Dear readers, Singapore Budget 2023 will be held next Tuesday, 14 Feb 2023.
Singapore’s Deputy Prime Minister and Finance Minister, Lawrence Wong will be delivering Budget 2023.
So, what to look out for in Singapore Budget 2023?
Well, in previous Singapore Budgets many years ago, I recall how many Singaporeans may be looking for some Goodies to be given out every Singapore Budget speech. And as Singapore Budget usually is in the month of Chinese New Year, these goodies if any are akin to the Chinese New Year Hongbaos (or Ang Paos).
But in recent years, given the more uncertain macro outlook, I don’t think as many Singaporeans associate Singapore Budgets as an occasions where the government gives out goodies or Ang Paos, no doubt the government still in almost all Budget, announces some measures to help Singaporeans. For example, in recent years, with the cost of living getting higher here, the government announced some measures in Singapore Budget to help Singaporeans offset inflation here.
This year, GST is increased from 7% to 8% and next year, it has been reported that the GST will go up to 9%. I believe in Budget 2023, part of the Budget speech will be on measures to help Singaporeans offset the 9% GST next year and I will be closely following the announcement of such measures if any.
I am a Simple man with simple needs, spending more on needs than wants. I only felt the effect of the increased GST recently on a meal in a restaurant. For a $100 meal outside, after the common 10% Service Charge and then the 8% GST fee, the total amount of Service Charge and GST fee paid is easily $18.80 and that alone can buys around 3 sets of Chicken rice set meals from hawker centres here.
I will be following Singapore Budget 2023 closely and while I welcome measures in any way to help offset high cost of living here, I know that the first line of defence will be on ourselves: to always try as much to save up, spend less, grow our savings more (e.g. through the high fixed deposits these days), so as to build up a buffer for ourselves and our family.
And not forgetting, to build up an investment warchest that you can deploy at appropriate times to take advantages of the stock markets.