Most Singaporeans say budget sweeteners inadequate to cushion inflation: survey
Published: 2:30pm, 22 Feb 2025 A majority of Singapore residents view 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.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
South China Morning Post
6 hours ago
- South China Morning Post
Shangri-La Dialogue a place to ease tensions, not inflame China threat
The Shangri-La Dialogue, held annually in Singapore, has long provided a useful platform for discussion of Asia's security issues. Advertisement But the United States used the region's premier security conference last weekend to launch a provocative attack on China, a move that fanned flames, rather than easing concerns. US Defence Secretary Pete Hegseth accused China of wanting to 'fundamentally alter the region's status quo'. The threat, he said, was 'real' and 'could be imminent'. He referred to the South China Sea and Taiwan. Hegseth urged US partners and allies to join it in countering what he described as China's aggression. Beijing could not let the strongly worded allegations go unanswered. Hu Gangfeng, a People's Liberation Army major general, dismissed them as 'groundless'. Advertisement Hegseth's comments, Hu said, aimed to stir up trouble and incite confrontation, destabilising the region. China's defence and foreign ministries issued statements condemning the US accusations.
South China Morning Post
11 hours ago
- South China Morning Post
Taiwan's kamikaze sea drones, China warns US over trade pressure: SCMP daily highlights
Catch up on some of SCMP's biggest China stories of the day. If you would like to see more of our reporting, please consider subscribing 1. Taiwan to test kamikaze sea drone to 'support coastal assault operations' Taiwan is planning to test a home-made kamikaze sea drone later this month as it seeks to boost its naval defences in the face of growing pressure from mainland China. 2. China warns US pressure tactics won't work for trade talks to happen Beijing on Tuesday urged Washington to 'respect facts, stop spreading disinformation, and correct its wrong practices' to create conditions for meaningful dialogue amid a dispute between the world's two largest economies over a recent trade deal. 3. Military mishap risks rise with PLA's 'grey zone operations': Taiwan ex-minister Beijing has carried out at least three rounds of large-scale military drills near Taiwan since May 2024, and PLA warplanes continue to fly near the island on a daily basis. Photo: Weibo/PLA Eastern Theatre Command The risks of a cross-strait military accident are on the rise as Beijing steps up pressure on Taiwan, a former Taiwanese defence official has warned, citing the lack of direct communication channels between the two sides.
South China Morning Post
13 hours ago
- South China Morning Post
Vietnam faces ‘long' list of ‘tough' US demands to cut Chinese imports in tariff talks
The US sent a 'long' list of 'tough' requests to Vietnam in its tariff negotiations, including demands that could force the country to cut its reliance on Chinese industrial goods imports, two people briefed about the matter said. Advertisement Washington wants Vietnam-based factories to reduce their use of materials and components from China and is asking the country to control more carefully its production and supply chains, one of the people briefed on the talks said, without elaborating on whether quantitative targets were included. The list is part of an 'annex' to a framework text prepared by US negotiators, according to four people familiar with the matter. One of them, who had direct access to the document, said the list was sent to Hanoi at the end of May after the conclusion of a second round of talks with Washington aimed at avoiding 46 per cent 'reciprocal' tariffs on imports from Vietnam. The sources declined to be named because those discussions were not public. Advertisement
