Heng Swee Keat
Singapore
“In a world heading towards greater contest and fragmentation, amid rapid advances in science, technology and innovation, Singaporeans can play a valuable part as bridge-builders and connectors, and Singapore can be a trusted and neutral Global-Asia node of technology, innovation and enterprise.”
“The National Quantum Office has identified specific goals under the National Quantum Strategy (NQS), with resources and efforts directed towards specific quantum areas and technologies accordingly.”
“Mr Speaker, Sir, I would like to thank Member Ms Denise Phua for her comments because her comments reminded me of the tagline that I always said when I was in MOE – that you can learn from anyone, anytime, anywhere. In fact, peer learning is a very important aspect of that learning.”
“But I have laid out the strong basis for my optimism that a small and open economy like Singapore can continue to thrive and secure our next bound of growth. By serving as a trusted node and connector, we can create value by facilitating connections and building new linkages in today's fractured global landscape.”
“Secondly, one other very important thing the Member must bear in mind is that AI is a very rapidly developing field and it is something which our researchers are working hard on, to look at the different techniques of AI – it is not just GenAI, but the whole range of different AI systems that are being used – and how that can be used in c…”
“Assoc Prof Jamus Lim, you do not need an invitation. You are free to provide your suggestion. After all, are you not from WP? And by the way, let me make it clear that I have heard MPs on both aisles speaking about workers, and we have a very strong presence of our union MPs here and they will be speaking even more on this.”
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“Another way to bring more companies on board is for the Singapore Business Federation (SBF) and the various TACs to exercise leadership and bring companies together. For instance, SBF is working closely with the various industry TACs to look into helping industries digitalise, through its Digitalisation Committee. The Committee has been working with Government agencies, such as the Monetary Authority of Singapore (MAS) and Info-communications Media Development Authority (IMDA), to implement initiatives in key areas, such as e-invoicing, e-commerce and e-payments. Another example of how we are scaling up to help more companies is in the logistics sector. Four TACs – the Container Depot and Logistics Association (Singapore) (CDAS), SAAA@Singapore, Singapore Logistics Association (SLA), and Singapore Transport Association (STA) – came together to form the Logistics Alliance as part of the Logistics ITM. The Alliance launched a Transport Integrated Platform (TRIP), which integrated several existing systems into a single digital platform to enable easier tracking of container trucks. This has helped logistics companies to increase productivity and reduce the idling time of their trucks. I look forward to the TACs' continued good work in accelerating transformation. To conclude, the Government will support companies in industry transformation, as industry partners and TACs continue to work together to realise synergies and forge win-win partnerships. With everyone playing his part, I am optimistic that our companies and workers will benefit through industry transformation, as they have in the past.”
“These funds have been deployed by agencies, such as Enterprise Singapore (ESG) and the Economic Development Board (EDB), to support about 30,000 companies in FY2016 and FY2017. Industry transformation has to be pervasive and sustained. We cannot expect immediate results. But so far, we are glad that companies appreciate the need to change, and many are already taking action to do so. At the economy-wide level, we are seeing good productivity growth. In 2017, we achieved productivity growth of 4.5%. While we cannot attribute all of these to the industry transformation efforts, it is a step in the right direction. More detailed analyses are being done to assess the effectiveness of various initiatives. Clearly, as Mr Liang Eng Hwa alludes to, we need to scale up to ensure that even more companies can undertake the transformation effort. There are several initiatives that we are working on. One is to get industry stakeholders to work together to take charge of the transformation. While companies compete to differentiate themselves, they can also cooperate to solve common challenges, and share resources and facilities to achieve scale. Food manufacturers, for instance, can tap on the shared facilities available at the JTC Food Hub @ Senoko, launched in July this year. The Food Hub provides shared spaces, such as an integrated cold room and warehouse, as well as advanced food processing equipment, such as microwave-assisted thermal sterilisers. By sharing resources, each food manufacturer can lower his operating costs. They can also embark on research and development work together, which each alone will find too costly.”
“The development of Industry Transformation Maps (ITMs) is one of the recommendations from the Committee on the Future Economy. The ITMs put in place a framework for partnership, bringing together industry stakeholders, including companies, trade associations and chambers (TACs), workers, unions, economic agencies and education institutions, to develop and implement a transformation plan for each of the 23 industries. The ITMs seek to sharpen the competitiveness of companies and industries here, and to enable our workers to deepen skills and increase productivity. In this way, companies and workers can continue to progress and enjoy the fruits of their efforts. In developing the ITMs, the Government plays an enabling role, bringing together all stakeholders to develop and implement the plans. The leaders of companies and industries play the critical role of developing the strategies for their companies and industries, and of seeking partnerships, within Singapore and with global partners, to develop deep capabilities. To transform successfully, companies need industry-specific and holistic solutions that span different areas from technology adoption to manpower training. ITMs allow us to work with companies in a coherent way. For example, the Job Redesign Initiative under the Environmental Services ITM helps cleaning and waste management companies adopt automation and digital solutions to improve productivity, and to redesign jobs so that workers can benefit from these changes. The various initiatives reinforce one other, for instance, redesigning jobs and processes, as companies adopt new technologies. As at the end of financial year (FY) 2017, the Government has committed $1.7 billion to support companies.”
“Our tax treatment of union membership fees follows the same tax deductibility rules under the income tax system that we apply consistently on all expenses. Under our income tax regime, union membership fees are not tax deductible. This is also the case in other jurisdictions like Hong Kong. Nevertheless, the Government recognises the importance of a strong labour movement to the success of tripartism in Singapore. The labour movement plays a strategic role in helping Singapore stay competitive and workers remain employable. Hence, the Government has and will continue to provide support to the unions through various grants.”
“ACRA, in collaboration with the Consumers Association of Singapore (CASE), has an online guide for consumers, which includes a checklist on what consumers should watch out for before making business decisions and how they can use ACRA's business information services to conduct background checks on business entities. This guide, available on ACRA's website, includes advice on how to distinguish if the correspondences are from businesses or Government agencies. Businesses and consumers should alert ACRA if there are any suspected wrongdoings or misrepresentations by companies purporting to be authorised Government agencies or authorised company registrars. They should also make a Police report. In short, be alert, check and, if necessary, report.”
