Budget 2026

Last year, my colleague Louis Chua asked whether the administrative concession allowing hotels and restaurants to display prices excluding GST and service charge was still relevant. The Minister replied he did not think consumers would be confused.

Sir, I speak on property tax valuation for owner-occupied homes.‍A constituent I visited — a retiree, in his home for decades. Asset rich, cash poor. His landed home is the most basic on the street.

Chairman, earlier this month, the Ministry of Finance published Singapore's wealth inequality data for the first time. Our wealth Gini stands at 0.55 — higher than our income Gini, and likely an underestimate.

Chairman I declare that I’m an employee of a financial institution in Singapore.‍ In response to a PQ I filed earlier this year, DPM Gan – in his capacity as Chairman of the MAS – noted that over the past 10 years, banks in Singapore have been rationalising their off-premise ATMs and bank branches at an average rate of 2% annually due to the rise in digital payments. 

Chairman I declare that I’m an employee of a financial institution in Singapore.‍ Chairman, cash may no longer be king. From 2018 to 2024, the total value of FAST payments has increased by 511% to $661.7 billion while the total value of credit and debit card payments have increased by 52% to $148.9 billion. However, even as the value of ATM withdrawals have declined as expected, the decline was modest at a mere 13.6% to $55.1 billion. 

Chairman I declare that I’m an analyst in a financial institution in Singapore.‍ In my adjournment motion speech earlier this year, I shared that the S$5 billion EQDP funding is an important means to encourage more third-party investments into the Singapore equities market, and I hoped it will not be a one-off measure. While the S$1.5 billion top-up in Budget 2026 is welcome, ensuring long-term sustainability is key

Mr Speaker, the PM signaled in his Budget speech that the government is considering the lower end of the planned carbon tax range for 2030, citing weaker global climate momentum. While we still have time before the decision is made, how does the government plan to ensure that there is enough pressure on large emitters to decarbonise. With the recent carbon tax increase, how is the government evaluating its impact and progress on decarbonisation, given that the allowance system makes the decisionmaking process more complex both for firms and for price setters. Is progress being made fast enough? Have KPIs for allowances been met? Which allowance recipients are resisting decarbonisation despite being given time to do so? 

Singapore entrusts significant powers and broad discretion to the executive to make decisions on a wide range of matters. These include POFMA and FICA, which allow Ministers to give directions and make decisions relating to fake news and foreign interference, and the Online Safety (Relief and Accountability) Bill, which empowers the Online Safety Commission to direct take down of harmful content or restrict online accounts.

Written answers provided to oral and written parliamentary questions submitted by Workers’ Party Members of Parliament

Last year I turned 60 and was classified as a senior citizen, entitled to a Passion Silver Card. It was a proud moment for me. I had reached a recognised life stage when society deemed it fit to accord me a public travel concession. It also made me reflect more about the demographic group I just entered and what this next phase of life should be about.