Singapore parliament approves record S$143 billion Budget for financial year 2025

Singapore’s parliament has approved a record S$143 billion (US$107.5 billion) Budget for financial year 2025, following nine days of debate.

This marks the largest Budget passed during the current government’s term, with the next General Election due by November.

Leader of the House Indranee Rajah, in her customary closing speech on Monday, 10 March, described the past five years as a “rollercoaster” for the government.

She noted that the term began amid the COVID-19 pandemic in 2020 and was subsequently shaped by global conflicts, rising inflation, and long-term challenges such as maintaining competitiveness and strengthening Singapore’s social compact.

She emphasised that the Budgets from 2021 to 2025, along with the four passed in 2020 under the previous term, were crucial in enabling Singapore to navigate these challenges.

“The Budgets have steadfastly steered Singapore through uncharted and choppy waters with decisiveness, agility, and forward planning,” Ms Indranee said.

Reflecting on parliamentary discussions, she highlighted the extensive scrutiny of ministerial budgets during the Committee of Supply (COS) debates.

On average, over 600 cuts—short speeches requesting changes or clarifications—were filed per COS session, with debates lasting an average of seven hours and 45 minutes per sitting day. She noted that this was the highest volume of cuts and the longest debate duration in any previous term.

As Singapore celebrates its 60th year of independence, Ms Indranee pointed to the nation’s achievements, including being named the world’s most innovative country in a biennial ranking of 74 nations and having one of the world’s most powerful passports.

She also noted that Singapore’s Gini coefficient, after government taxes and transfers, is at its lowest in two decades. Additionally, the country continues to rank highly in home ownership, PISA scores, and healthy life expectancy.

“These successes were not achieved by accident or luck, but through careful long-term planning and the trust and cooperation between Singaporeans and the government,” she said.

She attributed these achievements to past and present Budgets, which have funded key policies driving national progress.

Speaker of Parliament Seah Kian Peng also delivered a closing speech, commending Members of Parliament for a “robust and meaningful debate” that saw 61 MPs filing 600 cuts this year.

He stressed the importance of clarity in parliamentary discussions, saying, “Being succinct is a virtue. Clarity and focus ensure that discussions are effective and engaging.”

He further emphasised the need for fact-based discourse and mutual respect in debates. “Parliament is at its best when we articulate our views clearly, when we have done our homework, and when we debate with facts and reason.

Importantly, regardless of our political strives, we must uphold mutual respect because respect is the foundation on which meaningful discourse is built,” he said.