Indonesia’s economy has recently received a welcome piece of good news, with the latest state budget figures showing a sharp increase in tax revenue. Net tax revenue rose by a remarkable 24.1 percent year-on-year as of August 2026, reaching Rp 1.409 quadrillion (US$79 billion), or 59.8 percent of the full-year target. Finance Minister Suahasil Nazara attributed the increase to higher global oil and gas prices, strong domestic consumption and improvements in the Coretax system.

Bank Indonesia (BI) opted to keep monetary policy supportive of growth on Sept. 23, holding its benchmark rate at 5.75 percent despite the United States Federal Reserve’s rate hike a week earlier. The decision, Governor Destry Damayanti’s second consecutive hold, reflects BI’s expanded mandate to support economic growth and job creation. Rather than raising rates to defend the rupiah, BI strengthened incentives for investors to hedge their currency exposure, seeking to balance growth with exchange-rate stability.

The proposed acquisition of a 30 percent stake in PT Bayan Resources (BYAN) by Jhonlin Baratama has entered a new phase after both parties signed a conditional sale and purchase agreement. The deal follows weeks of uncertainty over Bayan’s production quota, which had forced three of its subsidiaries to declare force majeure while awaiting approval of their revised 2026 mining work and budget plans (RKAB). The timing of the acquisition, Bayan’s force majeure declaration and the subsequent approval of its revised production quota raises questions about the role of regulatory intervention in corporate outcomes.

The government’s flagship free nutritious meal program is facing an escalating crisis of public confidence as recurring food-poisoning outbreaks sweep the country. Yet despite mounting casualties, growing demands for accountability and urgent calls for a moratorium, the government has shown no intention of pausing the rollout.

The government’s plan to spend an estimated Rp 11 trillion (US$619 million) opening bank accounts for more than 200 million Indonesians aged 17 and above is difficult to justify when fiscal space is already tight and financial inclusion has reached 93.61 percent. If the objective is to reach the unbanked or improve the delivery of social assistance, there is little reason to give new accounts to almost every adult, including those already banked. Scarce public funds should be targeted at people who actually need them.

Indonesia’s long-standing ambition to build a high-speed rail network has evolved from a national prestige project into a potential fiscal burden. Whoosh’s continuing losses and mounting debt have already drawn the Finance Ministry closer to backstopping the project. Given its history of delays, cost overruns and overly optimistic projections, the question is whether Whoosh can deliver sufficient economic benefits or become a noose around Indonesia’s already stretched fiscal capacity.

The Finance Ministry and state asset fund Danantara are at odds over who controls dividends from state-owned enterprises (SOEs), exposing an unresolved question at the heart of Indonesia's new state-asset architecture. Before Danantara was created, SOE dividends were paid to the state and recorded as non-tax revenue. Under the new framework, Danantara manages the shares and assets transferred to it and can use returns from those assets for investment and capital injections. Part of its eventual profits is to be transferred to the state after provisions for investment risks and capital accumulation. The dispute therefore is not simply about whether the government can receive SOE dividends, but about when and through what mechanism those funds should reach the state budget.