“The Government takes a firm stand against any company that impersonates a Government agency or an authorised company registrar. In Singapore's context, the authorised company registrar is the Accounting and Corporate Regulatory Authority (ACRA). ACRA is the statutory body responsible for the registration of companies and businesses in Singapore and will not hesitate to investigate suspected breaches and prosecute offenders. There are safeguards against a company that tries to pass off as a Government entity. Companies and other business entities are required to state their name and registration number in all business correspondences, so that members of the public know the identity of the business entity that they are interacting with. ACRA takes any breach of this requirement seriously. Such a breach can be liable for a fine of up to S$1,000. In the past six years, ACRA has, upon receiving complaints, investigated seven business entities for failing to properly state their name and/or registration number. To protect themselves, businesses are reminded to exercise vigilance when dealing with any unsolicited letter or email from companies purporting to be authorised Government agencies or authorised company registrars. Letters from Government agencies have distinct letterheads, with their names and logos. When in doubt, businesses should contact the Government agency. They can use the free business entity search function on ACRA's website to verify the identity of the entity they are dealing with. Businesses should peruse carefully all the terms and conditions before entering into any form of agreement.”
“The Government encourages all employers to have good re-employment and age-friendly hiring practices. This is achieved through broad-based measures that are available to all employers, including the Government’s outsourced providers. For instance, the Special Employment Credit provides wage offsets to employers who hire older Singaporean workers aged 55 and above and earning up to $4,000 a month. An additional wage offset of up to 3% of monthly wages encourages the employment of older workers above the re-employment age of 67. To facilitate age-friendly employment practices, companies can tap on the WorkPro Age Management Grant. The Government has also worked with the tripartite partners on the Tripartite Standard on Age-friendly Workplace Practices to encourage employers to adopt age-friendly practices. These employers commit not to use age as a selection criterion in recruitment and commit to engage employees on re-employment issues at least six months prior to the retirement age and subsequent extension of re-employment contract. The tripartite partners have also issued the Tripartite Guidelines on Re-employment of Older Employees which provides and calls on employers to adopt good practices in re-employment. In support of these efforts, the Government ensures that its tender specifications do not discriminate against outsourced workers in any industry based on factors, such as age or gender. As the primary objective of procurement is to obtain goods and services, our specifications do not dictate the employment practices of service providers. Promoting good employment practices is better achieved through the measures described above. The Government will continue to review the relevance and effectiveness of our policies in this area.”
“The Singapore Department of Statistics publishes monthly data on the Government's operating revenue, including data on stamp duty and property tax collection. Stamp duty is payable on instruments which effect a transfer of interest in properties and stocks or shares in Singapore. In the first five months of 2018, we have collected about $2.2 billion in stamp duty. The percentage changes in stamp duty collection are -6.2% in 2015, +14.2% in 2016 and +45.9% in 2017. Stamp duty from property transactions made up the vast majority of total stamp duty collection. Property tax is payable annually for property ownership. In the first five months of 2018, we have collected about $2.2 billion in property tax. The percentage changes in property tax collection are +4.2% in 2015, -1.3% in 2016 and +0.4% in 2017.”
“SG Bonus will be disbursed to all adult Singaporeans at the end of the year. Individual letters and short message service (SMS) notifications will be sent in October 2018 to inform citizens about the amount of SG Bonus they will be receiving and the payment dates. Citizens who have registered for PayNow and linked their National Registration Identity Card number to their bank account can also receive their payout earlier via PayNow, compared to those being paid through direct bank crediting or cheques.”
“About 450,000 Pioneers have benefited from the Pioneer Generation Package. As of May 2018, more than $1.3 billion has been disbursed from the Pioneer Generation Fund. This works out to an average of about $430 million disbursed annually1. The remaining fund balance is about $7.2 billion, inclusive of interest earned. The Fund Financial Statements are presented in Parliament at the end of each financial year and are also available online. Based on our current estimates, the Pioneer Generation Fund, with accumulated interest over time, remains adequate to meet the full cost of the Pioneer Generation Package.”
“Government entities, that is, Ministries and Statutory Boards, set up or own companies to achieve specific public policy purposes. Examples include Public Hospitals which provide healthcare services and the Employment and Employability Institute which supports the training and placement of workers and jobseekers. Such corporate entities will not engage in activities that are harmful to health or the environment. The Government's investments are done mainly through the Government of Singapore Investment Corporation (GIC) and Temasek. As has been explained previously, GIC and Temasek operate on a commercial basis in order to maximise long-term risk-adjusted returns. Their individual investment decisions are independent of the Government. While the Government does not prescribe how GIC and Temasek invest, both emphasise sustainability in their investment activities. Both recognise that good sustainability practices are good for business and can have a positive impact on long-term returns. Conversely, companies with poor sustainability practices carry business and reputational risks.”
“In doing so, the partnership and trust between the Government and the people will deepen. As long as Singaporeans stand united, both during good and tough times, and work together towards our common goal, we will build a better Singapore. (In English): The President has laid out the 4G leadership’s agenda for the coming years. Singaporeans want to be involved in this. We can face the future well if we continue to bring out the best in our people, and if all of us pull together in this spirit of partnership. I have shared with the House our plans to engage Singaporeans in a series of discussions, and to give everyone a role to turn good ideas into actions. Mr Speaker, Sir, may I conclude with a line from our national anthem: "marilah kita bersatu, dengan semangat yang baru". Come, let us unite in a new spirit. It has been decades since the National Anthem was composed. Today, we sing these lyrics in a profoundly changed world. Yet, the call has rung true across the generations and sounds just as clarion for ours. For our generation, unity is just as important as ever. For our generation, our new spirit must be one of greater partnership and trust. Let us unite in this new spirit of partnership and trust. Let us strive together as one people, united in our values, undivided in our diversity, giving our best as one for Singapore and Singaporeans. [Applause.]”
“We will build trust and ambition for Singapore and foster a common purpose. We will galvanise action and partnerships across society towards our common goals. Mr Speaker, Sir, I will say a few words in Mandarin. (In Mandarin): [Please refer to Vernacular Speech.]: The building of our nation and homes are interconnected. We are able to build our homes and families only if the nation is strong. In turn, the development of our nation is dependent on our people. We can only live and work in contentment and achieve happiness if our nation is prosperous and stable. The future of Singapore lies in the hands of all Singaporeans. The younger generation, in particular, has the responsibility of creating new possibilities for Singapore. The rapidly changing external environment and new technologies bring challenges, but also opportunities. We will create the best conditions for Singaporeans to succeed, help them to seize opportunities, bring out the best in them, so that they can achieve their potential and aspirations. We believe that every profession produces top talents. We hope that more successful people and leaders from different parts of society will come together to build our nation. We also hope that Singaporeans can demonstrate the spirit of “One For All, All For One”, and strengthen social cohesion. The 4G leaders and MPs will continue to engage our people and consider all views with an open mind. We will conduct a series of discussions, strengthen communication with different segments of the society, including charities and community organisations. The 4G leaders will remain true to our conviction, improve the lives of our people, and put the well-being of Singaporeans as a top priority.”
