Lawrence Wong rounds up Budget 2025 debate
The world is going through unprecedented changes but Singapore has strong foundations that give it the confidence to move forward, said Prime Minister and Finance Minister Lawrence Wong in parliament on Friday (Feb 28). In his speech rounding up the Budget 2025 debate, Mr Wong pointed to Singapore’s strong fiscal footing, clear plan for the road ahead and shared values of solidarity and unity. The GST hike was a difficult choice, but the right one, he said - it helped Singapore avoid deficits in FY2024 and FY2025, which would have meant less funding for essentials. Mr Wong said the PAP government will always ensure Singapore has enough, rather than risk falling short - and if there are surpluses, then they help to fund future needs and more support for Singaporeans. On calls for more social spending, he said it is already greater than spending on the economy and security combined, and is expected to rise further in the coming years. The government is prepared to spend more where necessary, but the policies must be right and the overall system fiscally sustainable, he added. Mr Wong said that as the entire global system changes, Singapore needs to be ready for tougher economic competition and do what it can to “stay in the game”. The SkillsFuture system will be further strengthened to support the development of every worker, and efforts will continue to uplift SMEs and nurture promising enterprises, said Mr Wong.
The world is going through unprecedented changes but Singapore has strong foundations that give it the confidence to move forward, said Prime Minister and Finance Minister Lawrence Wong in parliament on Friday (Feb 28). In his speech rounding up the Budget 2025 debate, Mr Wong pointed to Singapore’s strong fiscal footing, clear plan for the road ahead and shared values of solidarity and unity. The GST hike was a difficult choice, but the right one, he said - it helped Singapore avoid deficits in FY2024 and FY2025, which would have meant less funding for essentials. Mr Wong said the PAP government will always ensure Singapore has enough, rather than risk falling short - and if there are surpluses, then they help to fund future needs and more support for Singaporeans. On calls for more social spending, he said it is already greater than spending on the economy and security combined, and is expected to rise further in the coming years. The government is prepared to spend more where necessary, but the policies must be right and the overall system fiscally sustainable, he added. Mr Wong said that as the entire global system changes, Singapore needs to be ready for tougher economic competition and do what it can to “stay in the game”. The SkillsFuture system will be further strengthened to support the development of every worker, and efforts will continue to uplift SMEs and nurture promising enterprises, said Mr Wong.
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