The time has come for our Parliament to establish an independent fiscal council to be known as a Parliamentary Budget Office whose role is to analyse, assess and cost policy proposals.
Such institution has been set up in countries such as USA, Canada, UK, Sweden, South Africa, South Korea, Australia and many more.
To borrow the definition of the Australian Parliament, the role of a Parliamentary Budget Office is “to inform the Parliament by providing independent and non-partisan analysis of the budget cycle, fiscal policy and the financial implications of proposals” (Source: http://www.aph.gov.au/About_Parliament/Parliamentary_Departments/Parliamentary_Budget_Office/role)
Currently, the opposition, the general public and even academics find it very difficult to access important fiscal data and information to make informed economic and financial assessment of government Budget and policies, or for the purpose of costing alternative policies and Alternative Budget.
In the government’s Budget on the other hand, there are many spending items which are not included into the Federal Estimates. These, known as “off-budget items” and “off-balance sheet items”, continue to make assessment of the Budget difficult.
With the establishment of an independent Parliamentary Budget Office, every parliamentarian may request for analysis on government estimates, as well as financial cost on policy proposals or legislations tabled in Parliament. This will certainly enable Members of Parliament to better carry out our duty to scrutinise any matters in relation to public monies.
I am glad to put on record that former chairman of the Public Accounts Committee, Nur Jazlan Mohamed who is now the Deputy Home Minister had also suggested for such institution to be set up. I hope that now, Nur Jazlan as a member of the Executive Branch will work towards realising such proposal. (Source: http://www.bfm.my/current-affairs-parliament-strengthening-budget-oversight.html)