FY2020 budget deficit is a whopping $64.9 billion or 13.9% of GDP.

 

FY2020 budget deficit is a whopping $64.9 billion or 13.9% of GDP.

For FY2021, the budget position remains expansionary as the Government continues to tide Singaporeans and our businesses over this crisis with the COVID-19 Resilience Package. An overall deficit of $11 billion or 2.2% of GDP is expected.

#prudencepays #saveingoodtimes #neversquanderawaysurpluses #alwaysbepreparedforrainydays #itneverrainbutitpours #resistpopulism #leaveabettertomorrow #goodstewardship

Singapore has to act now to re-think our processes, our value proposition and how we can build a new economy: Chan Chun Sing

Trade and Industry Minister Chan Chun Sing said that we are starting 2021 with cautious optimism and hopeful of some global economic recovery in the second half of the year.

However, uncertainties remains and the global rollout of vaccination is not a silver bullet.

"That is why Singapore has to act now to re-think our processes, our value proposition and how we can build a new economy by transforming ourselves, in order to seize the opportunities available amidst the crisis," he said.

"The faster we are able to do this collectively, the sooner and the better we will be able to seize the growth opportunities available and be ready for the recovery when it comes."

Our role as a business hub will changed. We will no longer be an intermediary matching supply and demand.

We will endeavour to be a business hub that cannot be easily displaced, "where we offer the services of being able to mobilise capital, aggregate talent, protect intellectual property, and provide a predictable environment for businesses to thrive, not just to serve any particular domestic market, but to serve international markets."

In crisis, there is opportunity.

"The digital world presents fresh opportunities that are up for grabs for those who are willing to try. Technology is neutral. Whoever who can master technology best will win. This applies to us and our businesses as well. So, it is not about technology per se. It is about how we position ourselves in this rapidly transforming world," Mr Chan said.

Energy will be our next challenge after water

Have confidence.

In the last 50 years, we work to overcome our water challenges. In the next 50 years, we can also solve the energy challenge. Let's work together as one united people.

Ho Ching: CEO with a big heart

 

CEO with a big heart.

Under Ms Ho, Temasek became increasingly transparent.

Despite being an exempt private company which does not need to disclose its numbers to anyone but its single shareholder (that is, the Singapore Government), Temasek started publishing its detailed annual report 16 years ago.

Anyone with time to go through a Bloomberg terminal can find out, to the nearest cent, the exact value of Temasek's investments, gains, losses and overall portfolio.

Ms Ho also ensured Temasek - and corporate Singapore - has a heart.

Using her bully pulpit, she prompted corporate Singapore to take on issues of environment, social responsibility and governance (ESG) seriously.

The establishment of Temasek Trust and Temasek Foundation as the organisation's philanthropic platforms to support public good and social causes was a clear signal to corporate Singapore, and especially the "big boys", about where their hearts should be.

Source: ST

Jamus Lim suggests that criminal records of non-violent crimes be expunged

Jamus Lim has not given much thought to his suggestion to eliminate the criminal records of non-violent offenders from public records.

As the Law and Home Affairs Minister Shanmugam pointed out, many serious crimes are non-violent in nature. Like sexual grooming, outrage of modesty, theft in dwelling and criminal breach of trust.

Can you imagine a convicted child molester unknowingly employed to work with young children because no criminal record? Or a person convicted of corruption being employed as a fund manager managing millions of dollars because he has no criminal record?

Law Minister Shanmugam said:

A few days ago, a 29 year old tutor was charged with molesting a 3-year-old during class.

If the MP’s suggestion is taken up, it means that this man can continue to work with children without employers being informed of his record. Would Singaporean parents be comfortable with this?

It also means, for example, that an offender convicted of housebreaking could be employed as a security officer in a condominium, without his employers knowing of his record.

Such an approach may not be wise.

The Government’s approach is to help offenders rehabilitate, find jobs. They have to be given second chances. But this is done in a transparent manner. (https://www.yellowribbon.gov.sg/partnership-programmes)

In his written reply to Jamus Lim, Mr Shanmugam also said: The Member can make a more detailed suggestion, if he wishes, and the Government will consider his suggestions.

Nobody likes taxes but let's have a 'tax and rebate' carbon tax

When it comes to their own proposal, WP thinks "tax and rebate" is a good thing for a laudable purpose.

AND YET, they oppose the GST hike even through it is also "tax and rebate" and even though it is for the laudable purposes of funding healthcare for an aged population and preschool for the low income.

A $6 billion package will be introduced when the GST rate is raised to cushion the increase. Most Singaporean households will get offsets to cover at least five years' worth of extra GST expenses incurred.

Those living in one- to three-room HDB flats will receive offsets amounting to about 10 years' worth of additional GST expenses.

Every adult Singaporean will get a cash payout of between $700 and $1,600 over five years, depending on their household income and dwelling type.

No good reason to oppose when the government wants to ensure that Singapore remains fundamentally financially sound for future generations and not just today.

 

Leong Mun Wai says Police cannot use TraceTogether data

Will Leong Mun Wai or Tan Cheng Bock still stick to this position if their child or grandchild is kidnapped? Will they say Police have enough tools to solve crime and they don't need TraceTogether data?

It’s not whether Police already has enough tools in their bag. It's the case of 'if an additional tool will help Police crack a crime more efficiently and speedily, why deny them the tool'? And by crimes, we are referring to serious crimes.

We have seen in recent days how unsolved murder cases have brought immense grief with no closure to the families concerned. Each crime solved brings a measure of closure.