No clear signs that Budget 2024 is an election budget: Ex-NMP

SINGAPORE: Former Nominated Member of Parliament (NMP) Nicholas Fang has observed that there were no clear signs that the 2024 Budget, delivered yesterday by Deputy Prime Minister Lawrence Wong, is an “election budget” that would precede the polls.

Mr Fang, who is the founder of media consultancy Black Dot and senior advisor to The Asia Group, joins observers who noted that the Budget does not seem to have the typical bells and whistles that would signify that an election is coming this year.

Political analysts previously predicted that the next election will take place in 2024 – before a spate of scandals shook the ruling party, last July.

Speculating that the polls may be called in 2025 instead, Mr Fang wrote in an op-ed for TODAY that, “For those looking for a sign of when polls might be called — there was no clear indication, which might not be surprising given that there could be another Budget to come in a year’s time, should elections be held later in 2025.”

Mr Fang noted that the projected size of Budget 2024, which is currently at $131.4 billion, is comparable to 2023’s final figure of $130.8 billion.

In terms of the political significance of the Budget, Mr Fang said that the Budget confirms that PM-designate Lawrence Wong will not deviate from the traditional People’s Action Party (PAP) approach.

Mr Wong is expected to succeed Prime Minister Lee Hsien Loong before the end of the year. Mr Lee will likely stay on the Cabinet as a Senior Minister, much like his predecessors did.

Mr Fang said, “the 2024 Budget seems to signal a continuation of the measured and long-term approach favoured by the incumbent People’s Action Party government.

“It seems clear too that Mr Wong will continue this approach as part of his leadership of the fourth generation (4G) team when he takes over the helm later this year.”

He added, “Nothing in Friday’s speech suggests an extreme change in direction to more populist, short-termism which afflicts many other countries with more volatile political scenes.”

Singaporeans can expect more insights on the significance of Budget 2024 in the coming weeks as the Committee of Supply debates take place in Parliament.