Singapore Budget 2013: All you need to know

Singapore Budget 2013: All you need to know

FY 2013 Overall Budget Balance is projected to be a surplus of $2.4 billion or 0.7% of GDP.

  • FY2012 budget surplus higher at $3.9b. This is due to stamp duty and motor vehicle taxes.
  • Budget 2013 to have a surplus exceeding estimates a year ago ($1.3b or 0.4% of GDP). This year, the government expects a surplus of $3.9b or 1.1% of GDP. It’s a short-term increase in revenues which we don’t expect to be sustained.
  • Household incomes have risen. Adjusted for inflation, the median SG household income per member grew by 14% over last 5 years.
  • Workers in the lower ladder – security guards, cleaners, etc – had little or no rise in incomes over 5 years. But the schemes under Budget 2013 will help ensure that they will have increase, through programs like the Progressive Wage Model.
  • Singaporeans want a home with a strong Singaporean identity and sense of belonging, strong and robust economy, strong families where seniors can age with dignity, society that takes care of the disadvantaged — according to Singapore conversation platforms

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