Budget 2023: Progressive policies to take Singapore forward

AFTER weathering three years of a pandemic, Singapore now finds itself in an era of greater uncertainty and volatility. While global challenges are beyond a single country’s control, the Republic’s latest fiscal package suggests one approach that can help during the turbulence ahead: wealth redistribution.

In the immediate term, inflation has pushed up public expenditure on two levels. Firstly, the government must pay more in general – including for needs such as healthcare, which will only increase as the population ages. Secondly, the government is providing help to cope with the rising cost of living.

While cost pressures require caution in public spending, Singaporeans are naturally anxious about decade-high inflation. This makes enhancements to the Assurance Package and GST Voucher Scheme at Budget 2023 not only timely but necessary, particularly for the lower-income groups.