Balancing near-term needs with longer-term transformation

IN THE lead-up to this year's Budget announcement, Deputy Prime Minister Heng Swee Keat hinted at an "exceptional budget for exceptional times" - and his two-and-a-quarter hour speech was definitely far from the ordinary.

All Singapore Budget speeches seek to balance the near-term needs of the population and businesses with the longer-term transformation; but very few will have done so in such stark focus, leading to our Deloitte Budget theme of "Together Today. Transforming Tomorrow."

The tourism, aviation, retail, food and beverage and point-to-point transport sectors were the main beneficiaries given the ongoing impact of the Covid-19 virus. Initiatives around re-skilling workers, property tax rebates and temporary bridging loans will help, and the aviation sector assistance plan will benefit not only airlines but also business tenants at Changi Airport.