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28-02-2025, 03:35 PM
PM Wong Rejects Pritam's Claim that GST Hike 'Turbocharged' Inflation: 'This Chamber is Not an Election Rally' - Mothership.SG
Summary:
Prime Minister Lawrence Wong has rejected Workers' Party (WP) MP Pritam Singh's claim that the Goods and Services Tax (GST) hike "turbocharged" inflation for consumers. In his closing budget speech on Feb. 28, PM Wong stated that while inflation has eased globally and in Singapore, cost pressures remain a concern. He also emphasized that the government is committed to providing temporary relief measures, such as Community Development Council Vouchers, to help with the cost of living.
Key Points:
- PM Wong's Response: In response to Pritam Singh's assertion that the GST hike exacerbated inflation, PM Wong stated, "Where is the turbocharging? Look, I know elections are approaching, but this chamber is not an election rally," adding, "Let's not get carried away by hyperbole and have a debate based on facts."
- Global Factors Driving Inflation: PM Wong explained that Singapore's small and open economy means inflation is primarily driven by global factors such as wars, supply chain disruptions, and rising energy costs.
- GST Hike's Effect on Inflation: He pointed out that the Monetary Authority of Singapore (MAS) assessed the GST hike's effect on inflation to be temporary, with CPI inflation moderating to 4.8% in 2023 and further declining to 2.4% in 2024.
- Government's Response to Cost of Living Concerns: PM Wong reiterated that the government understands concerns about cost pressures and will continue providing temporary support through measures like Community Development Council Vouchers. He also mentioned that a "much larger" portion of the budget is allocated to structural programs aimed at equipping Singaporeans through education, skills training, and skills upgrading.
- Long-Term Solutions: PM Wong emphasized that the government's focus is on helping Singaporeans achieve higher real incomes, which is the most sustainable way to address cost of living issues.
Overall:
The debate revolves around the impact of the GST hike on inflation. PM Wong dismissed Pritam Singh's claim, citing global factors and the MAS's assessment of the GST's temporary impact. The Prime Minister highlighted the government's commitment to addressing cost of living concerns through a combination of temporary relief measures and long-term investments in skills development and income growth.
Summary:
Prime Minister Lawrence Wong has rejected Workers' Party (WP) MP Pritam Singh's claim that the Goods and Services Tax (GST) hike "turbocharged" inflation for consumers. In his closing budget speech on Feb. 28, PM Wong stated that while inflation has eased globally and in Singapore, cost pressures remain a concern. He also emphasized that the government is committed to providing temporary relief measures, such as Community Development Council Vouchers, to help with the cost of living.
Key Points:
- PM Wong's Response: In response to Pritam Singh's assertion that the GST hike exacerbated inflation, PM Wong stated, "Where is the turbocharging? Look, I know elections are approaching, but this chamber is not an election rally," adding, "Let's not get carried away by hyperbole and have a debate based on facts."
- Global Factors Driving Inflation: PM Wong explained that Singapore's small and open economy means inflation is primarily driven by global factors such as wars, supply chain disruptions, and rising energy costs.
- GST Hike's Effect on Inflation: He pointed out that the Monetary Authority of Singapore (MAS) assessed the GST hike's effect on inflation to be temporary, with CPI inflation moderating to 4.8% in 2023 and further declining to 2.4% in 2024.
- Government's Response to Cost of Living Concerns: PM Wong reiterated that the government understands concerns about cost pressures and will continue providing temporary support through measures like Community Development Council Vouchers. He also mentioned that a "much larger" portion of the budget is allocated to structural programs aimed at equipping Singaporeans through education, skills training, and skills upgrading.
- Long-Term Solutions: PM Wong emphasized that the government's focus is on helping Singaporeans achieve higher real incomes, which is the most sustainable way to address cost of living issues.
Overall:
The debate revolves around the impact of the GST hike on inflation. PM Wong dismissed Pritam Singh's claim, citing global factors and the MAS's assessment of the GST's temporary impact. The Prime Minister highlighted the government's commitment to addressing cost of living concerns through a combination of temporary relief measures and long-term investments in skills development and income growth.
