Budget not enough to tackle rising costs, Singaporeans say
By Chanyaporn Chanjaroen and Low De Wei
(Bloomberg) — 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 $124 billion (US$92.8 billion) in spending that includes shopping vouchers and elder-care subsidies is not enough to cover elevated prices from food to housing. Prime Minister Lawrence Wong delivered the budget on 18 Feb, which forecasts a second year of fiscal 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's 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 transportation 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 the PM who double-hats as finance minister in the budget speech.
Apart from spending on infrastructure, the government will give households $800 in vouchers to help cover costs at supermarkets and food outlets, higher than the $600 announced the previous year. Other measures include tax rebates and support for families with children, low-income people and the elderly.
In 2024, a similar post-budget poll found that 62 per cent of respondents did not find announced measures sufficient to help Singaporeans cope with rising costs, a larger proportion than this year.
When asked whether the 2025 budget reassures them about managing costs of living, results were split. Overall, 47 per cent responded positively to the budget and 37 per cent said they were neutral. About 16 per cent disagreed.
The poll was carried online by Milieu Insight between 19 and 21 Feb. Milieu Insight conducts market research in Southeast Asia.
More stories like this are available on bloomberg.com
©2025 Bloomberg L.P.
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