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Singapore Budget 2013: Latest news
Singapore is no longer a developing economy.
FY2012 budget surplus higher at $3.9b. This is due to stamp duty and motor vehicle taxes.
Budget 2013 to have a surplus exceeding estimates a year ago ($1.3b or 0.4% of GDP). This year, the government expects a surplus of $3.9b or 1.1% of gdp. It's a short-term increase in revenues which we don't expect to be sustained.
Household incomes have risen. Adjusted for inflation, the median SG household income per member grew by 14% over last 5 years.
Workers in the lower ladder - security guards, cleaners, etc - had little or no rise in incomes over 5 years. But the schemes under Budget 2013 will help ensure that they will have increase, through programs like the Progressive Wage Model.
Singaporeans want a home with a strong Singaporean identity and sense of belonging, strong and robust economy, strong families where seniors can age with dignity, society that takes care of the disadvantaged -- according to Singapore conversation platforms
Bus capacity will be ramped up.
New lines will start operating and new trains will be added to existing lines
Governmentt will reduce the cost of household relative to income of young Singaporeans. HDB prices have been rising rapidly since 2009.
"We have not yet achieved the level of productivity and income of a developed economy," DPM Tharman said.
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