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Budget 2011
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Hulumas
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21-Feb-2011 10:38
Yells: "INVEST but not TRADE please!" |
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I wonder, where is PRC in chart 1? | ||||
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krisluke
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20-Feb-2011 23:47
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Singapore Budget 2011Singapore handed down a well balanced budget that is set to lift local economic activity and assist key industries expand overseas. $3.2 billion Grow and Share Package: The average Singaporean household will receive S$3,500 from this year’s Budget. This will come from the S$3.2 billion to be spent on the “Grow and Share Package” and S$3.4 billion in longer-term Social Investments for households this year. All adult Singaporeans will also receive Growth Dividends to share the fruits of last year’s exceptional economic growth. The majority of Singaporeans – 80% – will get $600 to $800 each. Tax cuts: Singaporeans will receive a personal income tax rebate of 20% for individual resident taxpayers for YA 2011. The rebate will be capped at $2,000. Taxes will be reduced significantly for middle and upper-middle income families. Marginal tax rates will be reduced for first S$120,000 of chargeable income. Levy increase for foreign workers: The Government will also introduce more levy increases on foreign workers for all sectors this year. Most of the additional measures will be phased in at six-monthly intervals, starting only from 1 January 2012, and extending till 1 July 2013, one year beyond the previous schedule. CPF rate revision: The Government will raise the employer contribution rate to CPF accounts by another 0.5 percentage points, from 15.5% to 16%, which will restore the total contribution rate to 36%. The additional 0.5% will go into the Special Account. The Government will also revise the CPF salary ceiling from $4,500 to $5,000 per month to keep pace with income growth in recent years. This will align the salary ceiling back to the 80th percentile income, and help middle-income Singaporeans. Radio and TV licence fees removed permanently: The annual licence fee of S$110 for televisions and S$27 for vehicle radios will be removed with immediate effect. Those who have not paid this year’s fees will not have to make the payment, while a refund will be given to those who have already paid. Mr Tharman said that’s because the fees are losing their relevance. He said televisions are no longer limited to middle and higher-income groups, with 99 per cent of lower-income households owning them today. S$10 billion home upgrading: $10 billion will be spent to upgrade homes and rejuvenate estates over the next 10 years. This is a major effort to preserve the value of HDB flats and will go towards the Home Improvement Programme (HIP), Neighbourhood Renewal Programme (NRP) and Lift Upgrading Programme (LUP), it will invest up to $55,000 per flat. Low-income groups will also receive additional housing subsidies to better afford their homes. The Government will set aside S$175 million each year for the new Special CPF Housing Grant to help the bottom 50% Singapore households own their homes. ECONOMIC PERFORMANCEA.1. Mr Speaker Sir, I beg to move, that Parliament approves the financial policy of the Government for the Financial Year 1st April 2011 to 31st March 2012. An Exceptional YearA.2. Our economy has done exceptionally well in the past year. After two weak years in 2008 and 2009, when growth was close to zero, our GDP grew by a record 14.5% in 2010. Unemployment is down to the levels seen in early 2008, before the crisis. A.3. We have recovered faster than most economies. The IMF has estimated how long various economies will take to get back to their potential GDP levels – in other words their potential based on longer- term trends. Singapore had recovered fully from the crisis by the second quarter of 2010, like Taiwan. Most other Asian economies did so by the end of last year, or will get back to their potential levels in the course of this year. However, the outlook for the US, the Eurozone and Japan is challenging, with recovery from the crisis expected to take at least another four years.
