Economy & business — Topics

7 Mar 2024

Acknowledgement to the Chair

The Leader of the House praised the Speaker for efficiently managing the nine-day Budget and Committee of Supply debates, highlighting key measures in Budget 2024 such as the Assurance Package, support for AI strategy, SkillsFuture initiatives, and support for families and seniors.
The Speaker noted the debate's firsts, including the first Budget under her tenure as Speaker, a decline in the number of Parliamentary cuts, and explicit cross-party support for the Budget, while commending the quality of speeches and the Parliament staff.
Both speakers emphasized that Budget 2024 addresses challenges like cost of living, geopolitical risks, and climate change, and fosters a resilient, inclusive Singapore through measures like the Future Energy Fund and social mobility initiatives.
The debate concluded with appreciation for the Parliament staff and a call for crisp, impactful contributions over quantity, reinforcing Singapore's commitment to unity and progress amid a messy, unpredictable world.

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7 Mar 2024

Supplementary Supply (FY2023) Bill

The Supplementary Supply (FY2023) Bill was introduced to authorize additional government expenditure beyond the sums originally approved in the Supply Act 2023, in line with constitutional provisions.
The Leader of the House moved the Second Reading, explaining the Bill's purpose and noting the additional sums were approved in the Supplementary Estimates for the financial year from 1 April 2023 to 31 March 2024.
The Bill was read a Second time and subsequently a Third time, with both readings agreed to by the House, leading to its passage.

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7 Mar 2024

Supply Bill

The Second Minister for Finance moved the second reading of the Supply Bill to authorize government spending for the financial year from April 1, 2024, to March 31, 2025, as required by the Constitution.
The Bill provides legislative approval for appropriations from the Consolidated Fund and Development Fund for specified heads of expenditure, which were previously approved in the Main and Development Estimates.
The Minister explained that the Bill, once passed, will empower the Minister to issue warrants authorizing expenditure up to the amounts detailed in the Schedule of the Bill.
Following the debate, the question for the second reading was put and agreed to, and the Bill was read a second time.
Subsequently, the Bill was read a third time and passed without further discussion.

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7 Mar 2024

Committee of Supply – Total Sums for Main Estimates, Development Estimates and Resolutions

The Committee of Supply approved the allocation of $128.89 billion for the Main Estimates and $37.55 billion for the Development Estimates for the financial year 2024/2025.
The Second Minister for Finance, Ms Indranee Rajah, reported the Committee's resolutions to Parliament and moved for their agreement.
Parliament formally agreed to the resolutions, and the sums were authorized for government expenditure under the specified Heads of Expenditure.

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7 Mar 2024

Committee of Supply – Heads B, C, D, E, G and Z

The Chairman proposed to take the Main Estimates for Heads B, C, D, E, G and Z en bloc and the motion was agreed to.
The Chairman also proposed to take the Development Estimates for Heads B, C, D and E en bloc and the motion was agreed to.
The debate involved procedural approvals for these expenditure heads without any amendments on the Order Paper Supplement.

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7 Mar 2024

Estimates of Expenditure for the Financial Year 1 April 2024 to 31 March 2025

The Committee of Supply convened for the 7th Allotted Day to consider and approve the expenditure estimates for the financial year from 1 April 2024 to 31 March 2025.
The session commenced with the formal reading of the order for consideration in the Committee of Supply, presided over by the Speaker in the Chair.
The debate focused on the detailed review and authorization of government spending plans for the upcoming fiscal year, as outlined in the expenditure estimates.

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7 Mar 2024

Goods and Services Tax (Amendment) Bill

The Goods and Services Tax (Amendment) Bill was introduced to amend the Goods and Services Tax Act 1993.
The bill was presented by the Second Minister for Finance, Mr Chee Hong Tat, with the President’s recommendation signified.
The bill was read for the first time and scheduled for its second reading on or after 1 April 2024.

