Heng says budget surplus is $9.6b but IMF says $78.5b – financed by heavy borrowings in housing
It was announced in Parliament today (19 Feb) that as the Government has accumulated a budget surplus of almost S$10 billion for FY2017, all Singaporeans aged 21 and above this year will get a one-off SG Bonus of between $100 to 300 each. Finance Minister Heng Swee Keat said that this "reflects the Government’s long-standing...
Budget: Consistently flawed
[Update at 5.25pm: Trumpets please] My prediction that GST increase would be announced but delayed is correct: Heng announced GST increase of 2% from 7% to 9% to “fund recurring government expenses”. Increase will take place between 2021 and 2025 in a progressive manner. Handouts of GST vouchers will be made permanent once...
No need to increase GST if use 10% more from investment returns
Currently, under the Singapore's Net Investment Returns (NIR) framework, the government can spend up to 50% of the long-term expected real returns on the relevant assets (i.e, our reserves) managed by GIC, MAS and Temasek. Associate Dean of LKY School of Public Policy, Donald Low, wrote on his Facebook page yesterday (19 Feb) showing...
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