The 2023 Budget Process

Singapore’s Parliament begins debating the government’s financial policy spelt out in Budget 2023 from 22 February 2023 till 6 March 2023 (minus the weekends).

Journalists often call this the annual marathon budget debate in Parliament and these debates are divided into two parts.

The first part will involve MPs fleshing out the various announcements in the Finance Minister’s Budget address delivered on 14 February 2023. Part two of the budget debate turns its attention to budget provisions set aside for the various Ministries and Organs of State like the Judiciary, Parliament, and the President’s Office, Istana- even this expenditure is approved by Parliament!

Let’s take a quick look at the Parliamentary process after the Budget Speech is delivered.

The Main Budget

The first three days of the Budget sitting are devoted to debating the key announcements and principles of governance and long-term plans spelt out in the Budget 2023 speech.

This is when MPs will share with the government ministers and the finance ministry some of the feedback?they have received from their own residents about what they felt about the Budget announcement, what was lacking that they had hoped would have been announced and what more Singaporeans hope will be done to meet on-going challenges. The views and concerns of businesses and chambers of commerce and trade associations will also be shared by the MPs, especially those who form the government parliamentary committee for finance and trade and industry. So SICCI members can rest assured that their concerns shared with the chamber will be further aired by the MPs when they discuss the concerns of small and medium enterprises amidst the global challenges. Once Parliament approves the government’s Budget for the next financial year, the debate then moves on to the next stage, focusing on the nitty-gritty work plans of the various Ministries in Singapore.

The Committee of Supply

To debate the budget provisions for the various ministries, the Speaker of Parliament assumes the role of Chairing the Committee of Supply which is a committee of the whole Parliament that considers the business of Supply.

The Committee considers each ministry’s request for funds and votes on it.

MPs will debate on the policies and details of programmes of each Ministry. And the topics for the Ministries can range from the macro policies that will govern the Ministry’s policies for the year to some of very small details that can mean quite a lot for residents in housing estates like the need for shelters from blocks to a bus stop to spalling concrete in flats and the home improvement for homeowners.

For businesses and chambers, the debates for the Manpower and Trade and Industry ministries will usually be closely watched.

This is when MPs will raise topics like the plight of companies in need of more workers, calls for more work permit quotas for certain industries, the need for skills upgrading programmes and more grants for training, and the road ahead for small and medium enterprises and what trade associations and chambers can do hand in hand with the government agencies to help SMEs survive and excel both at home and abroad.

That is why the debates in the Committee of Supply are also known as “Grievance Debates” as MPs take this opportunity to raise their disagreements and complaints against the various ministries’ programmes.

At the close of the committee of supply debates, the budget is sent to the President for her assent before the Government is authorised to withdraw monies for its expenditure.

Do keep a lookout for our reports on the announcements that matter most to our members and the small and medium enterprises on our social media pages as the Budget debate 2023 unfolds in Parliament over the next two weeks.

Photo: Erwin Soo