Prime Minister and Minister for Finance Lawrence Wong is set to deliver Singapore’s 2025 Budget statement in parliament on 18 February 2025, the Ministry of Finance (MOF) announced on Friday (27 Dec).
With Singapore’s next General Election (GE) expected by November 2025, the Budget has been widely described as a critical step for the People’s Action Party (PAP) in shaping public perception ahead of the polls.
The Budget will be broadcast live on television, radio, and online via the Singapore Budget website. A full transcript will also be published online after delivery. Real-time updates of key announcements will be shared through MOF’s Facebook and X accounts.
Public engagement remains a cornerstone of the Budget process. Citizens can share their views on REACH’s Budget 2025 microsite until 12 January 2025, while a physical Listening Point session is scheduled for 16 January at One Raffles Place.
Additionally, MOF is collaborating with the People’s Association and grassroots organisations to gather feedback via virtual platforms and in-person events in neighbourhoods.
The timing of the 2025 Budget, scheduled for mid-February, aligns with the government’s usual practice of delivering the statement around this period. However, its proximity to the General Election has amplified public and political attention.
As the Secretary-General of the ruling People’s Action Party (PAP), Mr Wong’s role in presenting the Budget is viewed as a platform to unveil voter-friendly initiatives aimed at addressing dissatisfaction stemming from recent scandals. The General Election must be held by November 2025, as mandated by the Constitution.
A series of controversies, including high-profile cases of misconduct within political and public institutions, has intensified public scrutiny of the ruling party. The latest incidents include the NRIC numbers unmasking controversy and the impending defamation suits involving Ministers K Shanmugam and Tan See Leng’s Good Class Bungalow (GCB) transactions.
It is therefore reasonable to anticipate that the 2025 Budget will include significant “carrots” to mollify voters and restore confidence in PAP leadership. This is particularly crucial for Mr Wong, who is poised to lead the PAP into its first election under his stewardship.
While the exact details of the Budget remain undisclosed, it is expected to address pressing economic challenges, including inflation, housing affordability, and job creation, alongside measures to bolster support for vulnerable groups. Past Budgets have typically reflected the government’s priorities for economic resilience and social cohesion, but this year’s edition is anticipated to take a more voter-centric approach.
The Budget process itself is extensive, beginning in April at the start of Singapore’s financial year. Over the course of the year, MOF collaborates with various agencies to evaluate national priorities and ensure financial sustainability. This collaborative process incorporates public feedback, which is reviewed and integrated into the final Budget.
After Cabinet approval, the Finance Minister delivers the statement in February. Following its announcement, parliament debates the Budget during the Committee of Supply sessions, scrutinising the plans of each ministry. A Supply Bill is then introduced for parliamentary voting. Upon presidential assent, the Supply Act is enacted, governing government spending for the next financial year.
