– Budget always sits on a Monday each year
– The first Budget statement was on the 13th of December 1965 by Lim Kim San
(And yes, it was a Monday)
– Inability to pass the Budget can equal a vote of no confidence
That’s how serious a session of Budget is.
– In Singapore, the Budget is planned 7 years in advance
A bit kiasu perhaps…but that’s not a bad thing.
– Income tax makes up only 14% of government income
– GIC + Temasek contributes 8b each year, equal to GST collections
It’s called the Net Investment Returns Contribution
– When an MP files a “cut”, it literally means to cut the Ministry’s budget. This is usually a symbolic cut of $1
– A government can grind to a halt if Budget cannot be approved
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