Our Growing Reserves: More Help Can Be Given to Struggling Singaporeans

The latest Government Financial Statements for the fiscal year 2021/2022 was released today and is linked below for your reference. The Statement of Assets and Liabilities on page 88 of the report shows that our total financial assets (a proxy for the national reserves) have increased from $1.40 trillion on 31 March 2021 to $1.57 trillion on 31 March 2022 – an increase of about $170 billion. Will this be mentioned in the mainstream media?

This $170 billion increase is net of the approximately $40 billion drawdown earmarked for Covid-19 spending. So, where’s the necessity to replenish the reserves and where’s the necessity to raise GST? Where’s the need to worry about MAS losses? On the other hand, Singaporeans can rest assured that our CPF saving are backed by adequate foreign assets.

We are not suggesting that we should raid the state reserves, but our country continues to be in good financial shape, as government data shows. The government really ought to offer more help to Singaporeans who are struggling financially. Where’s the compassion and empathy?

The help should not be handouts, especially the short-term dribs and drabs which the government is fond of giving out. The help should be in the form of long-term incentives to improve the performance of the Singaporean Core and allow each Singaporean to realize his or her full potential.

There should be more help to reduce the inflation pressure, GST hike should be rescinded, targeted skills training that leads to jobs with higher wages, minimum living wage to guarantee a decent standard of living, shorter waiting time for HDB flats at affordable prices for young Singaporeans to form families, cheap and effective healthcare as well as comfortable retirement for all Singaporeans in a sustainable society.

We have the resources to make things better only if we change our fiscal objective from maximising and hoarding profit to maximising social benefits and happiness.

Singaporeans deserve better.

For Country For People.


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