A.4. Our stronger recovery was partly good fortune, as global trade and confidence in Asia turned around. But it also reflected the way we prepared ourselves for the turn in the winds. We intervened during the crisis to help employers hold on to the workers they would need for the future, and to use the downturn to improve their skills. We also helped workers who lost their jobs to get back into the workforce, by matching them to new employers quickly. A.5. Our companies made good use of our crisis measures, including the Jobs Credits, SPUR, and the Government’s loan guarantees under the Special Risk-Sharing Initiative (SRI). We were therefore ready to seize opportunities when the winds shifted. In short, our crisis strategy worked. 2011 Outlook – Opportunities and RisksA.6. As we are now well past the rebound from the crisis, our economy will grow more slowly this year. But Singapore will continue to benefit from the global economic recovery, as well as the competitive edge we have gained over the last few years. A.7. The external environment is however more complex this year. Growth in the emerging economies, which accounts for two-thirds of global growth, is expected to remain strong. However, these economies are also seeing a build-up of inflationary pressures. Food and other commodity prices have climbed sharply, because supply has been affected by harsh weather conditions while demand continues to grow in China and elsewhere. The political uncertainties in the Middle East have also driven oil prices up. There will not be early relief from these inflationary pressures. Further spikes in commodity prices could lower economic growth in Asia, if governments are forced to tighten domestic policies to control inflation. A.8. The recovery in the advanced economies, especially the US, is picking up steam. Business investment has restarted and manufacturing activity is strengthening. These are the positives. However, these are only cyclical improvements, while growth prospects continue to be weighed down by structural difficulties. In particular, a combination of high long-term unemployment, weak housing markets and large household debts will depress consumption for some years. Heavy budget cutting in Europe, the UK and Japan, and the withdrawal of the fiscal stimulus in the US later this year, will also dampen growth. In addition, there remain risks in global finance. Problems surrounding sovereign debt in parts of Europe are causing concern. A.9. We will have to watch the risks and be ready to respond if global growth falters. Overall, however, we face a positive environment for Singapore. The Government expects Singapore’s economy to grow by between 4% and 6% in 2011. This is still above our estimated trend growth of 3% to 5% for the next 10 years, and reflects the continuing momentum in the economy. Investments and activities are still flowing into Singapore, attracted especially by opportunities in Asia. The record investments that we saw in 2010 are also of an exceptionally high quality, and will create 21,300 new skilled jobs once these projects are fully realised. A.10. However, inflation is a key concern for everyone this year, and especially for low-income families. CPI inflation was 4.6% year-on-year in December 2010. We expect inflation to be around 3% to 4% this year, higher in the first half before moderating later in the year. However, a large part of the CPI inflation increase can be explained by higher COE premiums and the higher imputed values of owner-occupied homes, compared to a year ago. For the majority of households, these increases do not mean substantially higher cash outlays. The Monetary Authority of Singapore’s (MAS) core inflation measure, which excludes the effects of these two factors on the CPI, is projected at 2% to 3% for 2011 as a whole. Fiscal Position for FY2010A.11. Our strong growth last year, far better than either the Government or the markets expected at the start of the year, has yielded an improved fiscal position for FY2010. The better growth is estimated to account for about 80% of the increase in revenues over what we projected a year ago. The property market was also much stronger, resulting in further increases in stamp duties and other revenues. A.12. We had originally estimated an Overall Budget Deficit of $3.0 billion or about 1.0% of GDP for FY2010. Given the much improved economic performance, we now expect the overall budget to be close to a balanced position, with a small deficit of $0.3 billion or 0.1% of GDP. Putting Back into Past ReservesA.13. Members will recall that the Government had sought and obtained the President’s approval to draw $4.9 billion from Past Reserves, to fund the Jobs Credit Scheme and the Special Risk-Sharing Initiative under the Resilience Package. We were in the midst of a global crisis of unprecedented scale. Our access to Past Reserves gave us the resources and confidence to deal decisively with the downturn and to be prepared to take further measures if the situation worsened. In the event the amount drawn for these two schemes was $4.0 billion, less than expected. A.14. We have recovered well from the crisis, putting our fiscal position on stronger footing. With the much lower deficit we achieved last year, as well as our good Budget position this year, we should be able to achieve an overall budget surplus during the current term of Government. We have thus decided to put back into Past Reserves the $4.0 billion that we had drawn earlier for the Resilience Package. I have informed the President of our decision. A.15. There is no legal or constitutional obligation for the Government to return to Past Reserves any amount drawn. However, it is the responsible and prudent thing to do, once a Government has secured a stable fiscal position within its term. This is the way to uphold the philosophy that has enabled us to build up and maintain our reserves, and derive from it income each year to meet our strategic needs. |
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des_khor
Supreme |
20-Feb-2011 22:54
Yells: "Tell me who is the God or MFT from this forum??" |
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On no head kim kim !! head & shoulder again ??
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teeth53
Supreme |
20-Feb-2011 15:30
Yells: "don't learn through life, learn to grow with life " |
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Hohoho...hard true about getting free internet info...instead of fron ST paper. 101% right. can't imagine the power of internet causing havoc in Middle East, lucky we are not up nor down. We R at mid East (middle eastern) 
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iPunter
Supreme |
19-Feb-2011 19:01
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Make no mistake about it...   Every single additional dollar will make many people happier,           especially those who have suffered very much.