“Singapore belongs to all Singaporeans, and we need a whole-of-Singapore effort to take this journey forward. We will partner Singaporeans each step of the way in our journey of building our future Singapore. The 4G leadership will listen with humility and respect. We will consider all views with an open mind and adjust our course accordingly. We will communicate the thinking behind our decisions clearly. We will bring Singaporeans together and give everyone a role to turn ideas into concrete action. The 4G leaders and MPs will launch a series of discussions with different groups of Singaporeans to kickstart this process. We will share our ideas and seek Singaporeans' views on them. In doing so, we capture the wider range of views and perspectives in our diverse society. We will reach out to Singaporeans at different stages of life. Young Singaporeans are already coming forward through the ongoing Youth Conversations. Their views are important because they are our future. But we want to hear from others like the Generation X, Baby Boomers and Pioneers, too. We will reach out to different segments of society – people in different occupations who have different interests and passions and who are contributing back to society in different ways. We will reach out to our workers through the unions. We will reach out to our communities through the grassroots and Community Development Councils. Beyond these efforts, we want to reach out directly to volunteer groups, hobby groups and others who are actively contributing to society in their own ways. As there has been a variety of views shared in this House, we will take stock of them in the coming weeks, before providing further details on a discussion series. Through our discussions, we will share our ideas and seek your views.”
“CNS brings together Government agencies, VWOs and community groups as one team to help our seniors stay active and well. The idea of partnership may appear simple, but the potential for this partnership to touch lives – about a million seniors by 2030 – is significant. CNS is evolutionary in design but revolutionary in impact. It is an example of the kind of boldness that President Halimah has called for. It will be a big step forward in building a caring society. It will be a big step, too, in building our Singapore culture of partnership and trust. And partnership and trust extend beyond our shores. We need to work closely together with our immediate neighbours, and strengthen our relations with ASEAN members and all our major partners. Singapore is ASEAN Chair this year and the Prime Minister has chaired some very significant meetings. We are using this opportunity to work together with our neighbours and to make our contribution towards a more integrated, innovative and resilient ASEAN. I recently chaired the ASEAN Finance Ministers and Central Bank Governors Meeting in Singapore, and co-chaired the ASEAN+3 Finance Ministers and Central Bank Governors Meeting in Manila with the Korean Deputy Prime Minister. These were very successful meetings that bring forward our partnership in the region. And I am very encouraged by our enthusiasm to find ways and means to cooperate and partner one another. It augers well for the future of our region and for the future of Asia. Members of the House have shared what we see are the key issues for our society in the years ahead, and what we would like to build for our future Singapore. You have raised important questions, issues and ideas, and we must take them beyond this Chamber.”
“Whenever I join our charities and VWOs for their events, I meet passionate leaders who are actively building a more caring and cohesive community, showing leadership. Indeed, many Members of this House are serving your residents and Singapore in more ways than one, and through your own active philanthropic work – Ms Denise Phua at the Autism Resource Centre; Ms Rahayu Mahzam with the Malay Youth Literary Association; Ms Chia Yong Yong with the Society for the Physically Disabled; Asst Prof Mahdev Mohan with organisations in the legal field; and Mr Louis Ng at the Animal Concerns Research and Education Society (ACRES), and many other Members – it would not be possible to mention every one. But this list shows how much all of you care. More and more, I see different charity organisations coming together to do more together, and businesses are doing skills-based volunteering, lending their unique strengths to charities. And all this shows partnership in action. All this to the benefit of the whole society. And all this is possible because every individual, each organisation, is able to develop to the best in the first place. And this is something special and valuable that we must build upon. I am sure Members of this House all want to see more of such leadership in all parts of our society, and partnership among all parts of our society. The Government will nurture this, even as we do our part to give support where it can make a difference, and to foster a stronger partnership between the Government and the people. The Community Network for Seniors (CNS) is a good example of how we can partner one another to tackle one of our key challenges – an ageing society.”
“Our Singapore Conversation and SG50 introduced me to leaders from many fields. They care deeply about an issue or a group of people, take proactive steps to make things better. This is leadership. More than that, they appreciate different points of view, engage in honest dialogue and work together with other groups. This is partnership. The Committee on the Future Economy and now the Future Economy Council are energised and strengthened by the contributions of leaders in business, unions and academia. Mr Thomas Chua, Assoc Prof Randolph Tan and our Labour Members have been involved, and they can attest. Many private sector leaders are also working closely together with our political leaders in a number of focused committees to develop and act on this. Just last week, I shared what we are working on with an eminent visitor from a very advanced economy. When I described to him what we were doing with our ITMs, how we will bring in people together, he lamented that, "We are not even thinking about these issues, much less to bring people together". And he ended up our discussion by saying, "This is why I am so impressed with Singapore and this is how you are going to stay successful". So, I think what we have achieved is not something to be taken for granted and that it is not the natural order of things. We must continue to nurture this very carefully. In fact, in our discussions, businesses, unions, experts, they develop new products, new business models to take their sectors forward. And this is an exercise of leadership. And with the experience they gained, they give back to the Future Economy process with ideas, feedback, even training programmes, to level up across the board. And this is partnership in action.”
“Each generation of leaders has worked to strengthen the people-and-Government and people-to-people partnerships, building trust between the Government and the people and among all parts of our society. At critical junctures, we came together to chart our course for the future – The Next Lap in 1991, Singapore 21 in 1999, Remaking Singapore in 2002. More recently, Our Singapore Conversation, SG50, SGfuture. The 4G political leadership is committed to building this partnership and growing the trust. The Prime Minister said that we need new ideas, new bonds and new connections in every generation. The public is interested in how the 4G political leadership is taking shape. They recognise, rightly, that this is important for our country's future. To build new ideas, new bonds and new connections, we must also develop leadership in all parts of our society. As our challenges become more complex, the Government will not have all the answers. We need to harness the diverse strengths of our society, through leaders at different levels in different parts of our society. By working together, we can achieve something greater than the sum of our parts. So, we must go beyond political leadership, to develop and embrace leadership in every part of society – from our unions and trade associations to NGOs and VWOs. And we must be united by a sense of common purpose and galvanise whole-of-nation efforts to take Singapore forward. Leadership in every part of society will define the quality of our partnerships. It is only when all parts step up, that we can best draw from diverse strengths across society to make a difference. My own interactions with leadership in all parts of society has been enriching and humbling.”
