SINGAPORE — Singaporeans and residents of Singapore have expressed overall positive sentiments towards the Budget 2023 announcements, according to a post-Budget poll conducted by Southeast Asia consumer research company, Milieu Insight.
The survey, which was conducted on 15-16 February 2023, aimed to understand opinions about the Budget announcements among a sample of 1,000 Singaporeans and Singapore residents.
Of the respondents surveyed, 58 per cent indicated that they felt positive about the Budget, while 33 per cent were neutral, and 10 per cent felt negatively about it. Notably, 16-24-year-olds skewed more positively towards the Budget, with 69 per cent expressing positive sentiments.
Respondents were asked which measures in the Budget would have a large impact on them. Pay-outs and vouchers to cushion inflation and the Goods and Services Tax (GST) hike were the most popular measure, with 58 per cent of respondents indicating that it would have a large impact on them.
Other measures that were expected to have a large impact on respondents included a higher CPF monthly salary ceiling (30 per cent), support for workers (25 per cent), support for housing (20 per cent), and support for parents (17 per cent).
Measures such as higher marginal Buyer’s Stamp Duty for higher-value properties, higher Additional Registration Fee (ARF) for cars, and higher tobacco tax had a lower impact, with only 12 per cent, 11 per cent, and 10 per cent of respondents, respectively, indicating that they would have a large impact.
Interestingly, the higher CPF monthly salary ceiling skewed towards those with household incomes of SGD 9,000 – 11,999 (42 per cent) and SGD >$12k (39 per cent). Support for housing skewed towards 16-24 (29 per cent) and 25-34 (32 per cent) year olds, and those in a relationship (36 per cent).
Support for parents skewed towards 25-34-year-olds (31 per cent). Higher marginal Buyer’s Stamp Duty for higher-value properties skewed towards those with household incomes of SGD >$12k (21 per cent).
Despite the measures announced in the Budget, concerns over managing the costs of living remain. Only 31 per cent of respondents felt more reassured about managing costs of living after the Budget, while 47 per cent indicated neutrality, and 22 per cent disagreed that the Budget measures helped them feel more reassured.
Opinions were split on the effectiveness of the higher tobacco tax in discouraging consumption. Half of the respondents agreed that the higher tobacco tax would be effective in discouraging consumption of tobacco products. 58 per cent of 16-24-year-olds agreed that the higher tobacco tax would be effective. There was no significant difference between current tobacco users and non-users, with 47 per cent and 51 per cent, respectively, indicating that the higher tobacco tax would be effective in discouraging consumption.
The survey results indicate that while the Budget measures were largely well-received, there are still concerns over managing the cost of living. The effectiveness of measures such as the higher tobacco tax is also a topic of debate, with split opinions among respondents.