HomeAsiaMost Singaporeans say budget sweeteners inadequate to cushion inflation: survey
Asia

Most Singaporeans say budget sweeteners inadequate to cushion inflation: survey

PressNewsAgency
By PressNewsAgency

A majority of Singapore residents have viewed measures in the latest annual budget as inadequate to help them cope with rising costs of living, according to a new poll.
Among 1,002 adults surveyed by Singapore-based Milieu Insight, 55 per cent said the budget’s nearly S$124 billion (US$92.8 billion) in spending that includes shopping vouchers and aged care subsidies was not enough to cover elevated prices from food to housing. Prime Minister Lawrence Wong delivered the budget on Tuesday, which forecasts a second year of financial surplus.
The findings underscore the challenges for the ruling People’s Action Party as it prepares for a general election this year, a period that is likely to see slower economic growth and renewed tariff wars that threaten open economies like Singapore. Wong, who became premier in May 2024, will lead the PAP for the first time into an election due by November.

The pace of price gains in Singapore has cooled. Core inflation, which excludes housing and private transport costs, rose 1.8 per cent in December from a year earlier, the slowest pace since 2021. Meanwhile, the city state expects economic growth to come in at 1 per cent-3 per cent this year, down from 4.4 per cent in 2024.

Wong acknowledged that locals are still adjusting to “new price realities” and pledged future support. “We will continue to provide support for as long as needed, within our means,” said Wong, who double-hats as finance minister in the budget speech.

Prime Minister Lawrence Wong (centre) waves to spectators during the annual Lunar New Year Chingay parade in Singapore on February 7. Photo: AFP

Apart from spending on infrastructure, the government will give households S$800 in vouchers to help cover costs at supermarkets and food outlets, higher than the S$600 announced the previous year. Other measures include tax rebates and support for families with children, low-income people and the elderly.

Source link

Discover more from PressNewsAgency

Subscribe to get the latest posts sent to your email.

- Advertisment -