Latest Two Budgets Reshape Singapore, Provide Ballast and Stability: Minister

Twin challenges of having to take care of Singaporeans' immediate concerns in the new inflationary environment not seen since the global financial crisis in 2008, while at the same time having to chart a new way forward for the longer term," she said.

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The Government had to make tough choices and tread a path between two equally difficult challenges — much like Odysseus between Scylla and Charybdis, said Ms Indranee in a reference to the mythical Greek hero who had to navigate the sea passage between two monsters.

In the Budgets of those years, the Government made the "difficult decision" to raise the goods and services tax to ensure sufficient revenue to meet the projected rise in healthcare spending, while cushioning the impact of the increase for Singaporeans, she added.

"These Budgets also saw intense debate in which the fundamental principles underpinning our fiscal policy were challenged, debated, and ultimately upheld by the majority."

Support for those Budgets was not unanimous, she noted.

The Workers' Party and Progress Singapore Party (PSP) did not support the 2022 Budget as they opposed the GST increase. The PSP also did not support the 2023 Budget, and proposed its own alternative spending plan.