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Speech

FY2023 Budget Debate Round-Up Speech by Deputy Prime Minister and Minister of Finance, Mr Lawrence Wong

24 February 2023

This sense of solidarity and trust is what makes Singapore exceptional. And that’s why, through the Forward Singapore exercise, we are refreshing our social compact, so that it remains strong and relevant amidst a rapidly changing world.
Deputy Prime Minister and Minister of Finance Lawrence Wong

A. Introduction

B. Are We Taking Too Much And Giving Back Too Little?

Extent of fiscal space
Medium-term fiscal tightness
Expenditure & Revenue Projections (Before Budget 2022 Measures)
Expenditure & Revenue Projections (After Bugdets 2022 & 2023 Measures)
Second step of GST increase and other revenue options
Tax Revenue to GDP Ration (2021)
Fair and progressive fiscal system
Benefits and Taxes Per Household Member Among Citizen Households Across Income Quintiles, 2018-2022
Total Taxes Paid by Middle-income Households as a Share of Household Income
Benefits and Taxes Per Household Member Among Citizen Households Across Income Quintiles, 2018-2022

C. Are We Doing Enough To Stay Competitive And Help Businesses And Workers?

Staying competitive and growing the economy
Growing productive and capable local enterprises
Equipping our workers

D. Are We Doing Enough To Help Singaporeans And Households In Need?

Addressing cost-of-living pressures
Tackling inequality and social mobility
Supporting our Seniors

E. Taking Care Of Present And Future Generations

F. Conclusion

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