Acknowledgement to the Chair

Leader.

Mr Speaker, the passing of the Supply Bill and the Supplementary Bill a few moments ago marks the end of the formal Budget process for Budget 2026.

This being the first Budget in this new term of Parliament, I should explain for the benefit of first-time Members that it is customary at the end of the annual Budget process for the Leader of the House to deliver a speech in acknowledgment of the Chair of the proceedings, namely, Mr Speaker.

Mr Speaker, as Chair of the proceedings, you have presided over two weeks of intensive debate on the Budget Statement and in the Committee of Supply, in which we have passed a Budget with more than $200 billion worth of Estimates – $158,962,520,000 for the Main Estimates and $49,014,559,600 for the Development Estimates.

This is our largest annual Budget to date, passed against the backdrop of a profoundly changed and uncertain world.

The international order that underpinned stability and prosperity for over nearly eight decades is breaking down. Geopolitical tensions have increased. The multilateral system that has served us well has weakened. More countries are resorting to unilateral action. The rule of law is under strain with the resurgence of a "might is right" approach.

In short, the world has become more contested, more fragmented and ultimately, more dangerous.

Budget 2026 is our action plan to enable Singaporeans to navigate this new reality with confidence and secure our future together.

A key feature of Budget 2026 was artificial intelligence (AI). Budget 2026 aims to harness AI as a strategic advantage and drive national adoption so that Singaporeans can take full advantage of the opportunities afforded by technology.

Budget 2026 also allows us to implement our refreshed economic strategy, continue investing in our workers and drive growth to create jobs, strengthen support for families and advance our social compact, and enhance our security and sustainability.

Budget 2026 also put a spotlight on our total fertility rate (TFR), which has dropped to a historic low of 0.87 and signals the start of the marriage and parenthood reset as a whole-of-nation effort. As we begin this important work, we will take into account the many helpful ideas and suggestions from Members on both sides of the House on what we can do to provide more support for families and couples who aspire to become parents.

Mr Speaker, in a world rocked by turbulence and change, Singapore stands out as a beacon of safety, security and stability. This is not by accident. It is the result of successive Budgets, anchored on fiscal prudence, forward planning and catalysing new ways to catch the winds of change even as we provide for current needs. This approach has stood us in good stead.

We have projected a healthy surplus of $15.1 billion for financial year (FY) 2025. It is in contrast to many other major economies, where public debt is rising, straining their financial stability and weighing on growth prospects.

When the surplus was first made known in the Budget Statement, some questioned why the surplus was so large and whether the Government had been too conservative.

The Budget Statement was delivered on 12 February, against the backdrop of 5% gross domestic product (GDP) growth, when the world had more or less adjusted to the United States (US) tariffs and things seemed to be getting back on an even keel.

However, within the span of just three weeks since the Budget Statement was delivered, the world changed again.

On 20 February, eight days after the Budget Statement, the US Supreme Court struck down President Trump's Liberation Day tariffs. President Trump responded by doubling down on tariffs the next day, triggering another round of economic uncertainty.

On 26 February, hostilities between Pakistan and Afghanistan erupted.

On 28 February, the US and Israel launched strikes against Iran. Iran is retaliating, not just against the US and Israel, but also against other countries in the region, plunging the Middle East into another round of instability. No one knows how long the conflict will last.

These developments have added to the overall climate of uncertainty. The business outlook for trade and investment may have to be adjusted. Energy prices may be affected. If so, there will be implications for business costs and daily costs of living. As a small and open economy, Singapore will feel the knock-on impacts keenly.

Viewed in light of these changed circumstances, our surplus is less about marksmanship and a whole lot more about assurance and quiet confidence. We have the ability to do more for Singaporeans with ballast and buffer against potential turbulence.

Our approach of fiscal prudence has been validated time and time again.

Budget 2020 was delivered on 18 February. The global economy was calm, the outlook rosy even. But within a month, we were plunged into the thick of a pandemic, the crisis of a generation and the global economy shut down. We ended up delivering another four Budgets and drew down about $40 billion of Past Reserves.

In 2022, the Budget Statement was delivered on 18 February. At that time, we were just getting out of COVID-19 and things were looking up. Within six days, the Russia-Ukraine war started, changing the global geopolitical dynamic once again and adding to energy and supply chain issues, accompanied by inflation at levels unseen since the 1970s.

In all our Budgets, we prepare for the best, but we also plan in case of the worst. History is a hard taskmaster, and we must not ignore its lessons. Our Reserves and our surpluses are things to be grateful for.

