Government Accountability

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Holding the Government Accountable

The Importance of Accountability

In the last one year, we have seen 3 reversal of government policies at least partly due backlash from public opinion. To ensure that policies benefit Singapore and Singaporeans always, we need to continue to hold the Government to account.

First there was the SimplyGo card, followed by the Income/Allianz deal and recently the ACRA/NRIC case.

As a finance professional, I found the Income-Allianz deal questionable right from the first announcement. My doubts were confirmed by the online posts of former Income CEO Mr Tan Suee Chieh.

The government’s response initially was overwhelmingly in favour of Income selling out to Allianz, insisting that Income would not compromise on its social mission despite holding a minority stake in the new entity.

NTUC Enterprise held a press meeting to explain the need for capital to maintain business growth and asserted that Income being a “private company” had the right to make its own decision.

A Ministerial Statement was also made in Parliament to further stressed the need for capital and why Income can continue with its social mission.

The government later did a surprising U-Turn and blocked the deal because there was a capital reduction exercise as part of the deal which pays Allianz about $1 billion, months after it acquires a controlling stake in Income for $2.2 billion.

I acknowledge the good decision made by the Government but believe that much credit has to go to Mr Tan, and to the many other courageous Singaporeans who had the guts to care. It is a good outcome when we care to hold the Government to account.

However, accountability for the Income/Allianz deal is not complete without top leadership of Income, NTUC Enterprise and NTUC giving a more detailed account on how such a shabby deal was structured.

We are lucky to have avoided a big mistake in the case of the Income/Allianz. How there are many more areas where we need better accountability.

One obvious area is some of the apparently frivolous spending, which I’ve detailed here:

The Problem of the PAP's Super Majority

Accountability starts with a balanced Parliament when the proceedings and debates are not so lopsided as now.

The PAP must not be given a free hand to pass wilful, wanton policies that cause Singaporeans needless suffering.

Or, as some in the kopitiams call it in Mandarin, “完蛋政策”.

Right now, the PAP holds a super majority of close to 90% of the seats in parliament.

So, there is no way for Singaporeans to block policies which we believe are not in our best interests if the PAP insists on pushing them through.

As the 90% seat representation is achieved with only about 60% of the popular vote, there is a big imbalance in Parliament in the representation of the people’s interests.

This imbalance has given the PAP free rein to pass punishing policies, such as increasing GST and other taxes during a cost of living crisis.

It is able to get away with spending hundreds of millions of public funds on mega projects such as the Founders Memorial while providing sub-standard support to working class and sandwiched middle-class families.

It is allowed to continue with an overpriced public housing scheme that drains the retirement savings of young Singaporeans, while talented locals find it increasingly difficult to get hired for quality jobs.

The Need for an Effective Check on the Government

I speak up against poor policy decisions in parliament on behalf of Singaporeans and propose reforms that will make public housing affordable, lower cost of living, and generate quality jobs for Singaporean Talents.

The PSP has also been working hard in parliament, proposing alternative policy reforms that will improve the lives of Singaporeans.

But these proposed reforms are easily cast aside by a PAP-dominated parliament.

In order for Singaporeans to effectively hold the government accountable, the PAP must be denied this super majority.