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Labour has opened up government procurement and no longer was bound to systematic preferential treatment of a number of Maltese oligarchs, which was the order of the day during the previous administration.Preferential treatment has also been wavered when it comes to permits and government deals. In 2017 alone 8,513 apartments were built as opposed to the 2062 apartments built in 2013. The layers of security to Malta’s debt are multifaceted, but the main layer of defence is the fact that public debt is held through bonds, most of which are locally owned.

Even the average wage by itself is not enough to purchase a property, hence condemning single people with an average wage to remain in the rental market. Clearly, there is a market-dysfunction in which the construction and real-estate industries are growing at a significant social and economic cost. Muscat has perfectly projected himself as a leader who allows open and accessible business to all: to oligarchs and small-businesses alike.The structural government system of preferential treatment under PN had produced local oligarchs at the expense of public property and assets, and it was part of a broader raison d’être in how the economy was run: by basically sustaining a debt-ridden government by selling off state assets.Muscat also ended the State fire-sale policy, but the 30-year concession to St. Luke’s, Karen Grech, and Gozo Hospital to a private company by then Minister of Health, Konrad Mizzi, had opened the government to accusations it intended to privatise the health sector. From an average wage of €1,600 in 2013, the average wage today has risen to €1,800. Such a course of action is inevitable if we are to prevent a decline of the home-ownership rate.The fact that government has refused to stop the multiple pending applications for fuel pumps in outside-development zones shows the difficult stage the situation has reached. Unless current government starts regulating property speculation through price control or by building an extensive number of affordable housing, housing affordability will remain on the downside both in the short term and the long term. The price of property was, for example, one of the factors which had incentivised many companies and hedge funds to move from London to Malta.The main factor that has so far averted a housing crisis is the very high rate of home-ownershipbut, at current inflation levels, there is a long-term uncertainty to whether the children of home-owning parents will be able to use their parents’ capital to become home-owners as well. Expenditure in the welfare state has increased considerably with recurrent expenditure on health and education in 2019 to amount at an average of 59 per cent higher than 2013 levels. The gaming industry, which currently comprises 12 per cent of GDP at around €1.2 billion in nominal terms, registered sustained growth along the years along with the tourism at 6.1 per cent of GDP and retail and catering at 21 per cent of GDP. While government revenue and expenditure in 2013 was €3 billion and €3.2 billion respectively, in 2017 they were €4.3 billion and €4.1 billion, thus producing enough surplus to start repaying debt (different datasets may give different figures, but are all consistent with a significant surplus).The figures above tell a story of a strong and growing economy, although some might still be concerned about debt levels. Currently, the government is ignoring the social and economic risks that emerge with growth through speculative forces. Structural changes in the energy sector also heavily affected the economy and these should be taken into account. Still, social housing units may not even be sufficient to cater for all low-income earners. The education system has been revamped and the health sector has been improved, drastically cutting waiting lists across all its services. According to NSO statistics, by 2016 in order to purchase a property in the cheapest areas, one had to be on an income of at least €20,000Government has so far refused to consider the option of price controls in the rental market, but it has begun preparations for the construction of social housing units and aims to introduce a basic regulatory framework in the rental market.Ideally, social housing should go to those who needs it most, prioritising pensioners, retirees, people with disabilities, victims of domestic abuse and single parents in the low-income brackets. Government has also exponentially increased its spending on culture and the arts.

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