Finance Minister Heng Swee Keat delivered the 2017 Budget statement at 3.30pm in Parliament today (Feb 20).

Budget 2017 is Minister Heng’s first budget after he resumed duties in August 2016. He had suffered a stroke earlier in May 2016.

The aim of this year’s budget, themed "Moving Forward Together" is to:

1) Prepare us for the future economy and support businesses

2) Sustain employment and help workers thrive

3) Build an inclusive society and strengthen our community

4) Protect our environment

5) Ensure fiscal sustainability

Here are 10 key points of Minister Heng’s Budget Statement:

Future economy and support businesses

1. SMEs Go Digital Programme

i) Help SME build digital capabilities, with step by step advice on technologies to use.

ii) Provide advice and funding support for emerging ICT solutions.

iii) Strengthen capabilities in data and cybersecurity.

2. Committee of The Future Economy

i) $2.4 billion set aside over 4 years for CFE strategies.

ii) This will be over and above the $4.5 billion set aside last year Industry Transformation Programme.

Sustain employment and help workers thrive

3. Help struggling sectors

i) Defer foreign worker levy increase for 1 more year in the Marine and Process sectors.

ii) $700 million worth of public sector infrastructure programs to be brought forward.

Build an inclusive society and strengthen our community

4. Please make more babies

i) Increase CPF housing grant from $30,000 to $50,000 for couples who purchase 4-room or smaller resale flats, and from $30,000 to $40,000 for couples who purchase 5-room or bigger resale flats.

ii) Increase annual bursary amounts for those attending Post-Secondary Education Institutes (PSEIs)-$400 for undergrads, $350 for diploma students and up to $200 for ITE students.

iii) More support for those with infants.

Protect our environment

5. Carbon Tax

i) Aim to implement carbon tax from 2019, public consultations to begin in March 2017.

ii) $10-20 tax rate per tonne of greenhouse gas emissions.

iii) Restructure diesel tax.

6. Water price changes

i) Increase water prices by 30% in 2 phases, starting July 1, 2017.

ii) Average increase in monthly water bills <$18 for 75% of households/ <$25 for 75% of businesses.

Ensure fiscal responsibility

7. Motorcycle's Additional Registration Fee

i) Motorcycles with an open market value of above $5,000 will pay more ARF. The ARF rate will remain at 15% for the majority of motorcycle buyers based on current registration trends.

ii) Motorcycle COE quota will no longer contribute to open category COE quota.

8. Cap on Government Spending

i) MOF will apply a permanent 2% downward adjustment to the budget caps of all Ministries and Organs of State from FY 2017, to emphasise the need to stay prudent and effective.

ii) Four Ministries - Home Affairs, Defence, Health and Transport, will have their adjustment phased in over FY 2017 and FY 2018.

9. Another year of expansionary budget

i) FY 2016 is an expansionary budget. The government expects a surplus of $5.2 billion, 0r 1.3% of GDP. This is higher than the surplus of $3.4 billion , or 0.8% of GDP, budgeted a year ago.

When Government’s top-ups to funds and Net Investment Returns Contribution from past reserves are excluded, it expects a base deficit of $5.6 billion, or 1.4% of GDP.

ii) FY 2017’s budget will remain expansionary. Ministries’ expenditures are expected to be $3.7 billion, or 5.2%, higher than in FY 2016. Overall, a smaller budget surplus of $1.9 billion, or 0.4% of GDP is expected.

And last, but not least!

10. Belated Ang Baos!

i) About 880,000 households will receive U-save rebates.

ii) One-off GST vouchers with, a cash special payment of up to $200 will be give to eligible recipients.

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