“This Budget seems to be more generous and more inclusive, especially in the quantum of top-ups, vouchers and rebates that are being given,” said Dr Teo Kay Key, a research fellow at the National University of Singapore’s (NUS) Institute of Policy Studies (IPS).
“The SG60 package is also more generous compared to SG50, which coincided with GE2015.”
However, the election is not the sole factor for this year’s bountiful Budget. Most analysts agreed that the rising cost of living is a pressing issue that the government is trying to address.
Dr Mustafa Izzuddin, a senior international affairs analyst at Solaris Strategies Singapore, said that the Budget is “incredibly generous” due to three factors coinciding this year: Concern about inflation, the SG60 anniversary and a General Election.
Dr Teo said that the Prime Minister also seemed to be focusing on ensuring that the Budget is an inclusive one for all Singaporeans, and showing that he is serious about “moving forward into the future without leaving any group or individual behind”.
The various schemes indicate his intent to show that “regardless of background, ability, or personal history, Singaporeans have a chance to make a future in this country”, she said.
Law don Eugene Tan, from the Singapore Management University, said Budget 2025 addresses the social “as well as the economic” dimensions, seeking to balance dealing with immediate concerns such as the costs of living, and making sure Singapore lays the groundwork to deal with future challenges.
“In one word, bifocal, is how I would describe the Budget in this regard. It also attempts to recognise the concerns, needs, and aspirations of different generations as well as ensuring the equitable distribution of the country’s wealth between those in public and private housing,” said Associate Professor Tan.
Dr Mustafa added: “Certainly, I think the Budget will sweeten the ground. It’s meant to create a feel-good factor. And the hope is that this would continue into the campaign whenever the election is called.”
