12 Jan '11, 10pm

Singapore Budget surplus could hit $6 billion

THE Government is set to record a whopping $6 billion Budget surplus after a buoyant economy boosted tax collections last year, private economists say. Solid wage growth, strong corporate profits and a sizzling property market all point to record revenues, which could hit nearly $50 billion, up from $38 billion in 2009, they said yesterday. Broadly speaking, a surplus is what is left over from state revenues after taking into account all government spending. A deficit is where there is a shortfall. This means that this year, the Government could have a considerable war chest for helping people - especially lower-income earners - cope with the effects of an expected rise in consumer prices, as reflected in the inflation rate, they said. Both Bank of America Merrill Lynch economist Chua Hak Bin and DBS economist Irvin Seah expect the Budget surplus to hit a bumper $6 billion...

Full article: http://www.straitstimes.com/BreakingNews/Singapore/Story/...

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