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7 Mar 2024

Aligning Estimated Procurement Value Amounts for Tenders Called by Town Councils and Government Entities

Gerald Giam asked whether the $70,000 tendering threshold for Town Councils would be increased to match the $90,000 GeBiz value.
The Ministry of National Development is reviewing Town Councils Financial Rules, including the procurement threshold, to keep them relevant.
The review details will be shared with Town Councils once finalized.

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7 Mar 2024

Review of HDB Flat Size Eligibility Criterion for Silver Support Scheme

The government defends the use of HDB flat type, particularly ownership of 5-room or larger flats, as an eligibility criterion for the Silver Support Scheme, as it indicates greater resources, but allows for case-by-case appeals for seniors with unique circumstances such as short remaining leases or low annual values.
To enhance support, the government has increased the qualifying per capita household income threshold in the 2024 Budget and is rolling out other measures like the Majulah Package and enhancements to Workfare and retirement schemes.
During the debate, a member suggested a graduated eligibility system based on flat size and lease length to avoid excluding seniors in larger flats with no savings or family support, but the government maintained its focus on targeted support for the bottom 20-30% of seniors through comprehensive measures.

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6 Mar 2024

Impact of Houthi Attacks on Marine Insurance Premiums

Minister Chee Hong Tat confirmed that Houthi attacks in the Red Sea have increased risks for vessels, leading to higher marine insurance premiums, with war risk premiums rising from under 0.1% to 0.5% to 1.0% of vessel value as of February 2024.
The Minister noted that the Maritime and Port Authority of Singapore and other agencies are monitoring the situation, including impacts on marine insurance, but did not provide specific projections for hull, cargo, or P&I insurance.
No details were given on discussions or collaborations with international bodies to address security challenges and their effects on marine insurance, though ongoing monitoring is in place.

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6 Mar 2024

Reasons for and Measures to Improve Low Glass Recycling Rate

The low glass recycling rate in Singapore is attributed to its small proportion of total waste and the high cost of recycling, which reduces economic incentives for waste generators.
Measures include the entry of new recycling companies like Abraclean, which processes recycled glass into industrial materials, and public awareness campaigns such as NEA’s Recycle Right initiative.
The government is exploring the expansion of the Extended Producer Responsibility approach to include glass packaging waste to improve recycling efforts.

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6 Mar 2024

Uptake for Quieter Construction Innovation Fund and Solutions Introduced

The National Environment Agency provided $1.5 million in grants from the Quieter Construction Innovation Fund (QCIF) from 2019 to 2021 to support contractors and suppliers in adopting quieter methods and equipment.
Funding supported the adoption of innovative quieter construction equipment such as jack-in piling machines, hydraulic crushers, quieter generators, and rebar bending machines.
The QCIF was launched on 1 April 2019 to incentivise the construction industry to adopt innovative quieter construction equipment and methods.

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6 Mar 2024

Singapore's Involvement in and Contributions to Artemis Accords' Space Exploration Programme

Singapore signed the Artemis Accords in March 2022 to promote peaceful and sustainable space use, aiming to shape international space norms and foster collaborations with like-minded partners, including the US, through initiatives like a bilateral Space Dialogue and industry roundtables.
The government involves local industries and research institutions via programmes such as the Space Technology Development Programme, which facilitates collaboration between government entities, companies, and academic institutions to build technical capabilities and nurture competitive firms.
Participation in the Artemis programme aligns with Singapore's capabilities in space technology, with a focus on areas like satellite use for earth observation and maritime and aviation applications, leveraging existing expertise and resources.
The government anticipates economic opportunities from the Artemis Accords, including business opportunities for local companies and enhanced international partnerships, to support Singapore's growth in the space sector.

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6 Mar 2024

Owner, Employment and Investment Profile of Family Offices in Singapore

As of 31 December 2023, there were approximately 1,400 Single Family Offices (SFOs) in Singapore that have been awarded tax incentives, with most of their workforce being local and the majority of foreign workers coming from Asian countries.
The workforce composition shows slightly more than half of employees are male, with around 10% below 30 years old, 35% between 30 and 40, and 55% above 40, and most SFOs have fewer than 20 employees.
SFOs are classified under various Singapore Standard Industry Classification (SSIC) codes beyond the 66306 code, including other fund management and management consultancy codes, with no specific classification based on asset and investment type outside these codes.