“Next, I would like to speak about building a culture of partnership and trust to keep Singapore a special place for all of us. Singapore can have a place in the world only as long as we stand for something special, and only as long as we stand united. We can stand for something special if we draw together the most of everyone's diverse strengths, from across all parts of our society. This takes a pervasive culture of partnership. And we can only stand together if we have strong bonds of trust among us. Partnership and trust work together, nourish each other. The more we partner one another, the better we understand one another, the more the trust will grow. With more trust, we partner and work together more readily. A unity of purpose grows out of our diversity of strengths, through partnership. And unity matters. Other countries watch us. If there are divisions, these will be exploited. You see this in many parts of the world. If we stand united, we stand tall among nations. In this House, we have Government MPs, Opposition MPs, Nominated MPs and Non-Constituency MPs. We engage in vigorous debate, as we should. But when it comes to the crunch, there must be no doubt about one thing: that every single one of us is totally committed to the long-term interests of Singapore and Singaporeans. Whatever our views, let us come together to safeguard our sovereignty and serve the long-term interests of Singapore and Singaporeans. President Halimah has called for us to foster a deeper people-Government partnership. This partnership must be sincere and grounded in trust, with all stakeholders playing meaningful and complementary roles.”
“Going forward, we must stay united against new forces, new fault lines, that may divide us. We must discern and guard against misinformation, stay aware of what is happening around the world, understand and defend what Singapore stands for. And when we chart our way together, we must do so with a respect for the truth and a sense of responsibility to one another. To bring out the best in our people, we must continually find ways to respect, encourage and support Singaporeans to give expression to our values, whether it is through acts of service, such as Values-in-Action education and philanthropic programmes to act on their care and compassion for others; through platforms, such as the Global Innovation Alliance for our people to venture out into the world, to innovate and create value; or through opportunities, like Our Singapore Fund, to celebrate our identity, cultures and all that make being Singaporean special. Our goal is to spark Singaporeans' sense of wonder and curiosity when young. Let us fire up their passion to explore and discover, and encourage them to invent and innovate, throughout their lives. We should move away from an over-emphasis on grades, build on the strengths and interests of each child, and develop each to his or her fullest potential. We must strive for multiple ladders of success, multiple peaks of excellence. This will take time, but we must continue to persevere. Life is full of wonders and possibilities. To be Singaporean must mean to have the opportunities and abilities to see, seize and seek more of life's possibilities. Our goal must be to make this true for every Singaporean. That is how we will continue bringing out the best in our people.”
“Bringing out the best in our people is not just about helping Singaporeans to make a good life, to make the grade or make a living. It is about supporting Singaporeans to make a good life and to make a difference. For this reason, it is not only what we know or what we can do that matters. It is what we are made of, what we stand for, that counts. Minister Indranee Rajah spoke on our values and how they define us as a people. Minister Masagos Zulkifli called for us to grow not just any meritocracy, but our Singapore brand of meritocracy where the successful give back to society, where we share common experiences, and where Government policies enable our people to move up. There are some values and instincts that are intrinsic to the Singaporean. If we are to bring out the best in every Singaporean, we must stay true to these values. Our existing values of thrift, hard work, resourcefulness and resilience serve us well and we must uphold them. In a new world of greater change, we will need a new emphasis on our values and develop 21st century competencies. From our founding, we have been open to goods, ideas and peoples from around the world. Going forward, we must also be open to change. And not only to the change that comes to us, but go out and actively engage with it, seek our place amidst the change. This means keeping a sense of adventure about new possibilities and having courage in the face of challenges. We have always embraced our wealth of cultures, languages and religions, and turned this diversity into a strength. Going forward, I hope we also treat the growing diversity of perspectives, causes and success pathways as our endowment to treasure and nurture. Our Pioneers, in a spirit of self-determination, fought hard for us to be masters of our own destiny.”
“Every school a good school is about bringing out the best in every child. This is what our schools have been doing, recognising that every child is unique. How have we been working towards this? Through a combination of hard and soft ways. Resource each school well; fire up educators with a sense of mission and purpose; create diverse pathways and programmes that cater to the different interests and talents of our children. Equally important is how we have built on one another's work, and this came through very clearly whenever I discuss with Education Ministers at that time with ministers around the world. In MOE, I was fortunate that past Ministers for Education, including Deputy Prime Minister Teo Chee Hean, Deputy Prime Minister Tharman Shanmugaratnam and Dr Ng Eng Hen in this House, passed to me and my team a strong foundation to build upon. I am glad that Minister Ng Chee Meng, and now Minister Ong Ye Kung have continued to build on this. We are now taking this same aspiration beyond our schools to our whole economy and society. Just as we run our schools to bring out the best in every child, we can shape our economy and society to give every Singaporean the opportunities, skills and competencies to fulfill their potential. Minister Chan Chun Sing spoke of Singapore Unlimited. Indeed, this is how we can broaden opportunities for our people. Minister Josephine Teo at the Ministry of Manpower and Minister Ng Chee Meng at the National Trades Union Congress are building on what their predecessors have built, by enabling workers to adapt and grow, and providing extra support for low-wage workers, mature workers and middle-aged middle-income workers.”
“This is the central question that should occupy each generation of leaders because Singaporeans are at the heart of everything this Government does. This stays constant, whichever the generation of leadership: 1G, 2G, 3G, 4G or 10G. What does change are the circumstances. New circumstances call for new approaches from us. So, each successive generation must ask anew: how do we bring out the best in our people? How do we make life even better for our people? Since 1965, we have delivered better lives. Singaporeans of all backgrounds enjoy a safe and secure environment, home ownership, world-class education and good job opportunities. Our people lead fulfilling lives and age with dignity, with the assurance of good quality and affordable healthcare. A child born in Singapore today has one of the best odds in the world of having a safe, healthy and fulfilling life. We are at a more advanced stage of development now. With better lives, come bigger dreams. Can we do better to support our people? We can, and we must. In every sphere, from healthcare to education, from the economy to the creation of jobs, transport to security, we will push the bounds to continue to better the lives of all Singaporeans Minister Ong Ye Kung spoke about how we must strive ceaselessly to tackle inequality so that Singapore remains a place of opportunities for all. Minister Ng Chee Meng set out how we will better support vulnerable workers so that they can face change with confidence. Minister Lawrence Wong described our city of tomorrow, one that embraces the future and is more innovative, inclusive and resilient. I first said, "Every School a Good School" in this House. After I did, some Members of Parliament (MPs) said, "every hawker centre a good hawker centre" and "Every MP a good MP".”
