The PKR MP said the first six months were important for setting the right foundation in the pursuit of change, and would pave the way for PH to be re-elected in the subsequent general election.

“Once this is carried out, the pace of reform will depend on people being vigilant towards the (ruling) politicians’ actions,” he said, adding that the necessary anti-graft reforms included a free press and a culture of transparency.

He was commenting on remarks by Universiti Malaya professor Nazari Ismail, who said at a forum that it would take years to rid the country of corruption, cut leakage and improve the banking system to reduce household debt.

Nazari also warned that a PH government might not be able to lower the cost of living in just one term if it wins the polls.

“Due to that, they might not be elected a second time if they win GE14,” he said.

Wong however disagreed, telling FMT that as long as voters could see significant progress, PH might govern for at least another two or three terms.

He said better governance was also needed to strengthen domestic and foreign investors’ confidence, which would in turn help strengthen the value of the ringgit.

Setting the goods and services tax rate at 0% would also have an immediate positive effect in bringing down the prices of domestic and foreign goods, he said.

Wong added that PH would work on raising wages while bringing down the cost of cars and houses.

“This will allow households and individuals who are heavily in debt to restructure and lower their personal debts,” he said.

According to Bank Negara Malaysia’s Risk Developments and Assessment of Financial Stability 2016 report, residential housing loans accounted for 50.3% of total household debts, followed by personal financing (14.9%), motor vehicle loans (14.6%), non-residential loans (7.4%), securities (5.7%), credit cards debts (3.5%) and other items (3.6%).

One term won’t be enough for PH to reduce cost of living, says don