Deputy Prime Minister and Minister for Finance, Lawrence Wong, will deliver the Singapore Budget 2023 Statement in Parliament on Tuesday, 14 February 2023, 3.30pm.
Stay tuned to our live coverage, for the latest announcements and updates of Singapore Budget 2023, as it happens. We will also provide real-time commentary on the potential implications that the announcements may have for Singapore and Singaporeans.
This page will be updated periodically as the Budget 2023 statement is delivered.
Where To Watch Singapore Budget Statement 2023 Live?
For those who interested to catch the live broadcast of Finance Minister Lawrence Wong’s Singapore Budget 2023 live, you can do so via the following platforms:
- Television: CNA and Channel 5
- Radio: CNA938 and Capital 958
- Browser: Singapore Budget website, Channel NewsAsia website, 8 World News and MediaCorp’s meWATCH
- YouTube: CNA and 8 World News
- Facebook: CNA and 8 World News
Pre-Budget 2023 Reading List
Singapore exited the acute phase of the Covid-19 pandemic on 13 February 2023. The Disease Outbreak Response System Condition (DORSCON) framework was changed to from yellow to green. Border measures have been lifted and visitors are expected to return to Singapore in throngs, providing a much needed boost to the tourism sector.
The country has pulled together to weather a “crisis of a generation”. As it prepares for a new post-pandemic future, the Budget this year, themed “Moving Forward in a New Era”, will set the stage for the fiscal decisions of the country.
With the latest Goods and Services Tax (GST) increase from 7% to 8%, observers are keeping an eye on whether if the 1% increase to 9% will proceed as planned. To cushion the impact of the GST hike, the government first announced a $6 billion Assurance Package in Budget 2020. This was enhanced by another $640 million to $6.6 billion, as announced in Budget 2022.
Businesses are hoping for support to cope with the rising business and manpower costs. Some are also asking for targeted grants for some GST-registered businesses amid inflation.
As a whole, the country is also dealing with concerns on inflation and there are concerns on how it might potentially impact citizens’ retirement plans. Meanwhile, the hot resale HDB market showing no signs of abating, with 21 housing estates having HDB flats of more than $1 million in 2022.
HDB rental prices have also continued to escalate, driven partly by demand from couples waiting for their Build-To-Order flats and foreigners entering Singapore.
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