“Mr Speaker, Sir, I rise in support of the Motion. Over these past five days, Members have shared their concerns and also their hopes for Singapore and Singaporeans. Members of Parliament spoke about the immediate issues that Singaporeans are concerned with, such as jobs, cost of living, inequality. These are important. I am glad Members are listening to and reflecting the feelings of their residents. We hear you. We are taking action to address our people's needs and concerns, including the cost of living. I explained in this year's Budget some of the measures that we are taking to meet the immediate concerns of Singaporeans. Members of Parliament also spoke about our longer-term challenges: geopolitical and economic shifts in our region and the world, technological advances and disruptions that will transform how we live and work, and new social divides that test our cohesion. These long-term issues, too, are important. We must not only navigate the choppy waters that are immediately around us, but have a sense of where we are going, where we are headed towards. When it comes to the longer-term challenges, we are taking action, we are working to secure opportunities for our people. Our Industry Transformation Maps (ITMs) and Community Networks for Seniors, among other things, are major initiatives in this regard. Each generation must forge its own way forward. As the Prime Minister put it, a Government must govern. Today, I would like to share some thoughts on how we can take Singapore and Singaporeans into the future. There are two vital parts to this: how we continue bringing out the best in our people; and, how we continue building a culture of partnership and trust in Singapore. First, how will we continue bringing out the best in our people?”
“We must continue to exploit new knowledge to diversify and create new industries, meet national and social needs, and create a Singapore with opportunities for all. In a competitive world changing rapidly with technological advances, we must also remain connected to the world as a vibrant Global-Asia node of technology, innovation and enterprise.”
“Working with economic agencies like Enterprise Singapore, it will support Smart Nation efforts in emerging sectors, such as Smart Energy, Digital Manufacturing, Fintech, Digital Health and the Internet of Things. Budding entrepreneurs are matched with mentors, introduced to venture capital firms, and will be able to access R&D talent. Together with other economic agencies, we will facilitate strategic partnerships among Singapore-based companies to expand their capabilities and help them access global markets. We will continue to invest in growing a strong pool of science and engineering researchers, with links to the global community. We will refresh our strategic investments in major research centres in our universities and in our CREATE (Campus for Research Excellence and Technology Enterprise) collaborations with international partners, and continue to position Singapore as a global node of scientific excellence. Our NRF Fellowships and Investigatorships continue to attract promising young scientists to conduct research in Singapore and provide opportunities for established scientists to pursue groundbreaking research. Our Returning Singaporean Scientists scheme attracts overseas Singaporean scientists home to grow the core of Singaporean researchers and eventually take up leadership positions here. In line with SkillsFuture, we will work with partner agencies and industry to increase the innovation and enterprise talent pool, identify key frontier skillsets in demand, and work with our Institutes of Higher Learning to train more Singaporeans for jobs in these fields. Our RIE investments have created a strong foundation for the next stage of Singapore’s development.”
“Stronger linkages across the value chain are enabling the flow-through of knowledge and technology from research into industry and community applications. The rapid growth in innovative high-technology enterprises in Singapore is encouraging more young Singaporeans to pursue careers built around science and technology. NRF will continue to harness our national research and innovation capabilities to enhance our economic competitiveness and provide greater opportunities for Singaporeans. By aligning RIE’s efforts more closely to the Future Economy Council’s (FEC's) efforts, we will accelerate the deployment of solutions to enable economic transformation. These include new programmes to support the transformation of our Maritime and Aviation sectors to sustain Singapore’s status as an international transport and logistics hub, and the development of a more responsive and resilient next-generation energy grid architecture. We will expand our investment in digital and automation technologies, including robotics and artificial intelligence. These investments support the FEC’s efforts to encourage adoption of digitalisation and automation across our economic sectors. We will support the growth of Singapore-based companies through technology translation and knowledge transfer platforms, such as the Technology Consortia and Corporate Laboratory@University initiatives. NRF will continue to support industry to get better at investing in new ideas and facilitate the flow-through of researchers into industry. SGInnovate, a new entity started in 2016, has been expanding its accelerator programmes to support startups and growth-stage companies in deep-technology areas.”
“Singapore's research, innovation and enterprise (RIE) efforts will continue to play a key role in driving our future economy and addressing national and societal priorities. Together with researchers, entrepreneurs, companies and Government agencies, the National Research Foundation (NRF) seeks to grow more innovative Singapore-based companies, create more good jobs and improve the lives of Singaporeans. Singapore's international standings in both research and development (R&D) and in fostering innovation are strong. R&D in our universities and research institutes create economic and societal value for Singapore and enhance our quality of life. Many companies, both foreign and local, recognise Singapore’s R&D value proposition and have deepened their R&D activities here. The Bloomberg Innovation Index has ranked Singapore as the third most innovative economy in the world, and the top innovation hub in our region. We have a vibrant and growing ecosystem of startups, venture capitalists, incubators and accelerators, leveraging Singapore’s strengths as a financial centre and a trusted location to protect intellectual property. We are sustaining this commitment to RIE. The RIE 2020 Plan is directing $19 billion between 2016 and 2020 towards four focus areas: Advanced Manufacturing and Engineering, Health and Biomedical Sciences, Urban Solutions and Sustainability, and Services and Digital Economy. These are areas of both national need and existing scientific strengths for Singapore. While continuing to invest in academic excellence, we have sharpened our focus in research funding towards creating and capturing value from our R&D investments. This includes investing in research translation, facilitating innovation, and supporting startups and growth companies.”
“There are also ongoing discussions to develop international tax rules under the Base Erosion and Profit Shifting project. This is why we are taking steps to strengthen our revenue position, including through an increase in the Goods and Services Tax. As we build up our revenues, we will ensure that taxes remain competitive to encourage private enterprise and individual initiative. We will continue to keep our overall tax and transfer system equitable, fair and progressive. We will also continue to seek the best value for the money we spend. We will do this by managing our expenditure growth carefully and continually seeking more cost-effective solutions in the public sector. We will explore new funding approaches for large-scale infrastructure investments, particularly through borrowing by Statutory Boards and Government-owned companies. We will leverage the strength of our financial position to optimise our borrowing and invest sustainably in longer-term infrastructure that will position Singapore well for the future. We will continue to be good stewards of our Reserves. Our Reserves provide us with the means to weather shocks and crises and strengthen investor and market confidence in Singapore. We will continue to uphold the framework that enables us to invest our Reserves for long-term returns, and to use part of the returns to supplement our budgetary needs. We will harness our fiscal resources prudently and responsibly, so as to advance the well-being of all Singaporeans. We will do so in partnership with citizens and the community.”
