Trend of Fast-growing Household Liabilities on Singapore's Fiscal Health and Effectiveness of Existing Fiscal Policies

25 Mr Lee Hong Chuang asked the Prime Minister and Minister for Finance in view of recent reports that household liabilities have grown at a faster rate than household assets (a) what effect will this trend have on Singapore's fiscal health and the effectiveness of Singapore's existing fiscal policies; and (b) whether the Ministry has any intention to intervene in this matter.

Mr Jeffrey Siow: The increase in Household Liabilities has no direct impact on our overall fiscal position, which is determined by the Government's revenues and expenditures. The Monetary Authority of Singapore works closely with relevant Government agencies to monitor household leverage and encourage prudent borrowing.

The Member may wish to refer to the reply to Parliamentary Question No 39, asked by Mr Fadli Fawzi for the sitting on 8 April 2026, for part (b) of his question. [Please refer to ​"Measures to Encourage Prudence Among Borrowers as Household Liabilities Outpaced Asset Growth", Official Report, 8 April 2026, Vol 96, Issue 28, Written Answers to Questions for Oral Answer not Answered by End of Question Time section.]