Up, Up, and AWAY!!
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ELECTRONIC road pricing (ERP) will be expanded to three stretches of expressway from Nov 1, while current operating hours on the Central Expressway (CTE) will be extended. In addition, five new gantries will be erected across the island but will remain unactivated unless vehicle speeds fall below the optimal speed range.
Heavy going: Govt will review the vehicle growth rate because the current 3% growth rate cap is based on an ever increasing base, and road growth ahead will shrink, says Transport Minister Raymond Lim
Transport Minister Raymond Lim announced this yesterday during a visit to the Kallang/Paya Lebar Expressway Operational Control Centre.
'Over the last two years, traffic levels have been gradually but noticeably building up,' he said. 'More roads are congested, especially during peak hours, including in the evenings.'
As a result, a Land Transport Authority review concluded that morning ERP along the south-bound CTE will be extended. The existing gantry between Ang Mo Kio Avenue 1 and Braddell Road will change its operating hours to 7am-11am on weekdays from 7.30am-9.30am currently.
The review also includes the building of three new gantries. The first is along the north-bound CTE to cover the stretch from Bukit Timah to just before the Pan Island Expressway (PIE). It will operate from 5.30pm-10.30pm on weekdays. Evening ERP already exists farther up the north-bound CTE after the PIE exit. This gantry was erected in August 2005.
Another area of congestion to be addressed is the east-bound East Coast Parkway (PIE). A gantry each will be built at the two accesses into the east-bound ECP from the city and the Ayer Rajah Expressway, that is, before the Rochor Road exit and at the Ophir Road slip road. The pair of gantries will operate from 6pm-8pm on weekdays.
The third new gantry will be for the morning peak period on the south-bound Bukit Timah Expressway (BKE). It will be located after the Dairy Farm exit, before the BKE joins the PIE, and operate from 7.30am-9am on weekdays.
Five other gantries will also be installed on the south-bound Upper Bukit Timah Road and in the Outer Cordon area, namely, Toa Payoh Lorong 6, Upper Boon Keng Road, Kallang Bahru Road and Geylang Bahru Road.
Mr Lim said the ERP system has been effective in keeping Singapore's roads and expressways smooth-flowing - above 45 kmh for expressways and above 20 kmh on arterial roads.
'With the introduction of ERP in 1998, the government has been able to rely more on car usage charges and less on car ownership taxes to manage traffic demand,' he said, adding that vehicle ownership taxes have been reduced and as a result, annual vehicle ownership revenue fell from $3.4 billion in 1997 to $1.7 billion in 2006 compared with about $90 million in annual ERP revenue collected during that period.
'ERP has thus proven to be a more effective approach to managing traffic demand, and it costs motorists much less overall.'
Mr Lim also mentioned that the vehicle growth rate will be reviewed because the current 3 per cent growth rate cap is based on an ever increasing base.
'In 1990, when the 3 per cent cap was introduced, it amounted to 16,000 additional vehicles a year. Today, 3 per cent amounts to 24,000 additional vehicles every year. Against this is the fact that road growth was only one per cent per year in the last 15 years, going down to about 0.5 per cent over the next 15 years.'
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July CPI rises at fastest pace in a decade
SINGAPORE'S consumer prices rose in July at the fastest pace in more than a decade after an increase in the Goods and Services Tax (GST), suggesting the central bank will maintain a policy of a strengthening currency to curb inflation.
Rising cost of eating out: Food prices rose 2.9 per cent in July from a year ago
The consumer price index increased 2.6 per cent from a year earlier, after gaining 1.3 per cent in June, the Department of Statistics said yesterday.
That was the quickest clip since January 1995 and exceeded the 1.7 per cent expected by economists. Prices rose 2.1 per cent from June.
The government raised the GST by two percentage points to 7 per cent on July 1 to make up for a revenue shortfall after corporate tax rates were reduced.
The Monetary Authority of Singapore (MAS) last month warned that consumer prices may pick up in the second half as the economy expands, underscoring the need for policy makers to remain alert on inflation.
'The spike up in inflation from the GST pass-through is not unexpected,' said Joseph Tan, a strategist at Fortis Bank SA in Singapore.
'With the pick-up in inflation, there's no reason for a change in the policy stance for a gradual appreciation in the Singapore dollar,' he added.
The MAS in April reaffirmed a three-year policy of allowing the Singapore dollar to strengthen, a move that has reduced import costs and helped keep inflation within its forecast range.
It has sought a 'modest and gradual' appreciation in the Singapore dollar since April 2004 to contain inflation. The policy will be reviewed next in October.
The GST increase will add between 0.4 per cent and 0.6 per cent to consumer prices this year and next, the MAS said last month.
The MAS expects inflation in 2007 to be at the upper half of its 0.5 per cent to 1.5 per cent range, before rising to as much as 2 per cent next year.
Food prices, which make up 23 per cent of the index, rose 2.9 per cent in July from a year ago, following June's 1.7 per cent increase. From June, food prices gained 1.4 per cent.
Transport and communication costs, the second-biggest component at 22 per cent of the index, climbed 2.9 per cent in July from a year earlier. From June, transport and communication prices rose one per cent.
