Finance Minister Tharman Shanmugaratnam said this year's Budget is about creating new advantages and fresh opportunities for Singapore in a competitive world. Listen to Mr Tharman's delivery of the 2008 Budget speech in Parliament in full.

Mr Tharman reviewed Singapore's economic performance and fiscal position in 2007, as well as its projected outlook for 2008.

Mr Tharman expanded on the four key thrusts of Budget 2008 - nurturing skills and talents through education; making innovation pervasive; enhancing business competitiveness; and changing individual taxes.

As Singapore develops its identity as a global city, its resilience as a community needs to be built up, said Mr Tharman. He unveiled initiatives to enhance Singaporeans' financial security in retirement, aid for citizens to meet healthcare needs, plus surplus sharing goodies.

A surplus of $3.2 billion for FY2008 was expected, said Mr Tharman. While placing this year's Budget 'amidst a time of increasing uncertainty in the global economy', going forward, he framed the resilience needed to stay ahead as a nation and achieve a better quality of life for all.

In his keynote address at the annual Singapore Tripartism Forum, former Manpower Minister Ng Eng Hen - now Education Minister - reflects on the importance of not 'protecting' workers here through a clampdown on the foreign worker quota and a high wage policy. He also elaborates on the way forward for Singapore's workforce.