Leong Mun Wai rounds up debate on reviewing public finances to help Singaporeans

All the good things that Singapore gets from its past reserves will not go away if the size of the reserves is revealed and some of the policies proposed by the opposition are implemented, said NCMP Leong Mun Wai in Parliament on Wednesday (Feb 7). He was wrapping up the debate on a motion moved by the Progress Singapore Party (PSP) calling on the Government to review its Budget and reserve accumulation policies to reduce the financial burden on today’s Singaporeans while continuing to save for future generations. Mr Leong said he hoped Singaporeans would have three takeaways from the debate. One - Singapore’s financial reserves amount to at least S$1.2 trillion. Two - the continued accumulation of reserves comes at a cost to Singaporeans such as higher taxes, higher property prices and lower interest for CPF balances. Three - there is no need to draw down on the reserves, but just slow down the rate of accumulation marginally, to produce much better economic outcomes for Singaporeans. Mr Leong said the country’s past reserves were achieved by the trust between the people and Government and to maintain that trust, the Government must now ensure that the reserves are put to work to help present-day Singaporeans be competitive and lead happy lives in a globalised world. This, he said, will also affect the ability of future generations to thrive. The House then rejected PSP’s original motion and voted for an amended motion to ensure the Government “stays fiscally responsible and sustainable”. PAP MPs voted for the amended motion while opposition members - PSP’s NCMPs and MPs from the Workers’ Party - voted against one of the amendments and the amended motion itself.