Budgets approved in this term of government steered Singapore through uncharted waters: Indranee
Budget 2025 is the biggest budget to be passed in this term of government and the final one before Singapore’s next General Election.
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SINGAPORE: The Budgets approved in this term of government have “steadfastly steered Singapore through uncharted and choppy waters with decisiveness, agility and forward planning”, said Leader of the House Indranee Rajah on Monday (Mar 10).
She was speaking after parliament approved the S$143 billion (US$107.5 billion) Budget for the coming financial year following nine days of debate.
Budget 2025 is the biggest government budget to be passed in this term of government, and the final one with the next General Election due by November, said Ms Indranee in a customary speech delivered by the Leader of the House at the end of the budget process.
She described the past five years as a “rollercoaster” for the government, as it began its term in the thick of the COVID-19 pandemic in 2020.
It also had to grapple with the impact of wars in Europe and the Middle East and the accompanying rapid rise in inflation, alongside longer-term challenges like staying competitive and refreshing the country’s social compact.
The Budgets from 2021 to 2025, together with the four approved in 2020 under the previous term of government to fight the pandemic, helped Singapore to respond to these challenges and make “tough choices”, said Ms Indranee.
A General Election must be called sometime this year - by November - and Budget 2025 is the last Budget of this “roller coaster” term, said Leader of the House Indranee Rajah. Wrapping up the debates on the Budget and Committee of Supply (COS) on Monday (Mar 10), she said the Budgets of 2024 and 2025 are about breathing life into the ideas co-created with Singaporeans under Forward Singapore and putting into motion the plans for a better and brighter tomorrow. This year is Singapore’s 60th year of independence and it is fortunate that it has surpluses to share with all Singaporeans, she said. Over the past five years, the COS has worked extra hard, said Ms Indranee. This term, there was an average of more than 600 cuts filed for each COS, with an average of seven hours and 45 minutes of debates per sitting day across each Budget and COS season. This is the highest volume and the longest duration compared with any previous term, she said.
She noted that over the past five years, the Committee of Supply (COS) – where parliament examines the plans and budget of each ministry – has “worked extra hard”.
“This term, we had an average of over 600 cuts filed for each COS, with an average of seven hours and 45 minutes of debates per sitting day across each Budget and COS season.
This is the highest volume of cuts – or short speeches – and the longest duration compared to any previous term, said Ms Indranee.
As Singapore marks its 60th year of independence this year, Ms Indranee said the country “can take quiet pride in how far (it has) come through the efforts of past and present generations of Singaporeans”.
She noted how Singapore was recently named the world’s most innovative country in a biennial ranking of 74 countries and how the country’s passport is “consistently ranked among the most powerful”.
Singapore’s Gini coefficient, after accounting for government taxes and transfers, is also “at its lowest in two decades”, while the country continues to “retain top spots globally in home ownership, PISA scores, healthy life expectancies and other important metrics”.
“When we first set out on our journey as a nation in 1965, no one would have thought we would achieve such outcomes,” said Ms Indranee, who is also Minister in the Prime Minister’s Office and Second Minister for Finance and National Development.
“We did not get to this point by accident or luck, but through careful long-term planning, building on the trust and cooperation between Singaporeans and the government,” she added.
“These are also the result of Budgets past and present, which have resourced and funded the policies that have enabled us to achieve these outcomes.”
In his closing speech, Speaker of Parliament Seah Kian Peng thanked the House for a “robust and meaningful debate” which saw 61 Members of Parliament filing 600 cuts in the debate on the ministries’ budgets this year.
“As we reflect on these debates, let us also remind ourselves that being succinct is a virtue. Clarity and focus ensure that discussions are effective and engaging,” he said.
“Parliament is at its best when we articulate our views clearly, when we have done our homework and when we debate with facts and reason,” Mr Seah added.
“Importantly, regardless of our political strives, we must uphold mutual respect because respect is the foundation on which meaningful discourse is built.”
“Rigorous, intense but orderly” - that is how Speaker of Parliament Seah Kian Peng characterised the debates on Budget and Committee of Supply 2025 as he wrapped up proceedings on Monday (Mar 10). He said that as Speaker, what impressed him most was “how and why we disagree”. Mr Seah noted that disagreements could be as strong on the same side of the House as across the aisle, while remaining respectful and productive. This is why Singapore’s laws are binding, he said, because they are stress-tested and subject to strong scrutiny. The debate is especially important as this year’s Budget is presented at “a pivotal moment”, he added. As the world shifts, Singapore - like every other country - must brace for unpredictability and volatility; but Mr Seah emphasised that the nation has “more and stronger cards” than it did at its inception 60 years ago, which it needs to use wisely and carefully. Singapore's strongest card, he said, is the same one it has had all this time - its ability to adapt, stay relevant and navigate uncertainties with clarity and courage.
