In his first-ever National Day message as Prime Minister, Lawrence Wong, who'd assumed the role earlier this year on May 15, spoke of things close to Singaporeans' hearts.

He talked about building a better Singapore by creating more opportunities for Singaporeans, keeping Singapore's society resilient with stronger social support, and helping Singaporeans navigate the turbulent global climate by keeping the cost of living stable.

"We cannot control global prices. But we can, and we have, shielded Singaporeans from the worst effects of global inflation by keeping the Singapore Dollar strong," he said.

Keeping cost of living stable

The National Day message, released on Aug. 8, 2024, showed PM Wong standing at Sri Temasek on the Istana ground.

In his speech, PM Wong said that the government will "redouble" their efforts to keep the cost of living stable.

He acknowledged Singaporeans' concerns over inflation and how rising prices are impacting their day-to-day expenses.

While the government may not be able to control global prices, he went on to say that keeping our currency strong can protect Singaporeans from the worst effects of global inflation.

Based on the higher economic growth this year (2024), we can also expect wages to rise.

PM Wong assured that the government will continue to cushion the impact of inflation, especially on lower and middle-income Singaporeans, through measures like the CDC vouchers, cash payouts, and utilities rebates.

"In the long term, the key to managing the cost of living is to foster innovation and enhance productivity across our economy. Then we can expect wages to increase by more than inflation, and improve the overall quality of life for all Singaporeans."

PM Wong then turned to the subject of affordable housing, citing steps that the government has taken to help stabilise the property market.

These include imposing additional cooling measures and ramping up the supply of new Housing & Development Board (HDB) flats.

In October, HDB will launch the first batch of flats under the new Standard, Plus and Prime framework.

Flats in the Plus and Prime areas will receive greater subsidies so as to remain affordable, and additional subsidies will be returned to HDB when the flats are eventually resold.

New opportunities for Singaporeans

PM Wong also said that the government will open more doors for people.

He elaborated that as a developed economy, Singapore cannot expect to grow as rapidly as before.

“But we must still pursue economic growth and upgrading, through innovation and productivity."

Investing in R&D and new technologies like robotics and AI and undertaking massive infrastructure projects like the Changi Airport Terminal 5 and the Tuas Port will help sharpen Singapore's competitive edge as a global logistics hub.

PM Wong revealed that he'd recently met with many CEOs of multi-national enterprises, who all expressed confidence in Singapore.

"In a fractured and troubled world, they see Singapore as a stable, trusted and reliable base to expand and grow their operations in Asia," he said.

Over the past year, many multinational enterprises across different industries have opened new facilities in Singapore, such as Pfizer, Hyundai, GlobalFoundries, and Maersk. BioNTech will also be opening its first mRNA manufacturing facility in the Asia Pacific here.

As for what this means for Singaporeans, PM Wong said:

"All these investments will propel our economy forward and create new jobs for Singaporeans. But these will be different jobs from what our workers are used to, and they demand new capabilities. So we must actively prepare our workforce to seize these opportunities."

He added that education no longer ends upon one's graduation from school, as Singaporeans can continue picking up new skills throughout their careers with SkillsFuture.

"We will work closely with the NTUC and employers to equip every worker for the future economy," PM Wong ascertained.

Strengthening social support

While PM Wong spoke of propelling Singapore forward into the future, he made sure that no one would feel left behind.

"Some will be able to adapt to this new environment of rapid change and volatility. But others will find it tougher to keep pace," he said.

"Those who do well for themselves should pay it forward, and give others a hand. That’s how we keep our society cohesive, resilient, and strong."

Singapore's rapidly ageing population signals a growing need for healthcare services and social support, as well as more people feeling "sandwiched" by having to look after both their children and elderly parents.

In light of these factors, the government is investing more in social infrastructure.

PM Wong pointed to the last two Budgets, where initiatives were put forth to "uplift lower-wage workers, support vulnerable families, and boost retirement adequacy".

Nation-wide programmes like Healthier SG and Age Well SG are also meant to take better care of seniors.

Moving forward, PM Wong said Forward Singapore aims to further strengthen social support for families and those facing employment setbacks.

He said that more details on the matter will be shared at the National Day Rally.

The road ahead

As his message came to a close, PM Wong looked back on how far we've come as a country, and how much further we have to go.

"59 years ago, we were a third-world nation, with paltry means whether to earn a living or to defend ourselves.

Today, we are one of the world’s busiest sea and airports, most liveable cities, and most educated populations.

We may be a young nation.

But we have overcome much together.

So we have good reasons to be confident about our future."

He added that the challenges we might face ahead are "formidable", with "no quick and easy solutions" and "no model answers to refer to".

But, he noted, at least we are not alone in our journey.

"My fellow Singaporeans, we are in this together.

We are in this for each other.

Let us take Singapore Forward – Together as One United People."

Watch the National Day message here:

Top image via Ministry of Digital Development and Information