REACH 542 - What are your views on the Government efforts in this Budget to strengthen our social safety nets and support Singaporeans amid inflation? How can Singaporeans better prepare ourselves in the coming year?
(SK)
28 Feb 2024 (10am - 7pm)
REACH
28/2/24, 10:44 am - +REACH: *Dear Contributors,*
Welcome back! π
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28/2/24, 11:00 am - +REACH: *π’ BUDGET ROUND-UP SPEECH TODAY @ 3PM π’*
Parliament started debating the Budget 2024 statement on Monday, 26 Feb. Deputy Prime Minister and Finance Minister Lawrence Wong will deliver the Budget round-up speech, to clarify queries from Members of Parliament and sum up the Budget 2024.
This will be followed by the Committee of Supply debates, which allow Parliament to examine each ministry’s plans.
_*At around 3pm today, DPM Wong will respond to MP's comments and concerns in his Budget Round-up Speech before Parliament votes on the Budget.*_
This year's budget, titled Building Our Shared Future Together, outlined the Government's plan to help citizens meet their full potential, while keeping Singaporeans assured despite a more troubled world.
πΊ Watch the Budget Round-up speech live at 3pm:
https://www.youtube.com/live/6vI7wT1KADM?si=4-3kfnXk8p4SeboM
ππ» For more info on Budget 2024, please visit MOF's Singapore Budget website at https://www.mof.gov.sg/singaporebudget.
28/2/24, 11:00 am - ~ REACH Singapore changed this group's settings to allow all members to send messages to this group
28/2/24, 11:02 am - ~ REACH Singapore changed the group description
28/2/24, 12:19 pm - +REACH: π’ *SHARE YOUR VIEWS HERE ON THE BUDGET 2024 ROUND UP SPEECH* π’
DPM & Finance Minister Lawrence Wong is delivering the Budget Round- Up 2024 speech *now* in Parliament.
*_Apologies for the earlier error in time_
Watch the speech live https://www.youtube.com/live/6vI7wT1KADM?si=4-3kfnXk8p4SeboM
and share your views here!
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28/2/24, 3:31 pm - +REACH: Dear Contributors,
We want to *HEAR MORE* from *YOU* on today’s topic! We have had good feedback from this group, and we hope that we can keep the discussion robust and active!
Gentle reminder to be kind and respectful to one another’s views as we strive to make this a *safe and conducive discussion space for everyone.*
Megan
28/2/24, 4:01 pm - +REACH: *π’ BUDGET ROUND-UP SPEECH TODAY @ 3PM π’*
Parliament started debating the Budget 2024 statement on Monday, 26 Feb. Deputy Prime Minister and Finance Minister Lawrence Wong will deliver the Budget round-up speech, to clarify queries from Members of Parliament and sum up the Budget 2024.
This will be followed by the Committee of Supply debates, which allow Parliament to examine each ministry’s plans.
_*At around 3pm today, DPM Wong will respond to MP's comments and concerns in his Budget Round-up Speech before Parliament votes on the Budget.*_
This year's budget, titled Building Our Shared Future Together, outlined the Government's plan to help citizens meet their full potential, while keeping Singaporeans assured despite a more troubled world.
πΊ Watch the Budget Round-up speech live at 3pm:
https://www.youtube.com/live/6vI7wT1KADM?si=4-3kfnXk8p4SeboM
ππ» For more info on Budget 2024, please visit MOF's Singapore Budget website at https://www.mof.gov.sg/singaporebudget.
28/2/24, 4:51 pm - +REACH: *π’ [SHARE YOUR VIEWS] - BUDGET 2024 ROUND UP SPEECH*
28/2/24, 4:52 pm - +REACH: π No need for further GST increases up to 2030: DPM Lawrence Wong
https://www.straitstimes.com/singapore/politics/no-need-for-further-gst-increases-up-to-2030-dpm-lawrence-wong
28/2/24, 5:57 pm - +Frankie Wee: <Media omitted>
28/2/24, 6:01 pm - ☸️ Danny εΏ:
1. The question is, the social support such as GST voucher, COL, scc rebates, power and water bill rebates, senior payout etc seems to be a permanent feature - as half the budget expenditure is social support spending.
2. Is such support spending sustainable year after year?
3. If yes, will be good news for Singaporeans citizens.
28/2/24, 6:01 pm - +REACH: *π’ [SHARE YOUR VIEWS] - BUDGET 2024 ROUND UP SPEECH*
28/2/24, 6:04 pm - +Frankie Wee: I think inflation level go up during to GST period
28/2/24, 6:04 pm - ☸️ Danny εΏ:
Because it looks like food and groceries prices.
As well as other prices such as energy, transport prices, service charges etc seems to be entrenched and don't look like it will be coming down in near term, medium term or long term.
28/2/24, 6:05 pm - +Frankie Wee: Yes go upward price
28/2/24, 6:11 pm - ☸️ Danny εΏ:
In CNA news, DPM Lawrence Wong say social support spending is a structural moves on structural schemes - not temporary move.
Look like going forward, social support spendings is a permanent feature - and it is sustainable - as a strong economy, with strong financial position can do it.
28/2/24, 6:14 pm - ☸️ Danny εΏ:
Thinking aloud, there are many retirees staying in private properties eg. Condos and landed properties.
