MPs from both sides of aisle scrutinise revenue, expenditure forecasts

More information on fiscal position, accuracy of forecasts among topics raised

- Tham Yuen-C

The question of how much money the Government has to spend, and where this money will come from came under the scrutiny of MPs on Feb 26, as Parliament sat for the first day of the Budget debate.

There were those who were worried about the accuracy of revenue and expenditure forecasts, wondering how this might affect the Government's ability to plan its policies, and others who pushed for more information on the Republic's fiscal position.

Ms Foo Mee Har (West Coast GRC) spoke on budget marksmanship - the difference between projections of revenue and expenditure, and actual receipts and spending noting that there have been divergences between the estimated fiscal position and the revised or final fiscal positions in the past two financial years.

In FY2022, a deficit of $2 billion was projected, but there was eventually a surplus of $1.7 billion, and in FY2023, a deficit of $400 million initially projected has since been revised to $3.6 billion, she said.

She wanted to know how the Government ensures a level of predictability to inform crucial decisions, such as the need to raise taxes to balance the Budget.

Debates on the Budget will only be meaningful if the Government is more forthcoming and transparent with information, said Leader of the Opposition and Workers' Party chief Pritam Singh.

He noted the increasing difficulty in achieving budget marksmanship, adding that there was a lack of information on the sources of Singapore's fiscal strength.