Lawrence Wong set to deliver 2024 Budget statement in Parliament on 16 February

SINGAPORE: Deputy Prime Minister and Minister for Finance Lawrence Wong is set to deliver the 2024 Budget statement in Parliament on 16 February, as announced by the Ministry of Finance (MOF) today.

The release of the budget will be broadcast live across various platforms, including television, radio, and the Singapore Budget website, ensuring comprehensive accessibility for all citizens.

The MOF will broadcast the event and ensure real-time updates of critical announcements via its Facebook and X accounts. The full statement will be accessible on the Budget website post-delivery, allowing for in-depth public review and discussion.

Recognizing the value of citizen participation, the MOF has extended the platform for public opinion sharing through the REACH’s Budget 2024 microsite until 26 January.

Additionally, a physical Listening Point session will be conducted on 23 January at Galaxis at One North, offering a direct channel for citizens to voice their views.

In an effort to encompass a broader spectrum of public opinion, MOF has partnered with the People’s Association and its grassroots organizations to initiate virtual engagement platforms. These platforms will operate until 26 January, actively seeking public views and suggestions.

The process of creating the Budget is a detailed and ongoing operation that kicks off with the onset of the financial year in April. It entails a series of discussions among the Ministry of Finance and various governmental agencies, where they deliberate over key elements including national priorities and the economic sustainability of proposals. The input from the public, collected via both digital and traditional means, is integral in sculpting the ultimate Budget proposal.

Following extensive deliberations and public engagement, the Cabinet approves the Budget, leading to its presentation in Parliament by the Finance Minister in February.

The parliamentary process encompasses debates, the introduction of the Supply Bill, and subsequent readings, all culminating in a vote. However, debates are sometimes curtailed by the guillotine rule and the magnitude of issues within certain ministries. This abrupt cessation often halts in-depth questioning from MPs regarding questionable policy changes by the ruling government.

Once the President assents, the Bill transforms into the Supply Act, controlling government expenditure for the forthcoming financial year.

Amidst the anticipation, there is widespread speculation, following Prime Minister Lee Hsien Loong’s announcement of leadership transition, that the upcoming year will be an election year. Citizens would likely keenly await the Budget, expecting generous handouts, a tradition observed in past election years.