Budget 2025 debate: Leong Mun Wai on empowering Singaporeans to be financially resilient

The PAP government’s Budget approach and policies around taxes, reserves and property prices are the main drivers of the high cost of living in Singapore. If yearly surpluses are “always bigger than what is estimated”, it calls into question why the government has inflicted pain on Singaporeans by raising GST over the past two years amid high global inflation. Government handouts have become a regular affair, which may help Singaporeans cope with rising costs in the short term but will not help them in the long run or solve Singapore’s structural economic issues. NCMP Leong Mun Wai made these points in parliament on Thursday (Feb 27). He said Singapore needs to better utilise its Net Investment Returns Contribution (NIRC) to help Singaporeans become truly resilient instead of parking a significant proportion in endowment and trust funds. Mr Leong said the money could fund policy proposals by the Progress Singapore Party to help Singaporeans achieve greater long-term financial security. These proposals include a minimum living wage, affordable homes scheme and national healthcare scheme.