Our fiscal approach is enabled by our unique system of Parliamentary democracy, which has served us well and continues to deliver good results for Singaporeans. During the Committee of Supply debate, I spoke about then-Deputy Prime Minister Goh Chok Tong’s 1988 speech on the infamous Hendrickson affair, where he outlined three different political models. That speech is well worth re-reading. Not all Members may have been present in the Chamber when I spoke about it. So, it is worth recapping what he said.

First, the American system is one of checks and balances. Its underlying premise is fundamentally one of distrust, with each branch of government constantly checking the others.

Then you have the British system where the Prime Minister and the Cabinet are given a wider range of discretionary powers. There is a greater premise of trust, which rests on the mandate given to the party with the majority in Parliament. The unspoken and unwritten expectation is that those in power are individuals who can be relied upon to always act honourably.

And then, there is the Singapore system. It resembles the British system, except, as Mr Goh noted, Singaporeans have gone further and superimposed on our Constitutional framework the ideal of a political leader who is upright, morally beyond reproach, someone people can trust. We believe that our leaders must be men and women of ability and integrity, committed to the public good.

The world has changed greatly since Mr Goh spoke in this House in 1988. So have the way both the US and British political systems operate. But Mr Goh’s observations remain, if anything, just as relevant today. Rules and processes are important. But even more important are the people who are elected to represent and serve the people and whether they possess the competence, commitment and conscience to fulfil their duties. If they do, then you do not need as many rules because they can be trusted to do the right thing. If they do not, we can impose and improve as many laws and rules as we like, but democracy and politics will still go wrong. This applies to governments as much as it does to oppositions and governments-in-waiting.

Mr Speaker, in a changed world, Singapore’s model of democracy remains our anchor. It is by no means perfect, and we must and will continue to find ways to improve our system. But we do have something rare and precious. To safeguard it we must have the right laws, the right principles and the right people. It is important to appreciate that not only is our model unique but that it is this uniqueness that has enabled the Government to continue delivering Budgets that strengthen our economy, improve the lives of Singaporeans and bring Singapore forward.

I thank all Members on both sides of the House, as well as our Nominated Members of Parliament, for supporting Budget 2026 and for their contributions to the Budget process. Even when there were disagreements, we share a common commitment to building a better Singapore.

For this year, we had robust debate spanning nine days; 68 members spoke for two and a half days in the debate on the Budget Statement, the highest number in recent Budgets with about 21 hours of debate; 425 cuts were covered over six days of Committee of Supply, with almost 55 hours of debate. And for the first time in my recollection, there was no formal break in the Budget process. [Laughter.]

Mr Speaker, you have had to spend long hours in the Chair, presiding over these proceedings with fairness and professionalism. This year, you have added a new item to your toolkit to keep us on time and in line – the bell and the mute button. I am glad that you only had to use them a few times and as the exception, and not the norm. On behalf of this House, I thank you once again for your able chairmanship. [Applause.]

We are also deeply grateful to the Clerk of Parliament, Deputy Clerk and the other Clerks of Parliament, the Parliament Secretariat and staff, interpreters and translators. Their dedicated efforts and support behind the scenes ensured that our proceedings went smoothly. I hope that we can express our appreciation for them too. [Applause.]

For about a third of the Members in this House, this is your first Budget and Committee of Supply debate. Just to let you know, this is one of the few and rare occasions that the Speaker gets to speak. [Laughter.]

Hon Members, the work we undertake in this House has never been more important. In a world filled with large dramatic developments, sensational revelations and an unending array of twists and turns, it is the careful, meticulous and practical work of government that makes a difference to people every day.

With more Members in this 15th Parliament, the total time that we needed for this year’s Budget and Committee of Supply debate was 12% more than last year, even though the number of cuts were fewer, by about a third.

But as Members would know, I am a big advocate of the maxim “Less is More”.

It has, indeed, been an intense two weeks and I want to start by thanking all Members for your contributions. From my perspective, there were a few highlights in this year’s debate.

First, there was unanimous support from both sides of the House for Budget 2026. In most countries, this is rare. Our unity puts us in a good place to face a very challenging future. And for the first time, this year’s entire Budget and Committee of Supply debate took place within the period of Ramadan. So, I thank our Muslim colleagues who had to work through this period where every Sitting day ended well past the iftar time. [Applause.] In fact, last evening, Minister Masagos, as he broke fast, took a sip of water and immediately proceeded to make and deliver his speech. We honour all our Muslim colleagues for your commitment to your public duties. [Applause.]

