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Budget Views

singaporegal
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24-Jan-2009 11:39

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Well... I don't that any budget can directly help someone find a job.

But indirectly, the budget does help people keep their jobs (at least for a little while more).

nematic ( Date: 23-Jan-2009 09:33) Posted:

I am worry that if for those jobless and if if if i lost my job next month (touchwood!!!), what good does the budget does to me and help me in anyway... anyone enlighten me did i miss anything the budget says it helps those jobless to tide over this difficult times with all the loans we have...

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knightbridge
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23-Jan-2009 11:06

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Anyone not working want to have free CPF money every month, i think alot of SME will want put names for foreign worker employmnent. Can kick the Singaporean and put foreign worker at $15 - $18 per day (with 6 full day work no complanit), as the CPF 12% gov give might result in abuse.

L..... ( Date: 23-Jan-2009 10:52) Posted:

already v generous la cant ask for more

2x gst credits

1-2 times more csc rebate

20% off income tax

cant expect govt to give us pocket money every mth???

but they did give employers 12% pocket money off 2.5k

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L.....
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23-Jan-2009 10:52

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Farmer
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23-Jan-2009 10:39

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This budget got take care of investors like us or not? Is there clearing fee/gst waver for share trading? I haven read the full text yet.

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AK_Francis
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23-Jan-2009 10:16

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Ha ha, AK n my tigeress not working. Sure got 800 each by 1 Mar. More like each kena $3 4D starter px loh. Tks d gov liao.

More details are on today's papers.

nematic ( Date: 23-Jan-2009 09:33) Posted:

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dcang84
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23-Jan-2009 10:15

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No worries mate. If you lose your job, many more will follow you n its only a matter of time.As someone pointed, the budget is no more than a band aid.

Overall, I was a bit disappointed with the budget but then again I wasn't expecting a silver bullet given the nature and source of the problem. I think the local market performance yesterday was an accurate reflection or reaction to the budget.

nematic ( Date: 23-Jan-2009 09:33) Posted:

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nematic
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23-Jan-2009 09:33

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singaporegal
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23-Jan-2009 08:50

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IMHO - the Govt is obviously very concerned about the deteoration of our economy and it is trying its best to lessen the pain on Singaporeans. But Singapore being an export and services driven economy, the rapidity of economic recovery really depends alot on the global market. If the global environment doesn't improve, we will not improve - no matter what the Govt does.

Even the US and UK (with their hundreds of billions in bailout) find it tough to revive their economies.

These Budget measures are definitely better than nothing but I feel it just buys us some breathing time. In my view, its like putting a Band-Aid on a victim with a fractured leg.

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singaporegal
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23-Jan-2009 08:42

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Interesting view points raised -

Singapore's 2009 Budget was BOLD in that it tested new boundaries and showed a recognition of the magnitude of the current crisis. I think we have enough newspaper articles lauding the Budget and its details so I wont bother to reproduce them here - but after listening and watching him present the Budget on TV, I felt the Minister was try to do too much. I think it would have been better just to have a special crisis Budget and then a normal budget which includes all our restructuring strategies.

I think the newspapers and commentaries are too positive.....all Budgets with handouts are good its just the quantum of the goodness. I didnt feel that there was an appreciation of the magnitude of the problem as no sacred cows other than dipping into the reserves was slaughtered or tested. The use of $4.9bn in past reserves is good but what was missing to me and to give Singaporeans more comfort during this crisis was how much is this of our total reserves - if its say only 10% then I am comforted that we have more bullets if the criris is prolonged.

Back to the Budget details. I did send the Minister my wish list some weeks ago. He has addressed three of my wishes in some form:

a) the property tax rebate of 40% and encouraging landlords to pass this back to tenants What happens if Landlords dont do this ? - what is the Govt going to do then.....I wanted them to force landlords to pass at least half of the rebate back to tenants if not they would not be able to enjoy the rebate.

b) relieveing cost pressures to companies through the cash grant of up to $300 per worker per month payable three months in arrears. This is not enough to save the electronics or other industries - it can buy time but when your revenue collapses because there is no demand and a huge build up of inventory, this measure which could lead to a cost saving of 5-10% is not enough. So some relief but it just delays the jobs cuts probably to the middle of 2009.

c) $5.8bn to encouraging more lending to cash strapped SMEs and an increase in risk sharing by the Govt in bridge loan risk sharing from 50% to 80%. This is good but I am skeptical if the banks will lend despite this increase in protection as their own balance sheets are being damaged. They may not have enough tier 1 capital to continue lending if NPLs rise to more than 10%. My wish here was for the Govt to invest direcltly in our SMEs via a convertible bond structure and keep them alive. This would save the SMEs and jobs, I think its better to get GIC and Temasek to put some of their money into our SMEs rather than put a large part in banks like CitiGroup, UBS, Barclays, Standard Chartered etc.

I wont talk much about the GST rebates and tax rebates because they are one off items and probably need to be extended as the crisis according to our own Prime Minister will last a few years. I still believe that a cut in the GST (a sacred cow) is needed. The increase from 5% to 7% wasnt needed. It was put in place at a time when the economy was booming without any expectation that the fundamentals would reverse so fast. We should at least reverse it to 5% if not 3% until the economy rebounds or as some have argued have an exemption on essential items like food, trasnport and utilities.

I dont mean to pour cold water on the Budget euphoria but I dont think its enough and we are still looking at significant job layoffs this year - although delayed by a few months. The only silver lining is that the Minister did allude to supplemental Budgets if the need arises. This probably signals that the Government is keeping some bullets if the crisis takes a turn for the worse.

Market Commentary By:

Kevin Scully

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