Housing costs, the third-largest component of the consumer price index, gained 0.7 per cent from a year ago, after a 2 per cent slide in June, yesterday's report showed. From a month ago, housing prices rose 4.9 per cent as electricity prices climbed and rents increased.
Singapore Power, the island's biggest power company, raised electricity tariffs for the July to September quarter by an average 8.8 per cent, citing higher oil prices. It reviews rates every three months.
Recreation costs, which include holiday travel, gained 4.2 per cent in July from a year ago and rose 0.5 per cent from the previous month.
Prices of clothing and footwear gained 1.2 per cent from a year earlier and increased 3.9 per cent from June. -- Bloomberg -
hahaha... price goes up..... my pay goes down..... and life goes on....
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CPI is more or less expected as China, which used to export deflation, is now starting to export inflation globally. And ofcourse the GST hikeOriginally posted by hloc:hahaha... price goes up..... my pay goes down..... and life goes on.... -
The ERP price increase is good, it will help the economy, give more jobs to the poor. It's best the increase everything, because it will help economy, give more jobs, more investments, increase more suckers like Gazelles.Originally posted by Gazelle:CPI is more or less expected as China, which used to export deflation, is now starting to export inflation globally. And ofcourse the GST hike
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Did I sleep with your wife or what?Originally posted by Ellezag:The ERP price increase is good, it will help the economy, give more jobs to the poor. It's best the increase everything, because it will help economy, give more jobs, more investments, increase more suckers like Gazelles. -
I homosexual lah, so u slept with my gay honey huh?Originally posted by Gazelle:Did I sleep with your wife or what?
I'm sure u will like his big white pr|ck up ur arse, it feels so good. -
Increase in the ERP rates is good cause it will help toease traffic congestion.
As for the cost of living, will more local migrate to other countries?
I talked to some of my local fren, they mentioned cost of livinga as one of their main reason to migrate. -
suspect that you are not just homo, but some clone from this forum using another nick name. childishOriginally posted by Ellezag:I homosexual lah, so u slept with my gay honey huh?
I'm sure u will like his big white pr|ck up ur arse, it feels so good. -
The rising cost of living is happening everywhere in the world including china and india. So if you are looking for a cheap place to live, you will have to be prepared to take a huge salary cut too.Originally posted by will4:Increase in the ERP rates is good cause it will help toease traffic congestion.
As for the cost of living, will more local migrate to other countries?
I talked to some of my local fren, they mentioned cost of livinga as one of their main reason to migrate. -
Please explain.Originally posted by Gazelle:CPI is more or less expected as China, which used to export deflation, is now starting to export inflation globally. And ofcourse the GST hike
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This is true especially if u talked to the Malysian n Indoensian, some of them prefer to go back after working here for some years. They cited the reasonOriginally posted by Gazelle:The rising cost of living is happening everywhere in the world including china and india. So if you are looking for a cheap place to live, you will have to be prepared to take a huge salary cut too.
cost of living but their salary can aford them big houses in their countries. -
Sian....
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The inflation rate in china is rising and there are too much liquidity in the market. The government has been forced to increase interest rate to cool down the over heating economy, while USA is pressuing them to revalue the Yuan as it was deem as undervalue.Originally posted by will4:Please explain.
Plus the fact the China is consuming too much global resources which is driving the price of commodity and food through the roof. Furthermore the tax holidays which many foreign companies were enjoying has already expired and hence cost of business will go up. Shipping companies are also making tons of profit which will eventually passdown to consumers like us. -
Rising inflation rates in China does not mean that Singapore's inflation rate has to rise with it, Central Banks (MAS) has the final say in the money supply of Singapore. Just like Japan, while China is experiencing inflation, Japan is experiencing recession. Our increase in inflation is mostly due to the 2% increases in GST. Of course, pundits for the government will deny it, to put the government in a good light, relinquishing it's effect to other things non governmental like global trade.Originally posted by Gazelle:The inflation rate in china is rising and there are too much liquidity in the market. The government has been forced to increase interest rate to cool down the over heating economy, while USA is pressuing them to revalue the Yuan as it was deem as undervalue.
Plus the fact the China is consuming too much global resources which is driving the price of commodity and food through the roof. Furthermore the tax holidays which many foreign companies were enjoying has already expired and hence cost of business will go up. Shipping companies are also making tons of profit which will eventually passdown to consumers like us.
On the other hand, China has been producing cheaper cost goods for the global market, shouldn't this have led to a decrease in inflation?
Tax holiday for which industry in China has lapse? Maybe you can provide more details. -
For the sake of other forumers, I will try to reply what M13 is askingOriginally posted by maurizio13:Rising inflation rates in China does not mean that Singapore's inflation rate has to rise with it, Central Banks (MAS) has the final say in the money supply of Singapore. Just like Japan, while China is experiencing inflation, Japan is experiencing recession. Our increase in inflation is mostly due to the 2% increases in GST. Of course, pundits for the government will deny it, to put the government in a good light, relinquishing it's effect to other things non governmental like global trade.
On the other hand, China has been producing cheaper cost goods for the global market, shouldn't this have led to a decrease in inflation?
