SINGAPORE - Singaporeans will get government help to tide them over difficult times, even as the country faces major uncertainties, including inflation and geopolitical challenges, said Prime Minister Lee Hsien Loong on Tuesday.
Budget 2023 offers measured enhancements to cushion the impact on businesses, households and individuals, in particular lower-income groups, said PM Lee in a Facebook post following Deputy Prime Minister Lawrence Wong’s Budget speech in Parliament.
The Budget had laid out plans for payouts to help Singaporeans with the effects of higher-than-expected inflation, as well as financial support for parents to care for their children, among others.
It also included changes to make the tax system more progressive, with adjustments to the buyer’s stamp duty regime for property and additional registration fee rates for higher-end cars.
PM Lee noted that Singapore has emerged stronger together from the Covid-19 pandemic, with the economy recovering to pre-pandemic levels.
“We expect positive, albeit slower, growth this year. Yet our fiscal position remains tight,” he said.
In his Budget speech, Mr Wong said that a budget deficit of about $400 million, or 0.1 per cent of gross domestic product (GDP), is expected for financial year (FY) 2023.
This will bring the Government into deficit for two years in a row, with a deficit of $2 billion, or up to 0.3 per cent of GDP, expected for FY2022.
PM Lee added that successive generations have worked hard and sacrificed to take Singapore forward.
“It is the responsibility of our generation to keep this up, think and plan for future generations, and keep Singapore thriving. We’ve faced many difficult times before,” he said.
“As long as we keep on building for the future, seizing new opportunities, and growing more resilient as one united people, we can move forward with confidence in the new era.”
