Dear BT reader,

Last week, Finance Minister and Prime Minister Lawrence Wong presented Budget 2026 in Parliament – the first of the new government term. The debate on the Budget will begin next Tuesday (Feb 24) and PM Wong will deliver his usual round-up speech at the end.

Observers have characterised this Budget as a forward-looking one, with BT senior correspondent Janice Heng noting steady steps towards long-term goals rather than dramatic reveals. Emphasis was placed on building Singapore’s economic resilience amid uncertainty and a future-ready workforce. 

Singapore’s fiscal health improved, with the fiscal surplus for FY2025 expected to reach a record S$15.1 billion – more than double the earlier estimate. PM Wong’s estimate of a more conservative S$8.5 billion surplus in FY2026 aligned with economists’ expectations.

Among the announcements, artificial intelligence-related news drew much attention, with watchers noting Singapore’s push must look at not just funding adoption, but providing guidance and strategy. Training will start in law and accounting, with industry observers acknowledging the clear applications of AI for lower-value tasks amid growing talent shortages.

On business support, a one-off corporate income tax rebate will offer some relief, but the focus was on the longer-term. Industry observers welcomed the strengthened support for internationalisation and additional funding to scale start-ups. Measures to liven up Singapore’s equities market were also well received.

But some observers also said increases to EP and S Pass salaries are a cause for concern. These could increase the cost of doing business and provide more motivation to offshore operations.

Scroll down for a curated list of analyses, opinions and reactions. For a recap of the biggest announcements, read this list of highlights. If you’re ready to crunch some numbers, this infographic has a breakdown of the government’s revenue and expenditure.

Parliament will debate the Budget from next Tuesday, and this will be followed by the debate on each ministry’s Committee of Supply, which will provide more details of the schemes that were announced. Visit our Budget 2026 microsite for more coverage.