Budget 2026 puts equity reboot and Startup SG Equity at centre, RHB says

The strategy noted said near-term household measures such as CDC vouchers.

Budget 2026 is putting fresh emphasis on equity-market development and growth-capital support, with RHB describing the package as “equity-supportive” and a spokesperson commentary pack highlighting a $1b injection into Startup SG Equity.

The government will set aside $1b to enhance Startup SG Equity and expand it beyond early-stage backing to include growth-stage companies.

RHB said the Budget includes an “equities-market reboot” aimed at both demand and supply, by deepening liquidity and strengthening the issuer pipeline.

It highlighted a Monetary Authority of Singapore top-up of $1.5b to expand the Equity Market Development Programme and cited a second $1.5b tranche of the Anchor Fund to support the listings pipeline, whilst naming SGX as the most direct proxy.

The strategy noted said near-term household measures such as CDC vouchers, U-Save rebates, cash support, and child credits should underpin mass-market spending, whilst defence and cyber spending signalled multi-year demand visibility, with defence spend guided around 3% of GDP.

It also said the Budget is “institutionalising” AI through measures such as a National AI Council, a One-North AI park, national AI missions, and RIE2030 funding of $37b, which it linked to an extended R&D and capex cycle.

Market leaders said the AI agenda is shifting from experimentation to coordinated, sector-level execution, and flagged training and access as practical enablers.

The compilation cited six months’ complimentary access to premium AI tools for trainees taking select AI courses, as well as a merger of Workforce Singapore and SkillsFuture Singapore to align training with labour-market needs.

RHB also pointed to carbon pricing as a central signal for the energy transition, citing a carbon tax of $45 per tonne for 2026 and 2027 and an ambition of $50 to $80 per tonne by 2030, alongside efficiency and green-financing support.

The bank said the combined market and growth-capital measures could lift market vibrancy if risk appetite is supportive.

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