Singapore’s budget has ‘something for everyone’ amid rising living costs. Does move signal an election is near?
- Singapore will give handouts of US$445 to each household and offer rebates to businesses amid inflation and higher operating costs
- Given this is one of the ‘more generous budgets in recent times’, analysts say the move could be setting the stage for an election
Analysts said there appeared to be “something for everyone in the budget”, a historical trend that suggested the approach of the polls, due to be called by November 2025.
“Many things stood out, but one is the massive investments of S$40 billion by the end of the decade to strengthen our social safety net,” said Eugene Tan, a law professor from the Singapore Management University (SMU).
Wong, the deputy prime minister and finance chief, said the government would roll out measures including S$600 (US$445) in vouchers for each household and rebates to businesses, which would provide “near-term relief” amid inflation and higher operating costs.
“These are the concrete ways to help Singaporeans tackle cost-of-living pressures. Let me assure everyone, we will always have your backs,” he said.
Meanwhile, all companies will receive a 50 per cent corporate income tax rebate, capped at S$40,000.