Speaking as the representative of Opposition Workers’ Party for the first time, WP chief Pritam Singh called for the Singapore government to declare spending estimates for multi-billion dollar projects like Terminal 5.
“We are told more money is needed for healthcare and other areas in years to come…But what are the Government’s current estimates and the underlying basis for its projections of higher expenditure coming on-stream in future? This information needs to be shared so that the public are clear-eyed about the sufficiency of the Budget at the Government’s disposal to help Singaporeans with the cost of living today.”
To-date, even after construction and tender processes have commenced, the Transport Ministry is reluctant to provide a budget estimate for Terminal 5. The Singapore government has raised taxes numerous times, including a 30% water price increase, GST increase, public transport fares increase and fares increase, but there is still no estimates provided as to how much is sufficient.
WP MP Pritam Singh pointed out that Singaporeans’ lives have been severely affected by the various tax increase resulting in severe long-term implications like the low birth rate. The WP chief also said that the current government is the wealthier than it’s predecessors even though expenses are increasing.
“In the first two years of its five-year term, the Government had accumulated a Budget surplus of $15.7 billion. The addition in 2016 of revenue contributions from Temasek Holdings to the Net Investment Returns Contribution framework – which allows the Government to tap up to half the long-term expected real returns on investments by the GIC, Monetary Authority of Singapore, and Temasek – will also provide a stable source of income to fund public spending. While the 4G leaders are taking over at a time of rising expenditure, he said, they will also have more money and political capital than any other generation of leaders.”