Tax holiday for which industry in China has lapse? Maybe you can provide more details.
The world in general is now extremely dependent on China made product, especially for the American, because China made goods are the most competitive, hence with the rising inflation that China is facing, plus the revalue of Yuan and the increase interest rate, all these will make China goods more expensive to import.
China total annual export as of 2006 is valued at around US$1 trillion / US$1,000,000,000,000 a year, suppose if the cost of goods manufactured in China goes up by 1%, it will cost the world an additional US$10 billion.
As we all know that foreign investment in China actually pick up pace about 6 years ago when China was accepted into WTO in 2001 and most foreign investors were given up to about 5 years of tax break. http://www.cnbc.com/id/17456692 And it was during that time that China was known to create havoc to the world by exporting deflation, which caused many labor-intensive manufacturing to either close down or shift their operation to China.
With China endless hunger for resources, such as steel, iron ore, food products, fertilizer, oil etc, prices of commodity has shot through the roof, and at the same time, there is a major consolidation of companies related to those industry. One can simply verify this by looking at how much money these companies are making. Other companies that have benefited greatly are the shipping companies responsible for supporting China world trade.
Most importantly, we have to ask ourselves, how many household items we have at home today are directly and indirectly made in China.
PS. this reply is not meant for M13 -
Originally posted by hloc:hahaha... price goes up..... my pay goes down..... and life goes on....
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You must be some wanda-economist for a Gazelle.Originally posted by Gazelle:
CPI is more or less expected as China, which used to export deflation, is now starting to export inflation globally. And ofcourse the GST hike
[/quote]
[quote]Originally posted by Gazelle:For the sake of other forumers, I will try to reply what M13 is asking
The world in general is now extremely dependent on China made product, especially for the American, because China made goods are the most competitive, hence with the rising inflation that China is facing, plus the revalue of Yuan and the increase interest rate, all these will make China goods more expensive to import.
China total annual export as of 2006 is valued at around US$1 trillion / US$1,000,000,000,000 a year, suppose if the cost of goods manufactured in China goes up by 1%, it will cost the world an additional US$10 billion.
As we all know that foreign investment in China actually pick up pace about 6 years ago when China was accepted into WTO in 2001 and most foreign investors were given up to about 5 years of tax break. http://www.cnbc.com/id/17456692 And it was during that time that China was known to create havoc to the world by exporting deflation, which caused many labor-intensive manufacturing to either close down or shift their operation to China.
With China endless hunger for resources, such as steel, iron ore, food products, fertilizer, oil etc, prices of commodity has shot through the roof, and at the same time, there is a major consolidation of companies related to those industry. One can simply verify this by looking at how much money these companies are making. Other companies that have benefited greatly are the shipping companies responsible for supporting China world trade.
Most importantly, we have to ask ourselves, how many household items we have at home today are directly and indirectly made in China.
PS. this reply is not meant for M13
Can deflation be exported, and of all countries - by China ?
Can China export inflation to anyone ?
Brilliant animalistic maths from a too agile mind, did you sniff too much whiff again ? -
in case you start editing your post to hide your foolishness in asking such questions.Originally posted by Atobe:You must be some wanda-economist for a Gazelle.
Can deflation be exported, and of all countries - by China ?
Can China export inflation to anyone ?
Brilliant animalistic maths from a too agile mind, did you sniff too much whiff again ? -
G, What incentives?
Isn't it my money they collected to give me back only to take back 10 times what they gave? -
saw it coming. what make you think they spent hundreds K's on that thing and decides they are not going to charge. it's fleecing time. where do you think the 1% increase in CPF coming from? temasek? don't make me laugh
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Govt keeping a close eye on inflation: Lim Hng Kiang
By Julia Ng, Channel NewsAsia | Posted: 27 August 2007 1703 hrs
SINGAPORE : The Government is keeping a close eye on the inflation rate in Singapore, Trade and Industry Minister Lim Hng Kiang said on Monday.
Speaking during question time in Parliament, Mr Lim pointed out that the inflation rate here has remained low by global comparison.
Inflation rates in the first half of this year were just between 0.5 to 1 percent.
But in July, the rate went up to 2.6 percent over the same period last year.
Mr Lim said he expects the inflation rate in the second half of this year to be higher, in line with global inflation trends due to rising cost pressures in the US, Europe and China.
Dr Lily Neo, MP, Jalan Besar GRC, had earlier commented, "May I ask him whether he's concerned of the recent very high inflation rate in the last quarter, and how would it affect Singapore and Singaporeans on the whole if this should continue? And are there measures that you plan to take to contain this inflation rate?"
In response, Mr Lim said, "We're watching this closely of course. We expect generally in the second half, costs to go up higher than in the first half. Then of course we also have the one-off impact of the GST. But our experience shows in the past, when we had similar increases in GST, that this is a short-term impact, and that over time the impact of course will be mitigated.
"So overall we still look at an inflation path of between 1 (and) 2 percent this year, which is a little higher than what we had in the past years, but definitely still very reasonable, considering this is already more than 16 quarters of growth." - CNA/ms