February 15, 2023: -Rising inflation and layoffs are the top concerns for Singaporeans and are anticipated to be told in Singapore’s amount for 2023.
The budget will be given by Deputy Prime Minister and Minister for Finance Lawrence Wong at 3:30 p.m. in Parliament.
The Singapore capacity sets forth a series of levels to support Singaporeans for every financial year, which begins on April 1 and finishes on March 31 of the following year.
Wong stated that the 2023 budget would be his “Valentine’s Day gifts to all” at the Community Development Council vouchers scheme launch on January 3.
He also promised measures to help Singaporeans cope with rising inflation and prices, particularly the more vulnerable and lower-income groups.
In 2022, the administration rolled out a 6.6 billion Singapore dollar assurance package to cushion the effect of an increase in the goods and services tax through money payouts, CDC vouchers for daily essentials, utility rebates and Medisave top-ups.
The administration topped up the parcel with an additional S$1.4 billion, bringing it to nearly $8 billion. This year’s budget announcement is anticipated to include more details on the enhancements.
This year, global macroeconomic forces, the ongoing Russia-Ukraine war and GST hikes are anticipated to continue pushing commodity prices higher.
The GST price was increased one percentage point from 7% to 8% on January 1. One percentage point surged to 9% on January 1. 2024 is expected to raise inflation further.