National Day Message

National Day Message 2024

8 August 2024

People

PM Lawrence Wong

Topics

Economy

Families and communities

Jobs and productivity

Youth

Prime Minister and Minister for Finance Lawrence Wong's National Day Message 2024. The message was recorded at the Istana, and telecast on 8 August 2024.

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My fellow Singaporeans

This is my first National Day Message as Prime Minister.

I’m speaking to you from Sri Temasek on the Istana grounds. My office is here for the time being as the main Istana building is undergoing extensive renovation.

This is where Mr Lee Kuan Yew and his family spent the night of August 8, 1965. He had flown back to Singapore that morning with the Separation Agreement and moved into Sri Temasek out of security concerns. He recalled in his memoirs how he had tossed and turned that night, consumed with worry of how to build a nation from scratch.

Mr Lee and his colleagues, supported by our Pioneer Generation, rose to the occasion. With grit and determination, they overcame enormous odds and laid the foundations upon which we stand today.

So this National Day, we have every reason to rejoice and much to be proud of. From modest beginnings, we transformed Singapore into a First World success story. From an improbable nation, we became a shining red dot on the global stage.

But new challenges lie ahead.

The world is changing dramatically.

Conflicts in Europe and the Middle East show no signs of abating.

Tensions between the US and China continue to rise. For now, they don’t want to collide. But they are engaged in a strategic rivalry that can undermine peace
and stability, especially in this region.

Across the world, we face growing populism, economic nationalism and protectionism.

Politics in many countries has taken a vicious turn, making it even harder for all of us to wrestle with urgent existential crises, especially climate change.

These are powerful forces that shape our operating environment. They are what keep me awake at night. Granted, we are no longer building a nation from scratch. But neither can we afford to cruise along and just rely on existing formulas.

We have to act with agility, foresight and gumption.

We have to seek fresh solutions, and chart our own path to take Singapore forward.

Today, I want to share with you how my Government will work with you to build a better Singapore.

First, we will forge new opportunities for our people.

As a developed economy, we cannot expect to grow as rapidly as before.

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

That’s why we are investing in R&D and new technologies like robotics and AI.

And we are undertaking massive infrastructure projects, like the Changi Airport Terminal 5 and the Tuas Port, to sharpen our competitive edge as a global logistics hub.

These strategies are working. In recent weeks, I have met with many CEOs of multi-national enterprises. They all express 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.

Over the past year, many multi-national enterprises across different industries have opened new facilities in Singapore – Pfizer, Hyundai, GlobalFoundries, Maersk, just to name a few. BioNTech will soon open a mRNA manufacturing facility here, their first such facility in the Asia Pacific. 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.

Through SkillsFuture, we will help every Singaporean acquire new capabilities throughout their careers. Education will not stop at schools—our middle-aged workers now have more options to hone their skills, and try their hand at something new.

We will work closely with the NTUC and employers to equip every worker for the future economy.

Second, we will redouble efforts to keep the cost of living stable.

Inflation is a major concern for us, as it is for many other countries.

We recognise how rising prices are impacting Singaporeans, coping with day-to-day expenses.

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.

This year, with higher economic growth, we expect wages to also increase.

In the meantime, we will continue to cushion the impact of inflation, especially on the lower and middle-income Singaporeans, through support 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.

I know many are also concerned about housing affordability.

We have imposed additional cooling measures and ramped up the supply of new HDB flats.

These steps are helping to stabilise the property market.

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 now be priced more affordably, as they will receive heavier subsidies. But to keep the system fair, the additional subsidies will have to be returned to HDB when the flats are resold later.

These innovations in our housing policies reflect our commitment always to be a nation of homeowners. We are determined to keep public housing in
Singapore accessible, affordable and fair for all.

Third, we will strengthen our system of social support.

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

Our rapidly ageing population will also require more healthcare services and social support. More of us will feel sandwiched – having to look after children as well as elderly parents.

This is why the government is investing more in our social infrastructure.

In the last two Budgets, we made several moves to uplift lower-wage workers, support vulnerable families, and boost retirement adequacy.

We have also embarked on nation-wide initiatives like Healthier SG and Age Well SG to take better care of our seniors.

We intend to do more.

With Forward Singapore, we will take further steps to strengthen our social safety nets. We will enhance support for our families, and help Singaporeans bounce back stronger from employment setbacks.

We have some ideas on how to do so, which I will share at the National Day Rally.

Even as the government does more, we will also reinforce individual and community efforts. We encourage each person to work hard, make full use of the support available, and strive their utmost to excel in their jobs and uplift their families. 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.

I have shared some of our strategies to navigate this new world. The challenges ahead are formidable.

There are no quick and easy solutions, no model answers to refer to.

But the bigger the problems, the greater is our resolve to tackle them head-on, and to turn vulnerabilities into strengths.

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. Despite the challenges, we will take Singapore onwards and upwards. Ours will be a future full of exciting opportunities and possibilities. A home where everyone is respected and valued. Where everyone can be the best possible version of themselves. And where we will always help one another succeed together.

In the Forward Singapore exercise, Singaporeans resolved to strengthen our social compact, and work together to scale new heights. That ambition is reflected in the lyrics of this year’s NDP theme song – “If we just look to each other, then this house will feel like home. And the more we’re together, the further we’ll go”.

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.

Happy National Day!

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.

PM Lawrence Wong