Pemerintah menegaskan posisi fiskal Indonesia pada akhir 2025 masih berada di zona aman, meskipun realisasi Anggaran Pendapatan dan Belanja Negara (APBN) tahun tersebut dibayangi oleh pendapatan yang meleset dari target dan tekanan defisit. Dalam Rapat Paripurna DPR ke-23 masa persidangan V tahun sidang 2025–2026, Kamis (2/7/2026), Menteri Keuangan Purbaya Yudhi Sadewa menyampaikan Rancangan Undang-Undang (RUU) tentang Pertanggungjawaban Pelaksanaan APBN 2025, sekaligus menyoroti peran Saldo Anggaran Lebih (SAL) sebagai bantalan fiskal utama.

Purbaya menjelaskan, posisi SAL pada awal 2025 tercatat sebesar Rp457,54 triliun. Sepanjang tahun berjalan, pemerintah memanfaatkan Rp93,15 triliun dari dana tersebut untuk mendukung pembiayaan APBN. Di sisi lain, pemerintah membukukan Sisa Lebih Pembiayaan Anggaran (SiLPA) sebesar Rp72,40 triliun dan melakukan sejumlah penyesuaian. Alhasil, posisi SAL per 31 Desember 2025 tercatat Rp438,26 triliun, yang dinilai masih memadai untuk berfungsi sebagai penyangga fiskal menghadapi berbagai risiko dan ketidakpastian ke depan.

Dari sisi kinerja anggaran, Purbaya mengakui banyak target APBN 2025 yang tidak terpenuhi. Realisasi pendapatan negara dan hibah hanya mencapai Rp2.765,13 triliun atau 92,01% dari target dalam APBN 2025 yang dipatok Rp3.005,12 triliun. Kelesuan terutama terjadi pada penerimaan perpajakan yang hanya terealisasi Rp2.218,17 triliun atau 89,05% dari sasaran. Pemerintah menyebut tekanan eksternal berupa fragmentasi perdagangan, eskalasi tensi geopolitik, serta penyesuaian kebijakan dalam negeri seperti perubahan PPN barang mewah dan percepatan restitusi pajak sebagai faktor yang menahan laju penerimaan.

Kendati demikian, neraca pemerintah dinilai tetap solid. Per 31 Desember 2025, total aset pemerintah tercatat sebesar Rp14.600,98 triliun, sementara total kewajiban mencapai Rp11.527,29 triliun. Dengan demikian, ekuitas pemerintah atau kekayaan bersih negara berada di level Rp3.073,69 triliun. Dari perspektif operasional, pendapatan pemerintah tercatat Rp3.006,42 triliun, sedangkan beban operasional mencapai Rp3.429,51 triliun sehingga menimbulkan tekanan defisit pada laporan operasional. Pemerintah menilai kombinasi SAL yang kuat dan neraca yang positif mencerminkan kapasitas fiskal yang masih cukup untuk menjaga stabilitas sekaligus menopang agenda pembangunan secara berkelanjutan, meski disiplin kebijakan tetap dibutuhkan untuk merespons dinamika ekonomi global dan tekanan pendapatan ke depan.

Sa Sa International Holdings Ltd. is ramping up store openings and restoring a full dividend payout after a sharp rebound in profit, underscoring management’s confidence in the recovery of Hong Kong and Macau’s beauty retail market. The cosmetics chain’s full-year sales rose 14.2% to HK$4.383 billion, while profit increased 1.6 times from a year earlier, allowing the group to boost its final dividend and return its payout ratio to 100%. Chairman and chief executive Simon Kwok said the stronger distribution reflects a “very strong” outlook, pointing to broad-based improvement in store traffic and spending.

Kwok said all key operating indicators in Hong Kong and Macau — including revenue, same-store sales, transaction volume, average ticket size and units per transaction — recorded year-on-year gains in the last financial year. Momentum has continued into the new year: in the first quarter of the current financial year, total revenue grew 24%, with offline sales up 30.9%. Hong Kong and Macau led with a 32.5% jump in offline sales, while Southeast Asia rose 17%. Online revenue slipped 3.2% overall, weighed by an 18.1% decline in mainland China, even as Hong Kong, Macau and Southeast Asia posted online growth.

On the back of the recovery, Sa Sa is reviving its brick‑and‑mortar expansion, particularly in tourist districts that were heavily rationalised during the downturn. The company plans to open 10 new stores in the current financial year; it has already added outlets in Mong Kok and Tsim Sha Tsui, including a large upstairs shop of about 6,000 to 7,000 square feet at the Mong Kok Man Wah Centre, on top of an existing ground‑floor unit. A store at the Airside mall in Kai Tak is slated to open in August, and another at Lok Ma Chau is planned to capture cross‑border traffic. Kwok said tourist‑area stores are now about half the number they once were, leaving “substantial room” to rebuild the network, though he stressed the group will not neglect local customers.

Store format will be a key part of the strategy. Kwok said he and his wife favour large outlets and that she has advocated opening flagship stores to serve both mainland and local shoppers in a more spacious, comfortable environment. Still, decisions between large and small formats will depend on rents and operating costs; smaller shops require less staff and investment. He said that while the opening of new outlets may “slightly” dilute same‑store sales metrics, the impact should be limited as long as locations and rental terms are carefully chosen. Footfall remains the main focus: “Only when there are people will there be revenue,” he said, adding that broader product assortment and competitive pricing should help underpin demand even as more drugstore and beauty chains enter the market.

Sa Sa also aims to stabilise and eventually grow its Southeast Asian operations, where the group ended the last financial year with 75 stores — 70 in Malaysia and five in Singapore. The region’s near‑term target is to achieve break‑even. Three of the five Singapore stores are already profitable, and Kwok said the company would consider opening more outlets there if suitable opportunities arise, noting that Singaporean sales growth was particularly strong in the second half of the year. The Malaysian business is described as stable, with management planning tighter cost control. Kwok played down concerns about competition from other travel destinations and cross‑border consumption trends, saying that Hong Kong remains convenient for many mainland visitors, some of whom come once or twice a month, and that the company’s breadth of products and pricing remain competitive.