We will introduce a Well-Being Index, which will transparently measure quality of life.

A key principle of this index is the balance between work and daily life. In an increasingly fast-paced society, it is crucial to value time with family and personal well-being. Measures such as extending maternity leave to 26 weeks, introducing one month of paternity leave, and six months of government-paid parental leave are concrete steps toward a more just and family-sensitive society. This is also essential to encourage more families to have children, building on the unprecedented tax reductions this government has already given to parents in the last budget.

At the same time, we must continue to strengthen people’s financial security. Another increase in pensions of around €50 per week is a guarantee of greater dignity for our elderly.

For young people and those starting their careers or investing in a new business, the proposal to exempt the first €30,000 from tax for the first three years will provide strong financial support. Together with a 15% increase in stipends, this sends a clear message that effort and talent should be rewarded.

Moreover, we will continue to leave more money in people’s pockets with a €1,000 bonus for every worker.

This government will continue to support those who wish to buy property. An interest-free government loan covering 25% of the property value for first-time buyers will make a real difference. In addition, increasing the stamp duty exemption threshold to €300,000 and providing assistance to families who wish to expand or improve their homes are all steps to ensure that everyone has a decent roof to call their own.

Because we believe in quality of life, we did not allow international economic turbulence to overwhelm us. Instead, we ensured stability and peace of mind. This is the result of strategic decisions that must continue to be strengthened, including investment in electricity distribution and the completion of projects such as the second interconnector. This will be further supported by plans to build a third interconnector and offshore wind farms.

The world of work is changing rapidly, and therefore it is essential to invest in upskilling. The proposal to grant full-time workers study leave that gradually increases up to 10 days per year is a step in this direction. Furthermore, the introduction of individual learning accounts, €500 per year for 10 years, provides workers with incentives to continue training even after completing their formal education. Reducing corporate tax from 35% to 25% will boost economic activity and create more quality jobs.

Ultimately, all these measures have one central goal—an unprecedented improvement in quality of life. This means not only more wealth, but wealth distributed more fairly. It means a country where every individual has the opportunity to succeed, live with dignity, and enjoy a balanced life.