In the recent budget debate, NCMP Hazel Poa proposed an alternative source of revenue to be added to Singapore's yearly budget
Current Framework (CF):
- Keep proceeds from land sales in reserves and invest them.
- Allow up to 50% of investment returns generated from the proceeds to be spent in the budget under the NIRC.
Alternative Proposal (AP):
- Land sale proceeds are dividend equally over its lease period, with each portion added into the corresponding year's budget as revenue.
- Invest the unused portion of the proceeds in reserves, with up to 50% of the investment returns allowed to be spent under the NRIC.
Needless to say, DPM Lawrence Wong rejected the proposal, citing that over the long term, the AP does not generate returns very different from the CF.
Recommended Read: Why We Still Need Insurance Agent
We figured, rather than rely on our brains, let's rely on an AI.
Hence we pit the CF against the AP in ChatGPT....