Budget 2012 Speech (Part 7): Budget position

For FY2012, a small basic surplus of $1.3 billion is expected, which is close to a balanced budget at 0.4% of GDP. -AsiaOne

Fri, Feb 17, 2012
AsiaOne

Budget position

Mr Speaker Sir, this is therefore a Budget for the future. We are building an inclusive society, founded on higher skills, better jobs for every vocation, and a fair social compact. FY2012 Estimated Budget Position

We are starting off from a position of fiscal strength. For FY2012, we expect a small basic surplus of $1.3 billion, which is close to a balanced budget at 0.4% of GDP. This reflects our operating revenues, but does not take into account the Net Investment Returns Contribution (NIRC) from past reserves. It also reflects the expenditures we will make in FY2012, but not the monies we are setting aside in endowment and trust funds for future spending.

Our NIRC is estimated at $7.3 billion. Taking this into account and the contributions to endowment and trust funds – all of which that I have mentioned earlier – the Overall Budget Balance for FY2012 is projected to be $1.3 billion (0.4% of GDP).

Conclusion

Mr Speaker Sir, at the Opening of Parliament in October, PM spoke of building an inclusive society, and sketched the Government’s vision for a stronger Singapore and better home.

Budget 2012 sets out our directions and takes significant steps towards achieving this vision. We are restructuring and upgrading our economy, so that workers can enjoy higher incomes and every Singaporean family can aspire to move up. We are also introducing new initiatives, and deploying more resources to uplift and support lower- and middle-income Singaporeans.

But we all know that building an inclusive society is not just about government redistributing resources to help the poor. It is about building a society where at its heart, people retain a deep sense of responsibility for their families and seek every opportunity to improve themselves and do better. Where employers treat workers with respect, value their contributions and reward them fairly.

Where the more successful step forward to help others in the community, because they feel for their fellow citizens. And where Singaporeans actively participate in causes that will make this a better society. An inclusive society will only blossom if we grow this spirit of responsibility and community

It has to be about how we go about our lives as Singaporeans, like the people in this video.

[Tan Ai Li, 11. Sani Rosmani, 45. Mumtaz Begum, 40. John Forbes, 92. Mrs Goh Kah Tian, 55.]

Opportunity, improving ourselves, compassion. They define the character of the society we are building, and must be our common purpose as Singaporeans.

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