It's a pretext for something big to come. That's why it is on the headlines.
There is nothing big coming. Sg is simply in a fix now because of several serious mistakes from the past decade.
The lax immigration policy has resulted in a massive low quality workforce with fake/low quality degrees, exaggerated resumes, etc. Productivity growth for the past two years have been negative. Companies, smes in particular, are hooked on the drug of cheap labour.
The bloated population has resulted in high costs and inflation.
Asset enhancement policy made matters worse. Savings have been eroded by sky-high property prices. The garmen realize retiring comfortably and owning a house is increasingly mutually exclusive, hence the lease buyback scheme. Debt-GDP ratio was even worse than the US. Banks suddenly had to give 3% interest rates.
Now garmen realize the mistake but still don't want to admit. They are trying to backpedal and force companies to shift away from labour-intensive methods. They do this by restricting FTs or raising their costs. But companies are hooked and are crying out in pain. There has been alot of shut downs these past few years. Now also there are cooling measures to provide a soft landing for the property bubble for the sake of the financial sector.
The casinos that was a big hoo-haa in its heyday will face increasing competition from new ones mushrooming around the region. Sg's casinos opened in 2010 and growth has since flatlined. Because casino/shopping is easily replicated, neighbouring countries can copy and catch up very fast.
So right now Sg is paying for the mistakes from the past decade.
In the meantime we make new mistakes for this decade, for example discouraging people from getting degrees.