“The Government has substantially increased social spending in major areas, including education, healthcare, housing, Workfare and Silver Support. MOF will continue to support individuals and families, strengthen partnerships between the Government and the community and encourage a spirit of giving through SG Cares. We are investing heavily in preschool, education and skills upgrading to ensure that citizens have opportunities to develop their potential throughout life. We will support Singaporeans to stay healthy, make informed healthcare choices and prepare for their healthcare needs in old age. We will also continue to expand our healthcare capacity and strengthen long-term care, while moderating the growth in healthcare costs. We will do more to strengthen our families and enable our seniors to stay active, contribute meaningfully, and age with confidence. We will promote sports, arts and heritage, philanthropy and volunteerism to build common interests for a stronger society. Singapore is on a sound fiscal footing today because we have always emphasised prudent spending and built resilient and broad-based revenue sources. We have also invested our resources wisely and used our investment returns in sustainable ways. We must continue to maintain a sound and sustainable fiscal system and ensure a balanced Budget over the medium term. Our fiscal position is expected to tighten considerably in the coming years due to rising expenditures, especially in healthcare, infrastructure and security. On the revenue side, we have to adjust to changes in the global environment that could impact our competitiveness. Several countries are moving to reduce their corporate income tax rates.”
“The Ministry of Finance (MOF) supports the Government’s policies and programmes through a sound fiscal system that plans for the future, and an effective and efficient Government that innovates and delivers value for money. The shifts in global economic trends, ageing and far-reaching innovations brought about by technology, present opportunities to transform the economy. To sharpen our competitive edge, MOF is partnering Government agencies to strengthen Singapore’s position as a Global-Asia node of technology, innovation and enterprise. We are investing in making innovation pervasive, deepening capabilities in our firms and workers, and forging partnerships with businesses and trade associations to drive industry-level advancements. We regularly review our corporate regulations to ensure we have an efficient, transparent and business-friendly environment. We will partner the private sector to co-create solutions for businesses, and harness technology to improve services for businesses and citizens. As the Association of Southeast Asian Nations (ASEAN) Chair in 2018, we are promoting ASEAN financial integration with initiatives to sustain growth, boost resilience and foster innovation for the region. We will continue to support Singapore’s development as a smart, green and liveable city. The introduction of a carbon tax is part of an overall approach to improve Singapore’s energy efficiency and address our climate change commitments. Major investments will be made to rejuvenate ageing infrastructure, develop new districts and transport networks, and enhance our air, sea and land links. We will invest in Strategic National Projects that lay the foundation for a Smart Nation and strengthen our connectivity to the world.”
“There are different methodologies used internationally for calculating the Gini coefficient. Singapore's Gini coefficient is typically reported based on household income from work per household member. The calculation by the Organisation for Economic Co-operation and Development (OECD) is based on the Square Root Scale1. If we apply the OECD method to ourselves, then based on data from the latest available year, the Gini coefficients for Singapore and some major economies are shown in Chart 1. Before taxes and transfers, Singapore’s Gini coefficient is low compared to many major developed economies. After taxes and transfers, several countries have a lower Gini coefficient compared to Singapore. This is because they typically impose higher overall taxes on the working population and, in particular, on the middle-income, in order to finance large social transfers. In contrast, Singapore's approach is to keep our tax burden low and provide targeted support for the lower-income. In addition, these calculations do not reflect the full range of Government policy interventions that are unique to the Singapore context. For example, many Singaporeans enjoy significant subsidies for the purchase of HDB flats, which have helped them own homes in a high-quality living environment. Chart 1 International comparison of Gini coefficients based on the square root scale (latest available year)2”
“I think I can accept that in the heat of the exchange, you may be saying things which you did not intend. But now, having had so many days to examine the facts, I would like to know whether Ms Lim, do you have a basis for your belief? And now, do you accept the explanations that have been given that this has been the intention of the Government, there was no back-tracking, that this was the fact as we had put out? In fact, the issue of raising taxes had been raised many times before that. It is just that the timing and the details are not revealed. And I do not think it is proper for us to talk about the details and timing of it, way in advance of a Budget.”
“Parliament is a serious forum for us to discuss serious matters. Now that you have the opportunity to gather all the facts, now that I and my colleagues have made all the clarifications, and you had the chance over the last few days since you made the statement to check the Hansard, to check whatever facts, I think it is only right and honourable that you withdraw the statement. Unless you have a basis for that, that you cannot come here and say, "I heard this. I am repeating this". You need to have a basis. So, having examined all the facts, do you have a basis? And if not, I think it is only right and proper that you withdraw the statement.”
“Mr Speaker, Sir, thank you for allowing me to take up this matter. I think Ms Lim made a statement on 1 March and let me quote, "We do know that in the run-up to the Budget discussion, there were some test balloons being floated out about the fact that the Government needs to raise revenue. And immediately the public seized on the fact that Deputy Prime Minister Tharman and perhaps other leaders had earlier said that the Government has enough money for the decade. So, the public pointed out, 'Hey, you know, is this a contradiction?' And I rather suspect", "I" meaning Ms Sylvia Lim, "that the Government is stuck with that announcement. Otherwise, if the announcement had not been made, perhaps we would be debating a GST hike today." I think what Ms Lim meant by that statement is that she was suggesting that the Government would have raised GST immediately, if not for that adverse public reaction when it "floated" the suggestion late last year and if it had not "stuck" with the previous statement that it had enough money for the decade. Ms Lim was, in fact, accusing the Government of being untruthful when it says that it had planned ahead and that its proposal to raise the GST between 2021 and 2025 was a result of such planning. Ms Lim asked earlier why is it that MOF did not come out to reveal details at the Budget. The Budget is a serious matter. We take great care in preparing the Budget and that the details are kept as secret until the day of the Budget. Because it has got impact on the market, not just in Singapore but internationally. So, I do think that these are serious matters. What Ms Lim is saying is that your allegations, you made the allegations, you claim to reflect the views of the public. But you said "I suspect that this is the case".”
“Mr Speaker, Sir, this debate is a debate on the financial policy of the Government, and I have articulated in this Budget the financial policy of the Government. Therefore, the financial policy includes the policy to raise GST in the coming years, between 2021 and 2025. So, I think I will ask for a Division, Sir.”
“Mr Speaker, Sir, this is an important Motion on a very important issue. And after the debate that we have in Parliament, the Workers' Party has not made clear its stance on the Government's financial policy. So, I either have a clarification from Ms Sylvia Lim now that she supports the financial policy of the Government, or I would ask for a Division, Sir.”
