UNUSUAL times call for unusual measures.
This aphorism has been played out all over the world in recent months, as governments roll out ever-more inventive plans to battle an unprecedented recession on a global scale.
Singapore, poised on the cusp of its worst downturn since independence, is likely to be no exception.
When it unveils its Budget next Thursday, experts expect a generous package full of the usual goodies: Tax breaks, rebates for homes and businesses, with special help for low-income households.
But they also predict that the Government could come up with some new and creative proposals fit for an extraordinary recession.
For instance, Citigroup economist Kit Wei Zheng suggests a "Hardship CPF" account to go along with the existing Ordinary, Medisave, and Special/Retirement Accounts in the Central Provident Fund (CPF). A small percentage of monthly CPF contributions could go into this account, which can then be drawn down when individuals suddenly lose their job, he said.
Another recommendation, by UBS economists, is for the Government to co-pay employers' CPF contributions.
The Government has said it will not cut the employers' contribution rate, but helping employers bear part of this burden could relieve significant stress on businesses' wage costs.
Alternatively, some economists have suggested a temporary cut to the employees' contributions.
DBS Bank's Irvin Seah added this can be a voluntary option. If households want to keep saving, or to use their CPF money to continue paying off their mortgages, they can choose not to opt-in.
Apart from CPF rates, the Government has also ruled out cuts in the Good and Services Tax. But this doesn't mean that it won't find some way to help companies and consumers cope with their costs.
Tax firm Ernst & Young has a unique suggestion: Allow GST-registered businesses to claim back more than they've spent when they make their input GST claims. For example, instead of getting a 100 per cent refund, they could receive a 120 to 150 per cent refund. This would effectively act as a GST rebate, and reach a wide range of firms of various sizes and across different sectors.
Over the course of my many conversations with economists, tax firms, business chambers, political analysts and MPs, it's clear that the Budget suggestions are many and the wishlists are long. It's unlikely that the Government will be able to please everyone - and it shouldn't have to.
Whatever the Budget turns out to contain next week, here's hoping it will at least be interesting.
Read Fiona Chan's full coverage on the Singapore budget in today's Saturday Special Report.