SINGAPORE, Feb 14 — To reposition Singapore for a “new era” of global development, the Government will spend around S$104.2 billion to grow the economy, equip workers and build up the country’s collective resilience, while making immediate moves to help families and vulnerable Singaporeans cope with high inflation.
In a wide-ranging speech lasting almost two hours, Wong noted how China and the United States are jostling for leadership in key technologies, thereby setting off a trend of greater economic nationalism and protectionism around the world. “Neither can we afford to be complacent and simply take our competitive position for granted. We will therefore have to work harder to enhance our overall productivity and workforce quality to stay competitive in this new environment.”To this end, the Government will set aside S$4 billion for the National Productivity Fund, as well as expand the fund’s scope to cover investment promotion and use it as a way to anchor quality investments in Singapore.
The permanent GST Voucher scheme, in which cash vouchers are distributed to eligible households, will be enhanced by up to S$850 a year The Baby Bonus Cash Gift will be raised by S$3,000 for all eligible Singaporean children born from Feb 14, 2023. The bonus, which can go up to S$13,000 for the third child, will be disbursed over a longer period of 6.5 years
For first-time applicants of Build-to-Order flats, the Housing and Development Board will give them further ballot chances for their flat applications: Low-income households as well as seniors will also get targeted support in Budget 2023 through top-ups of S$300 million to the ComCare Endowment Fund, S$500 million to the ElderCare Fund and S$1.5 billion to the MediFund
Related to this, Wong announced changes to the tax system, including higher marginal buyer stamp duty rates for higher-valued residential and non-residential properties.