“It happened very, very swiftly and I have to say that, rather unfortunately, many of the countries that were very deeply affected, adopted policies that looked very good at that point in time. It seemed like they were doing the right thing, but the reserves were gone very, very quickly, and it took them years and years to rebuild them. Having gone through the Global Financial Crisis when I was running MAS, I was even more concerned. We all thought that maybe only developing countries are vulnerable to financial crises. But when this crisis happened, it originated from the most developed economies in the world, amongst the most sophisticated financial centres, in the US, in Europe, and then it spread to all the rest of us. We, in Asia, were lucky that all those new products and new innovations had not had such a strong foothold yet, although they were coming. Let us be very careful about dealing with finances, dealing with our Reserves, dealing with our global financial market. It is easy to suggest, "Let's do this, and that". But we really have to think through the implications very, very carefully, and we must continue to monitor how global financial markets are developing. Even as I speak, new rules are being made; not only about global finances but about global taxation. And these rules are going to change. In my Budget speech, I spoke about how the centre of economic activity is moving towards Asia. I also added a line that the global order will change. I think Mr Low Thia Khiang hoisted that point. Therefore, let us think very hard about all the things that we need to do and make sure that we provide sufficient buffer.”
“I thank Ms Kuik for her questions. On the first request: can we make the slides and the information available to our people and our educators? The answer is, certainly. And if there are particular information or analyses that she thinks are useful, I would be happy to get my colleagues to work on that, because I think an informed discussion is important. As to the second question, Ms Kuik understands the need for our Reserves numbers not to be revealed because it serves as a strategic asset. I hope she appreciates that, in a world of major currency transactions every day, even the size of our Reserves is tiny by international standards. It is tiny by the amount of transactions that are going on around the world every day. And we are an important financial centre. So, the answer to the suggestion on whether we can split it into two parts: I have actually considered that, but I do not think it is sound because there will still be speculation as to how big that part is. Two, the MAS' official foreign reserves are actually in the data. It is publicly available as to how big the MAS' official foreign reserves are. A way of thinking about it is that that forms one part of it, but, as for the rest, should we look at it more? Should we reveal more? No. Having gone through the Asian Financial Crisis – I was serving as Principal Private Secretary to Minister Mentor then – and I was looking at how various countries were managing their reserves and managing the currency speculators, it was the most important lesson for me as a young officer then. Never underestimate how the profit motive can destroy countries.”
“If you remember, I said it at the last Budget that we have to look for revenue measures. I said it again at a constituency visit at Cairnhill-Moulmein a few months after that. Then the Prime Minister said it in November last year. So, on the basis of all the evidence that I am offering, will Ms Lim withdraw her comments?”
“Mr Speaker, thank you. I want to thank my colleague, Minister Shanmugam, for reminding me that I have not answered this part of Ms Lim's question. Ms Lim says that she is saying this on suspicion. I believe Ms Lim is a lawyer and also a Police Officer before. I, too, have been a Police Officer before. So, we both know that the first thing when we have a suspicion, is to go out and interview witnesses as part of our investigations. I want to present myself as your witness, because I have been working on this ever since I became Finance Minister. I want to confirm that the statement made by Deputy Prime Minister Tharman: that we have enough revenues till this term of Government, is correct. We have done all our projections and that is an accurate and truthful statement. If you were to look at circumstantial evidence, why did I not set a timeline for that? I said that it depends on the prevailing economic conditions, it depends on a number of factors which I will continue to carefully monitor. And that we must not get distracted with one-off events, one-off surpluses. I made that very clear in my Statement. If, indeed, we were so short, would it not be the logical thing to say, "Let's do it now" and find some ways to do it? We did not. I said that it is between 2021 and 2025. Having told Ms Lim that I have been working on this ever since I became Finance Minister to look at all our revenue projections and expenditure projections again and discussed with the Prime Minister and Deputy Prime Ministers – that the statement is correct. It is an honest assessment of our position, which remains accurate till today. That is why I did not have to do a GST increase now, in this Budget. It was not a case of floating any trial balloon.”
“So, those are the very important defences that we have for the Singapore dollar, and the very fact that the Singapore dollar has risen is not just because of our monetary policy. The fundamental reason is that our economy has been doing better, that the real economy has got its position correct, that we have been upgrading and revamping the economy over the years and, therefore, the currency moves up, in order to play the equilibrating role.”
“From looking at the studies that they have done, I am convinced that it remains the right policy: to have an exchange rate-centred policy to be able to manage the economy. The Reserves are not just about maintaining the strength of the Singapore dollar. The MAS manages our official foreign reserves and it undertakes operations in the market in order to get to the desired band. It also makes policy announcements regularly so that the market is clear about the official assessment of the economy. The market may or may not agree and, in which case, you will see currency movements. But I must say that MAS has done a very good job over the years and so the market generally accepts MAS' policy announcements. In terms of maintaining the strength of the Singapore dollar, the Reserves play a very important crisis role which was what was tested during the Asian Financial Crisis. When speculators were speculating on the positions of other currencies, they did not touch very much the Singapore dollar because they know of two very fundamental reasons. One, our finances are sound; that our fiscal policy at the various stages of the crisis is sound. And that is why I mentioned that we are one of 11 countries with a triple-A credit rating. All these firms who are doing credit ratings look at the numbers very carefully before they give us a triple-A rating. So, that is one important anchor. Two, speculators know that should they try to attack the Singapore dollar, it is not just our official reserves that they have to contend with. We also have reserves that are invested in longer-term assets and that we will be able to mobilise, if we need to.”
“The Member asked about how the land sales proceeds get to MAS, GIC and Temasek, and how do we divide that? We have a whole-of-Government Reserves Management Committee chaired by the Prime Minister and there we look at the risks and returns of different entities, the risks and returns across the different markets and allocate it for long-term gains, taking into account both the returns as well as the risks at the current market environment. The Member's last question about the basis of the Reserves for the strength of the Singapore dollar, let me clarify. There has been a lot of misunderstanding on this point. Certainly, strong Reserves help us to anchor confidence. But MAS' needs in terms of what it does as a central bank is very different from almost all central banks in the world. All central banks in the world adopt an interest rate policy. Whether it is the US Federal Reserve (Fed), the European Central Bank (ECB) or the Bank of Japan (BOJ), the central bank announces certain policy rates and then they undertake certain operations to get to that rate if they need to, but the announcement itself and the anticipation of the announcement have very major impact on the economy. That is how they conduct monetary policy. In our case, our monetary policy is centred on the exchange rate. Again, I must give great credit to Dr Goh Keng Swee and his team very early on, for deciding on this most unusual way of dealing with our monetary policy. The reason is this: the exchange rate has a far bigger impact on the state of the economy than interest rates. We are a very open economy and, therefore, the exchange rate affects economic activity in a far more significant way. The MAS regularly updates our trade numbers and updates our economic model to see if that remains valid.”
