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4 maltatoday | WEDNESDAY • 6 MAY 2026 ANALYSIS JAMES DEBONO jdebono@mediatoday.com.mt The big issues ignored in the election With parties locked in a bidding war to leave more money in people's pockets, some of the country's most pressing challenges—from the economic model to foreign policy—have been side-lined POLITICAL parties have so far converged on one dominant theme: putting more money in people's pockets. This reflects public sentiment—according to a recent MaltaToday survey published in March, purchasing power and inflation top the list of issues more likely to impact on the way people will vote, fol- lowed by traffic, the economy, and population growth, with the environment and corruption trailing behind. But while parties have leaned heavily into disposable income, other key concerns have received scant attention. Entire areas— foreign policy, the sustainability of the economic model under- pinning the spending spree, and even civil liberties and tackling corruption—have been relegat- ed to the margins. The contrast with previous elections, particu- larly 2013 and 2017, is striking. The international context Prime Minister Robert Abela justified calling the election on the need for a "safe pair of hands" in an uncertain international cli- mate triggered by Trump's war of choice in Iran. Foreign policy has not been a dominant theme since Malta joined the EU. Yet the campaign has unfolded as if global instability were irrele- vant. Both major parties are still promising the moon with little sense of restraint. The Nationalist Party's propos- al for a 30% reduction in utility tariffs, partly financed through investment in renewable ener- gy, gestures towards long-term resilience. The reason being that solar energy provides us with a home-grown energy resource which leaves us less exposed to international volatility. But committing to lower prices amid volatile oil and gas markets carries obvious risks, especially considering that presently we rely on energy from an intercon- nector which is mostly derived from gas and oil power plants and from two gas powered plants. Moreover, some of the more interesting ideas like utilising Malta' Exclusive Economic Zone also require an investment in ba- sic defence and security guaran- tees compatible with our consti- tutional neutrality. Labour, meanwhile, is signal- ling abundance through meas- ures like the €200 million "super bonus," projecting an economy untouched by external shocks. But what if an international re- cession and global inflation start to take their toll on tourism? The missing debate on the economic model Perhaps the most glaring omis- sion is a substantive debate on Malta's economic model. In previous years, critics within the Nationalist Party, notably under Adrian Delia, questioned a mod- el reliant on rapid population growth and construction. That critique which danger- ously tapped on xenophobia without providing answers has now largely disappeared. Under Alex Borg, the PN ap- pears to have embraced the same growth dynamics it once criticised, as it seeks to jus- tify its own s p e n d i n g p r o p o s a l s . Labour, for its part, con- tinues to treat economic ex- pansion as an un- questioned good— almost like an oil reserve Malta never had, yet behaves as if it struck. In this sense Malta risks being addicted to its own version of the 'oil curse', an addiction to a growth model which generates wealth but erodes the quality of life. Both parties are focused on distributing wealth without in- terrogating its sources or long- term costs. Missing is a mature conversation on recalibrating the model beyond vague refer- ences to "quality of life." Also absent is any meaningful discussion on the shadow econ- omy, where vulnerable—often foreign—workers are exploited in precarious conditions. To their credit the PN as so far been more forthcoming in proposing the crea- tion of new eco- nomic niches like the pro- posed bun- kering hub in Hurds Bank even if one has to be care- ful how to calibrate this in the turbulent geopolitical real- ities linked to energy resources in the Eastern Medi- terranean. In this sense, Labour needs to catch up in carving niches which stray away from the current over-dependence on tourism and construction. So far, the PL has not come up with the next big idea and seems exclusively focused on delivering goodies from the current ones. Powering the economic model is also another big issue which is partly addressed with a welcome emphasis on renewable energy sources which is the sole guar- antee of energy independence. Yet the question remains whether it makes more sense to rely on floating wind farms or solar installations as in current policy or relying on the limited supply of existing public build- ings, car parks and reservoirs as proposed by the PN. Labour's proposal for a well- being index hint at a broader framework, but without clarity on how it would shape policy, it risks being little more than a rhetorical device. But it could be a useful instrument if policies are aligned with it. Inflation: treating symptoms, not causes Both parties are addressing inflation primarily by boosting incomes and, to some extent, easing housing affordability. But this approach skirts deeper structural issues. There is little serious discus- sion on rising food prices or the inflationary pressures linked to a tourism-driven economy, in- cluding gentrifi- cation. Rent—a key driver of liv- ing costs for seg- ment of the pop- u l a t i o n — r e m a i n s largely unaddressed. Pumping more mon- ey into the economy without tackling supply-side constraints risks fuelling the very inflation it seeks to offset. Moreover, there is no more talk on importation cartels once denounced by now Labour deputy leader Alex Agius Saliba. Population growth and political evasion Closely tied to this model is population growth. Both parties understand that economic ex- pansion depends on a growing labour force, including foreign workers. Yet neither is willing to fully articulate this reality or defend it. The PN frames higher wages in sectors like healthcare as a way to attract more Maltese workers, but stops short of acknowledg- ing that improved conditions will also draw in foreign labour. Labour, too, avoids confront- ing the social implications of its model. This reluctance to lead an ELECTION 2026