A redistributive but responsible Budget

Budget 2023 represents a major redistributive exercise at a crucial time for Singapore. Citizens would welcome Deputy Prime Minister and Finance Minister Lawrence Wong’s announcement in his Budget speech on Tuesday for more help to cope with inflation and cushion the impact of the higher goods and services tax (GST) rate through GST vouchers and cash payouts. Support measures to help parents with newborns manage childcare costs and a broad range of help for workers, seniors, persons with disabilities and former offenders also spread the benefits of a growing economy around.

This redistributive effort is not a new one. It reflects the continued desire for a fairer and more inclusive vision of the future articulated as far back as 2013 during Prime Minister Lee Hsien Loong’s National Day Rally speech of a “new way forward” where he declared that Singapore would move decisively to have the community and the Government play a bigger role to support individuals, to give every citizen a fair share in the nation’s success, strengthen social safety nets and keep pathways upwards open for all. A decade since that landmark speech, Mr Wong has reaffirmed the role of the Government as the guardian providing a backstop to the day-to-day needs of Singaporeans as well as the custodian of Singapore’s long-term national interests.