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6 Mar 2024

Committee of Supply Reporting Progress

The Minister of State for Culture, Community and Youth sought consent to report progress and request leave to sit again the following day.
The Chairman consented, and a resolution was passed accordingly, with the Deputy Speaker resuming the chair.
The Minister of State formally reported that the Committee of Supply had made progress on the 2024/2025 Estimates and asked for leave to sit again tomorrow.
The Deputy Speaker acknowledged the report and addressed the Leader of the House.

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6 Mar 2024

Estimates of Expenditure for the Financial Year 1 April 2024 to 31 March 2025

The Committee of Supply considered the estimates of expenditure for the financial year 1 April 2024 to 31 March 2025 on the 6th allotted day.
Parliamentary procedures were formally read and the debate commenced with the Speaker presiding over the proceedings.
The session focused on the review and approval of government spending plans for the upcoming fiscal year.

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6 Mar 2024

Proportion of Resale HDB Flats Transacted with Cash-Over-Valuation (COV) and Quantum of COVs

Approximately 18% of resale HDB flat buyers paid Cash-Over-Valuation (COV) after the CPF Housing Grant enhancements in February 2023, down from 29% in 2022 and 36% in 2021, with the median COV remaining at $0.
The CPF Housing Grant was increased to $80,000 for first-timer families buying 2- to 4-room flats and $50,000 for 5-room or larger flats, with similar enhancements for singles, to provide more support for first-timer buyers.
The Ministry declined to make the CPF Housing Grant conditional on COV or implement a tiered system linked to COV, citing enforcement challenges due to the "willing buyer-willing seller" nature of transactions and the risk of collusion between buyers and sellers.

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5 Mar 2024

Impact of Sustainable Aviation Fuel Levy on Singapore's Aviation Sector and Tourism Industry

The Minister acknowledged that Singapore’s Sustainable Aviation Fuel (SAF) levy aims to balance environmental goals with the long-term competitiveness of its aviation hub, with estimates showing ticket prices for economy class flights rising by $3 to $16 depending on destination.
The policy is designed to provide cost certainty to airlines and travelers through a fixed levy, unlike the volumetric mandates in other regions, and seeks to encourage investments in local SAF production facilities.
The Minister referenced the Sustainable Air Hub Blueprint by CAAS for further details on the strategy to develop the SAF ecosystem without significantly disadvantaging Singapore’s position as a travel hub.

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5 Mar 2024

Sustainable Aviation Fuel Levy on Private Jets Departing from Singapore

Leong Mun Wai questioned whether the sustainable aviation fuel levy would apply to private jet flights departing from Singapore.
Chee Hong Tat, the Minister for Transport, confirmed that the levy will indeed be charged for such flights.
The debate centered on the application of the sustainable aviation fuel levy specifically to private jets.

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5 Mar 2024

Potential Collaborations with International Energy Agency from Setting up of New Regional Office

The Ministry of Trade and Industry and Energy Market Authority will facilitate engagements between the IEA Regional Cooperation Centre, local businesses, and research institutions to foster public-private partnerships in the energy sector.
Plans are in place to leverage the Centre to support innovation in clean and renewable energy technologies, including through technical advice and policy support for scaling up deployment.
The Centre is expected to enhance Singapore’s and the region’s expertise in energy management and sustainability, with potential collaborations in renewable energy, energy efficiency, and technology innovation.
Capacity-building and knowledge-sharing programmes with the IEA will be developed to strengthen Singapore’s capabilities in energy management and sustainability practices.
The Regional Cooperation Centre aims to accelerate the energy transition, particularly in scaling up renewable energy and addressing green financing and climate sustainability solutions in the region.

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