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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