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Singaporeans invited to share views on upcoming Budget 2023

Singaporeans invited to share views on upcoming Budget 2023

People seen at the central business district in Singapore on Mar 29, 2022. (Photo: CNA/Marcus Mark Ramos)

SINGAPORE: Singaporeans are invited to share their views and hopes for Budget 2023 over a six-week period from Saturday (Dec 3) until Jan 13.

Individuals, organisations and businesses can provide suggestions under three broad themes - navigating a volatile and complex world, strengthening our social compact, as well as building a resilient nation.

The Budget is scheduled to be presented in February.

NAVIGATING A VOLATILE AND COMPLEX WORLD

In a media release on Saturday, the Ministry of Finance noted that as Singapore steps out from the COVID-19 pandemic, it faces new challenges in a more volatile and complex world.

These include the issues of higher inflation, slowing growth, more frequent economic disruption, as well as greater geopolitical tensions.

"We need to tackle these challenges and be ready to seize new opportunities," said the ministry as it invited Singaporeans to consider these questions.

  • What are the challenges and opportunities for families/households, workers, and businesses in this more volatile and complex world?
  • What more can be done to support these groups to identify and seize new opportunities, even amidst greater uncertainties and volatility?

STRENGTHENING SOCIAL COMPACT

On strengthening the social compact, the ministry said that the Government wants to partner Singaporeans to care for one another as the country prepares for the challenges ahead.

  • What actions can we take as individuals and as a community, together with the Government, to build a fairer and more inclusive home?
  • What are some groups that might need more support, and what are their concerns? How can the Government better partner the community to address these concerns?

BUILDING A RESILIENT NATION

With Singapore having experienced supply chain disruptions during the COVID-19 pandemic, an export ban on chicken from Malaysia as well as the impact of the Ukraine war, MOF said that country needs to build greater resilience so that it can withstand and absorb external shocks and overcome disruptions.

  • How can individuals, households, and businesses contribute to a more resilient Singapore?
  • How can the Government support these groups in their efforts?

Inflation in Singapore has climbed towards a 14-year high this year on the back of global supply disruptions and a recovery in demand.

To help households cope with inflation and the impact of the impending GST hike, Deputy Prime Minister Lawrence Wong announced in November that the Government will spend S$1.4 billion more to offset additional GST expenses for most Singaporean households for at least five years.

The GST will go up from 7 per cent to 8 per cent from Jan 1, 2023, and from 8 per cent to 9 per cent from Jan 1, 2024. 

Despite the uncertain inflation outlook, Mr Wong, who is also Finance Minister, said in October that Singapore's growing spending needs are clear

Deputy Prime Minister Lawrence Wong said earlier in November that in light of this, household expenditure and GST expenses are expected to increase in coming years.

The "more responsible approach" is therefore for Singapore to proceed with the planned GST hike, he said.

Suggestions for Budget 2023 can be submitted through the following channels from Dec 3 to Jan 13:

Source: CNA/ic(gs)

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