Adjournment motion on tackling rising cost of living

The Government plans and executes for the long term, while zooming into the details that matter on the ground to Singaporeans and Singaporean businesses, said Minister of State for Trade and Industry Alvin Tan. Speaking in Parliament on Tuesday (Jul 5) on an adjournment motion, he said the livelihoods of Singaporeans are “not a theoretical exercise”. He said the Government focuses on strong job creation and wage growth as the best ways to help Singaporeans tide through these immediate and difficult times, and ensure that there are sufficient resources to tackle the long-term challenges. He stressed that the Government will continue to do its utmost to deliver on its commitment, especially in these challenging times. MP Jamus Lim, who tabled the adjournment motion, urged the Government to move fast to battle inflation. Firstly, it should strengthen the Singapore dollar because a strong currency makes imported goods cheaper. Secondly, it should sell long bonds to help dampen speculative investments and keep a lid on asset prices. Thirdly, it should spend to support those who are hurting the most for a temporary period and finance this by rebating any windfall tax gains, while avoiding wage indexation. “We need to battle inflation proactively and we have the tools to do so. Let us use them,” he said.

Editor's note: MP Jamus Lim corrected himself in Parliament on Sep 12, 2022. He explained that he had meant to say on Jul 5 that the Government should sell, not buy, long bonds. The text above has been amended to reflect this.