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Table of Contents (A) ECONOMIC PERFORMANCE
An Exceptional Year
2011 Outlook – Opportunities and Risks
Fiscal Position for FY2010
Putting Back into Past Reserves
(B) BUDGET 2011: GROWING INCOMES, STRENGTHENING OUR SOCIETY
Building for the future
Dealing with Inflation
(C) GROWING INCOMES FOR ALL SINGAPOREANS
Our Basic Approach
Sustaining Growth
Boosting Skills and Productivity
Supporting Enterprise Growth
Miscellaneous Tax Initiatives
(D) STRENGTHENING OUR SOCIETY
Building An Inclusive Society
Rewarding Working Singaporeans
Supporting Families with Children
Providing the Best Care For Our Seniors
Helping the Needy
Enhancing Homes and Our Qaulity of Life
‘Grow & Share’ Package
(E) BUDGET POSITION
FY2011 Estimated Budget Position
(F) CONCLUSION
E. BUDGET POSITION
E1. Mr Speaker, Sir, let me now summarise the FY2011 budget position.
E2. After factoring in the various tax measures and significant special transfers in this year’s Budget, we expect a basic deficit of $2.2 billion for FY2011, or about 0.7% of GDP. This is slightly smaller than the FY2010 basic deficit of 0.8% of GDP.
E3. The Overall Budget Balance for FY2011 is projected to be a slight surplus of $0.1 billion. This is after taking into account, firstly, Net Investment Returns Contribution (NIRC) of $7.8 billion; and secondly, the amounts we are setting aside for Endowment and Trust Funds that serve both our economic and social objectives9. The injections into Endowment and Trust funds will alleviate pressure on future Government Budgets to fund our long-term needs.
9 Transfers to Endowment and Trust Funds total $5.5 billion. This includes $3.4 billion to support our longer-term social objectives in healthcare, continuing education, and help-schemes for the needy. It also includes $2.1 billion in investments for productivity and innovation, and measures to help the corporate sector.