Will government consider giving power bill rebates and conservancy rebates to such retirees in private properties as well - instead of those stay in HDB flats only? <This message was edited>
28/2/24, 6:14 pm - +REACH: π S’pore’s fiscal system is fair; those with greater needs get more than they pay in taxes: DPM Wong
https://www.straitstimes.com/singapore/politics/no-need-for-further-gst-increases-up-to-2030-dpm-lawrence-wong
28/2/24, 6:17 pm - ☸️ Danny εΏ:
This is how the government is going to share the fruits of Singapore prosperity with the people - say DPM Lawrence Wong.
It looks like Singapore way of achieving "Common Prosperity".
28/2/24, 6:21 pm - +REACH: *π’ SHARE YOUR VIEWS ON THE BUDGET 2024 ROUND-UP SPEECH π’*
Earlier today in Parliament, Deputy Prime Minister and Finance Minister Lawrence Wong wrapped up the Budget 2024 debate. Watch the speech here https://www.channelnewsasia.com/watch/lawrence-wong-wraps-budget-2024-debate-4155466
28/2/24, 6:21 pm - ☸️ Danny εΏ:
Look like government very successful in bringing in high income group funds, investment - that can earn good revenue for the government - in order to have such strong fiscal financial position - to assure Singaporeans such social support spendings - without going into debt or draw from the reserves.
28/2/24, 6:24 pm - ☸️ Danny εΏ:
Hmm...
Singapore GDP about $600 billions annually.
Government revenue is $130 billions....
Hmm possible.
28/2/24, 6:37 pm - ☸️ Danny εΏ:
But having say so, important for government to maintain a budget surplus every year and plough back to the sovereign funds to growth our wealth.
This philosophy must always be upheld year after year.
We must not have the habit of budgeting for deficit.
Even slight budget surplus is good.
28/2/24, 6:37 pm - +Smiley face: This message was deleted
28/2/24, 6:37 pm - +Smiley face: "A random walk towards 2030, the frozen GST till 2030 will spell a higher degree of certainty not only for the COL but also our businesses both at the domestic level and abroad. A stability process in the making for our microeconomics which should benefit more opportunities to grow new businesses at the same momentum to send a strong signal that Singapore is fully OPEN UP for more ventures, innovations, capital and most of all, Global trades!"
- - anonymity
28/2/24, 6:40 pm - ☸️ Danny εΏ:
Because once we have budget deficits - the deficit will either have to be finance by :-
1. Debt through borrowing from loans or bonds
2. Draw on our reserves.
Both scenarios are not ideal.
28/2/24, 6:43 pm - +Smiley face: GST is the start of everything and it matters most to lives & livelihoods... let's embrace this excellent strategy or shall we called it, Policy of Enabling!
28/2/24, 6:43 pm - +Smiley face: Interest rates will be next....akan datang....coming next
28/2/24, 6:47 pm - +Smiley face: Stabilization on the backdrop of Randomness or so-called external challenges from conflicts to confrontations into competitive consumptions!
28/2/24, 6:48 pm - +Frankie Wee: Must be balance cost and GST at inflation level
28/2/24, 6:49 pm - +Smiley face: And not forgetting our extraordinary competitor....
Think of the concept of Heat Diffusion in physics and apply to economics!
28/2/24, 6:49 pm - +Frankie Wee: Make them easy affordable and fair
28/2/24, 6:49 pm - +Smiley face: Yes, stabilisation phase
28/2/24, 6:50 pm - +Smiley face: "a hungry man is an angry man; a despair man is a hopeless man...?"
28/2/24, 6:50 pm - +REACH: *Dear Contributors,*
⏰ We will be closing the chat in *10 minutes* ⏰
Thank you very much for being part of our WhatsApp chat and participating actively.
Goodnight!
Megan π
28/2/24, 6:58 pm - +Smiley face: 28 February, 2024
"Turning Corners of Competition - Singapore & Hong Kong"
Key Battlegrounds - Financial structures and the overall Markets. Going into the next decade, just to optimise, three existential facts that is: given the right population size, the right location, and the right timing. How can we accurately predict the future or the unknown? Perhaps, not easy, it falls back to the idea of radiation of probability, from hot to cold and the distribution of randomness.
Competing Attributes:
MNE
SME
Banking
Equities
Funds & Assets
Fintech
Debts
Insurance
Private wealth mgt
Population
Demography
Geography
Urban & Economic plannings
Infrastructures
Connectivity, internal & global
FTTH, FTTS, undersea cables
Satellites (SatRef)
Governance & Systems
Digitisation
AIoT
Workforce
Education
R&D
Talents
Housing
Entertainment & Leisure
Medical
Ageing
COL
The overall perspective since the aftermath of the Asian Financial Crisis. We observed for the past three decades and today's 'Buena Vista' !; Singapore is edging ahead of Hong Kong in each of these attributes of competitive consumptions between the two and the two larger economic systems complementing, integrating, and competitiion that is China and Japan.
- - in progress - -
28/2/24, 7:00 pm - +REACH: *Dear Contributors,*
We will be closing the chat for today.
Thank you very much for being part of our WhatsApp chat and participating actively.
Goodnight!
Megan π
28/2/24, 7:01 pm - ~ REACH Singapore changed this group's settings to allow only admins to send messages to this group
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