Singapore Budget 2018

You’ve probably heard the recent talk about cash bonuses, a carbon tax or even a GST hike, and you might be wondering: what exactly is this all about? To answer these questions, we break down key highlights from the Singapore Budget 2018.

What is the Budget?

The Budget contains the Singapore’s government projections for revenue and expenditure projections for the coming year, and this year it was themed as"Together, a Better Future". This year, the Budget was passed on 1st March, Thursday. For the first time since 1984, 8 Workers’ Party members voted ‘No’ against the budget, the main reason being that they did not support the proposed GST (Goods and Services tax) hike.

Long term considerations of the Budget:

The Budget does not just contain plans for one year - it also includes long term plans for our development. In his speech, Minister for Finance Heng Swee Keat highlighted three major shifts that Singapore must plan for.

1. A shift in global economic weight towards Asia

2. The emergence of new technologies

3. An ageing population

Four key aspirations were also highlighted:

1. A vibrant and innovative economy

2. A smart, green and liveable city

3. A caring and cohesive society

4. A fiscally sustainable and secure future

So... What is in the budget?

Click here for an infographic on the highlights of Budget 2018:

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