The Budget and what it means for S'poreans

The Budget and what it means for S'poreans

SINGAPORE - Every year, usually in February, Singapore's Finance Minister presents Parliament with one of the most important economic and political documents of the year: the Bud-get.

He also gives a speech to Parliament to explain the Budget.

The document is an accounting of the Government's expenditure, such as building MRT lines or paying civil servants, and revenues, mostly taxes collected from firms and individuals.

It is also a means for the nation's leaders to communicate the biggest policies of the day.

It is a closely watched event, with the media and analysts scrutinising every detail of the document. Many Singaporeans watch it live via various platforms.

In other countries, especially in European nations such as Italy, Spain and Portugal, Budgets have taken on much greater significance as these countries are heavily indebted to foreign investors.

They have to adhere to strict rules about how much more they can borrow and what they are supposed to spend their funds on. Break a rule and it could mean the collapse of an entire economy, with foreign funds drying up.

By contrast, Singaporeans do not have to worry about whether the Government is facing trillions in debt, or preparing to implement tough austerity measures.

Instead, the main question on many Singaporeans' lips is: "What's in it for me?"

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