“That is why the NIR formula has a built-in way to smoothen these asset fluctuations. You do not want to have a situation where financial markets are doing very well, that the Government spends a lot more, and then when the markets go down, which is probably when we need the resources most, that you have very little to meet those needs. Let us be very careful about over-interpreting the number. The Member's other comment about raising the NIRC contribution to 60%-70% for a short period for infrastructure, is this not another way of touching your Reserves, changing the formula, to use it and say, at some point, I would put it back? I do not see the logic of that argument. In fact, what we are doing, or what we are hoping to do, is that we want to have proper discipline and scrutiny of borrowing for infrastructure. That is why we are going to discuss with the President and CPA. We think that a proper way of doing this is to issue bonds in the market so that investors can scrutinise those numbers and see that these are viable projects. Then, seeking the approval of the President and CPA to provide a guarantee. So, again, there is another layer of check but, at the same time, that layer of guarantee allows us to access funding at probably a better rate. So, we are using the strengths of the Reserves strategically but without touching the Reserves so that the Reserves can continue to be invested for long-term gains. That is the approach and, therefore, whether you are taking 50%, 55%, 60% or 70% for a short period of time, it sounds like it is a costless option. It is not. It cannot be done that way. The way that we are proposing is conceptually sound and financially sound.”
“I thank Mr Pritam Singh for his questions. The Member's first question, about the fact that our NIRC is, in fact, becoming an increasing source of revenue for the Government: that is correct. This number has been doubling; from $2 billion to $8 billion to $16 billion that the Member mentioned. So, in that regard, that is why I said, it is now the single largest source and, therefore, we should be careful in having a more diversified source of revenue. The Member asked about whether the fact that the overall NIRC contribution is 3.4%, when the Deputy Prime Minister Tharman Shanmugaratnam has said that it is between 2% and 3% over the five-year period. Is it because we are getting more? Well, the markets have been doing better. But bear in mind one thing, the NIRC is about long-term investment. It is about long-term investment. And, therefore, we cannot work based on short-term fluctuations and decide that well, henceforth, in the future, we would have this 3%, 4%, 5% that we can rely on. It does not work that way. I was at the MAS when the Global Financial Crisis happened. I can tell you that I spent many days and nights and weekends looking at the market and how it was going to affect us. I attended so many meetings among global central bankers, Chief Executive Officers (CEOs) of companies, of financial institutions, with finance ministers in the developed world and with major central banks. You find that none foresaw the problem. There were warnings about some of these by some analysts, but none foresaw the problem, and the impact was huge. We must accept that there will be market volatility which you cannot predict. And it is not sound to build our finances on short-term fluctuations, whether up or down.”
“Sorry? Education Minister, yes. Did I say "Finance"? Oh okay. I am not hinting at any changes! I got distracted! [Laughter.] Well, they continue to build on this good work. That all these changes have taken place for many, many years and the fact that our students are doing so well, it is really a tribute to our educators, our parents, to the many self-help groups. The numbers which I have shown are done by the OECD study, not just of PISA but, in fact, of various areas in which they are looking at our kids, including in areas like collaborative problem-solving. Our kids are ranked best in the world in this. We must give credit for this. As a former Education Minister, I can tell you that the reason why collectively we are ranked so high, the very important reason is this: in every country, you can find one good school, one of the best schools which the elites would go to. In Singapore, if you look at the performance of students across our schools, you can see what a high average it is. So, when I say "Every school, a good school", it is not just a feel-good thing. Because I really think that we must give credit to all our educators, to all our principals, to all our parents for the hard work that they put in so that, regardless of which school you go to, the child has the best chance of success. Beyond the basic foundation as they move into post-secondary education, that we have many more pathways for them to excel. It is right and proper that we look at what have been achieved, rather than look at what has not been achieved and, therefore, pick on that one narrow area and discredit the work that has been going on by so many good people. [Applause.]”
“In fact, there are many things which I am very happy that Minister Ng Chee Meng and Minister Ong Ye Kung are continuing to do, building on the works of previous Finance Ministers, to continue to raise — Some hon Members: Education Minister.”
“So, now that I know that it is your Party's position, I am even more puzzled because I wonder why all your MPs, every single one of them, spoke about "let's do more". In fact, none of them had suggested that "No, no, no, you should cut back on this item or that item.” In fact, “Very good, whatever you do, double up, do more." So, the question is, if I accept all your proposals, I have to redo the expenditure sums again and look at what else we need to do. So, I think that is quite a distraction. I hope Mr Low was not distracted somewhere. Now, as to your point about the land sales, and why my five land parcel analogy is not a correct one. The basic fact is this: most of our land sales are of pretty long leases − 99 years; for industrial land, some 30 years, some 60 years. If you sell that land for 99 years, you are not going to get back that land until 100 years later. If you are rigorous about it, you really ought to be spending no more than 1% of that land sale proceeds even if you want to use land sales proceeds because that is what the land is worth for a year. But for Mr Pritam Singh to say, "Oh, don't worry, let's take 20% of the land sales and, therefore, use that", is it not the equivalent? And you are not going to get the land back over the length of the lease. So, that stream, that upfront capital payment, ought to be considered over its lifespan and, therefore, it is not proper. Several MPs had spoken yesterday that even for building infrastructure, we should be considering lifecycle costs. So, I think we better do our financing properly. Then, on the Member's point about the PISA score and the students, we are not saying that we have a perfect education system.”
“If you know, as an individual, that you do not have enough money to even pay for your basic meals, should you not provide for some of that? Never mind that I do not know what other things we have to spend on. I mean that, that is very simple to understand and I really do not understand why you want to create this… or I must know everything before I can decide on anything. I think if I had taken that approach, if previous Finance Ministers had taken that approach, that I must know every item of expenditure before I can support you, before I know how much to raise, we would have been in serious deficit long, long ago. So, I am very grateful that previous Finance Ministers, Governments and Prime Ministers, have been extremely prudent in making sure that when we know something is coming, do not avoid it, do not pretend that it is not coming and then mislead our people and say that "Therefore, without knowing, I cannot support". The question for me is very simple, "Do you support all those increased spending? Or are you contradicting all your MPs' positions yesterday where everyone spoke about doing more? And if you do, then tell me how much is it going to cost? And even to fund a fraction of what you have suggested, where is the money going to come from, and would a two-percentage point increase help us in some ways? Do you disagree with the fact that our healthcare expenditure will go up and, if you do not disagree, then the question is how do we find the revenue sources to meet that? So, that is the answer to your first question, and also your second question about why your Party's position, about why you cannot support at this point.”