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krisluke
Supreme |
19-Feb-2011 18:44
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Singapore Budget 2011 Summaryhttp://www.singaporebudget.gov.sg/budget_2011/webcast.html
(Important points are in bold) Overall budget deficit of $300m for fy2010 Estimated 4% to 6% growth in 2011 3% to 4% inflation - higher coe and home values Better fiscal position of govt - put back $4b in reserves previously drawn for the resilience package Main Aim: Raise income by 30% in real terms this coming decade Tax measures and enhanced grants to expand support for lower and middle income groups Letting SGD appreciate to counter import inflation Restructuring of economy to raise skills so productivity becomes key growth driver Adding $1b to national productivity fund Productivity and innovation credit PIC - tax deduction of 400% for SME (previously 250%) Cap for claims increase to $400k from $300k Expand training support: increase subsidies for part time degrees and diplomas Cpf raise employer contribution rate by 0.5% to 36% Cpf salary ceiling to increase $5000 from $4500 Further foreign worker levy increase overall Helping companies with rising costs: 20% CIT rebate cap at $10,000 SME cash grant 5 percent of revenue cap of $5,000 $850m in grants under enterprise development fund over next 5 yrs Strengthen project financing Trade finance solutions to be outsourced Increase private sector R& D $1b top up for national research fund $2.5b set aside over next 5 yrs under economic development assistance schemes Extend green vehicle rebate scheme for another year till end 2012 Old citizens: Workfare special bonus - 50% more Personal income tax: reduce for middle and upper middle (marginal tax rate reduced) Personal income tax rebate: 20% cap at 2,000 Removing radio and tv license fee of 110 per year Child development credit scheme: pay for preschool childcare medical exp Aged 45 and above - top up medisave Growth dividends to be received by 1st may (extra 100 for all NSMen) Estimated budget end of 2011 - $0.1b Overall, the budget for 2011 has a $0.3b deficit as $4 billion of surplus was returned to the government after borrowing it during the financial crisis. Singapore is looking pretty healthy and we expect her economy to continue to grow at a 3–5% rate for the next decade. Contributed by: Kenneth Nah Yu Siang SMU Investment Club //synapsetrading.com//
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nickyng
Supreme |
19-Feb-2011 18:42
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wah...sound like u dun need those cramps...pls donate to charity :P
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iPunter
Supreme |
19-Feb-2011 17:54
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But it would be nice if they can get the highest crumbs in the whole wide world...
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iPunter
Supreme |
19-Feb-2011 17:34
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What to do...they are happy like fish every time they get some crumbs.
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fruitty
Senior |
19-Feb-2011 15:33
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Are crumbs all you expect? Singaporeans deserve more.
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vonntan
Senior |
19-Feb-2011 14:06
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better than nothing. http://sgsharemarket.com/home/2011/02/finance-minister-reveals-goodies-for-singapore-budget-2011/ |
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iPunter
Supreme |
19-Feb-2011 11:03
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That is not exactly true...   Since it is the only newspaper in the country, people will still need to buy it.       Because there's no other choice. Furthermore, many will still want those contents             like classified ads, IT digital, health, lifestyle, comics, or just out of sheer habit of buying it.                     As for opinions and local news, etc, with the abundant wealth of  free coverage on the Internet,                           I am sure more and more people will make it their daily habit to be informed via the Internet.                                 This change in the world is already raging like wildfire everywhere on the planet...
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fruitty
Senior |
19-Feb-2011 10:15
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Haha, next time straitstimes give out free people also dont want to read
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bryansng
Senior |
19-Feb-2011 09:50
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If im not wrong, i think its going to be a refund. Hope my information is all accurate ppl!
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niuyear
Supreme |
19-Feb-2011 09:13
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Someone important people  up there plse listen to the hearts  of the   小 市 民 -- Please distribute the 6.6 billions to  'EVERY' Singaporeans and not based on their dwelling places. Some  super rich  singaporeans could be  staying in 3 room flats or 4 room flats An average singaporean could be staying in executive flats or condo, but, he is of an average wage  earner with few months to feed.     |
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Hulumas
Supreme |
19-Feb-2011 06:27
Yells: "INVEST but not TRADE please!" |
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Good suggestion but unfortunately, it is impratical!
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leoleo
Senior |
19-Feb-2011 00:38
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TV licence will abolish permenantly from this yr onward?This apply to all or only singporean ?
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nickyng
Supreme |
18-Feb-2011 22:47
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* Yawn * | ||||
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krisluke
Supreme |
18-Feb-2011 22:16
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Singapore Growth at 14.5%The Singapore Ministry of Trade and Industry released final figures yesterday showing that the economy expanded 14.5 per cent last year, reversing a 0.8 per cent decline in 2009. The manufacturing sector expanded 25.5 per cent year on year in the fourth quarter. It rounded up the year with a 29.7 per cent rebound from the previous year. The service sector grew 8.8 per cent in the fourth quarter, and saw a 10.5 per cent increase for the full year. On a year-on-year basis, electronics exports climbed 5.8 per cent, while pharmaceuticals rose 38.6 per cent. These contributed to a 20.9 per cent jump in total non-oil domestic exports (Nodx) last month, up strongly from a 9.4 per cent rise in December. Nodx increased 2.2 per cent on a month-on-month basis. International Enterprise Singapore has raised its Nodx growth forecast for the year by 2 percentage points to between 6 and 8 per cent. Similarly, total trade is now projected to expand 8 to 10 per cent this year. Inflation is the key macroeconomic challenge facing Singapore at the moment. The Consumer Price Index rose 2.8 per cent last year on a year-on-year basis, and December’s consumer prices surged 4.6 per cent from the same period a year ago. The Government warned yesterday that inflation is likely to peak in the first quarter. It also revised its inflation forecast for the full year to between 3 and 4 per cent cent. Shayne Heffernan www.livetradingnews.com |
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krisluke
Supreme |
18-Feb-2011 18:16
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forget about TV / radio license. Nobody seems interested in singapore media...
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