As Speaker, I have the rare privilege of listening to all your speeches and perhaps, more able than most to distinguish between form and substance. Some Members were able to deliver crisp responses and ask succinct clarifications. Others were, as they say, a little bit “cheong hei”, or long-winded. There was also a one-word response by one Minister – no preamble, context or elaboration needed. A simple one-word “No” was all that was required. That was Minister Vivian Balakrishnan. For Minister of State Alvin Tan, a five-word reply will do: “Please don’t feed the birds.”

We also know who among us can speak fluently in three languages, are poets in the making, can speak slow and can go at great speed. [Laughter.] Though the latter is not encouraged, as it means risking not only the Minister being unable to fully capture your points, but it also places undue stress on our interpreters.

In the course of these Sittings, we also found out Members’ favourite songs and singers – from Bon Jovi to Black Eyed Peas, 郭富城 or Aaron Kwok, Taylor Swift and our very own Benjamin Kheng.

Throughout the Committee of Supply debate, there was only one day where we had an official break. On all other days, we persevered without one. I did this to the extent possible because I wanted as many Members to be able to seek their clarifications before the guillotine time. It was certainly not to test one’s stamina without the need to go for a bio break. Having said that, I established a new personal record for myself [Laughter], by being in the same seat for a good six hours and 10 minutes [Applause], a record I hope I do not never need to break again. [Laughter.]

Some Members also wondered whether my magic “mute the microphone” button was functioning properly – and as quite a few Members found out, it is in good working order. I hope this would be used very sparingly, going forward, and look to your self-discipline in that regard. Indeed, there was a Member who realised she had run out of time and stopped her speech without the need for me to turn the mic off. Thank you, Ms Cassandra Lee.

As Speaker, here is my advice. Parliamentary speeches are not an exercise in word count. It is not how many words you use or how fast you speak but clarity and importance of your main message.

This principle is even more crucial for our political office holders, who must use their time, beyond sharing their Ministry’s plans and explaining the rationale behind the policies, also tell Singaporeans how our lives will be improved, the trade-offs to be made and what the country is requiring of us. Tell us the hard truths too.

Minister Desmond Lee exemplified this approach, though he also gave us a challenging problem to solve. How truly Singaporean to have a mathematics test in the Chamber! As they say, “Never a dull moment in Parliament”.

But the true meaning of debate is not when we agree, but how and why we disagree. This is not merely partisan disagreement, but a disagreement about ideas, which we have seen within the same party as well as across party lines. This, for me, is a mark of the sanctity and legitimacy of the agreements we come to and the laws we make, as well as the trust we have in each other.

Parliament functions best when we come with sound arguments and good intentions, bringing our diverse experiences and backgrounds to discuss and debate. When we remain open to listening without prejudice, when we strive to propose solutions, popular or otherwise, for our people, without pandering or playing to the gallery.

We may not hit on the correct note right from the start, but we try and try again. To paraphrase Prime Minister Wong and Deputy Prime Minister Gan – and this applies not just to the problem of our low birthrate – we have not, we will not and we cannot give up.

Each day, we wake up to an increasingly fractured world. Whilst we have been able to navigate well over the last six decades, but as Prime Minister has reminded us, Singapore must brace for greater volatility and unpredictability. There will be more debates, more Bills to pass and more challenges ahead.

As Senior Minister of State Murali Pillai said yesterday, our history as a small island nation has given us a “particular prosperity”, a “prosperity that can remain ours as long as we preserve and grow our courage and ability to navigate the high seas”.

Let us remember that this “particular prosperity” has been earned through the hard work, sacrifice and a deep sense of duty of all Singaporeans to one another.

Let us not take this for granted. As Members of this 15th Parliament, whatever storms may range on the high seas or up in the skies, let us keep our eyes on the horizon that is the Singaporean people. We must leave the world in no doubt of our commitment to do what is best for Singapore. Only then, can we secure our future together in a changed world.

Before I conclude, let me express my gratitude to the Leader of the House, Minister Indranee Rajah; Deputy Leader, Senior Minister of State Zaqy Mohamad; my two Deputy Speakers, Mr Christopher de Souza and Mr Xie Yao Quan; and also to my dedicated and competent Parliamentary Clerks and all Parliamentary staff, who are unseen but invaluable work ensured that proceedings went smoothly throughout these two weeks. Thank you, hon Members. [Applause.]