Commentary: How is Budget 2025 preparing Singapore for an ...

SINGAPORE: In the lead-up to this year’s national Budget speech, delivered by Prime Minister Lawrence Wong on Tuesday (Feb 18), much of the public conversation was focused on a familiar theme: The “goodies”.

After all, this was Mr Wong’s first Budget as both Prime Minister and Finance Minister, it comes in the year of Singapore’s 60th anniversary since independence, and it is, quite likely, the final Budget before the next general election, widely expected in the first half of this year.

A challenging global economic environment has also seen many Singaporeans concerned about rising costs of living and inflation, with many hoping for more support from the government.

In that regard, Budget 2025, titled Onward Together for a Better Tomorrow, did not disappoint.

It was generous in expanding previous Budget perks, such as Community Development Council (CDC) vouchers and rebates on utilities, and Mr Wong announced a special SG60 Package with yet more cash vouchers, a personal income tax rebate and a baby gift for newborns this year.

Lower-income families will receive bigger housing grants and enhanced ComCare assistance. Large families will get up to S$16,000 in additional support for each third and subsequent child. Seniors, businesses, hawkers and workers were also not left out.

These and other measures made up a “budget for all Singaporeans”, said Mr Wong, adding that every Singaporean would be supported from birth to old age, with more support given to those with less, and no one left behind. It was also notable that this Budget comprised largely carrots, with few notable “sticks”, in the form of raised taxes for example, leading many to speculate that it truly was an “election budget”.