National Day Rally 2026: What It Means for Your Business

Prime Minister Lawrence Wong delivered Singapore’s National Day Rally on 23 August 2026 at the ITE Headquarters, under the theme "A Changed World. A Stronger Singapore." The speech set out how the country plans to stay relevant and resilient as global politics and trade grow more unstable. We recap some of the key matters discussed, and what these changes could mean for your business.

The new normal, and how Singapore remains resilient 

PM Wong opened by describing a world where old rules and norms are breaking down, with balancing of powers between US and China and many middle powers advancing their own interests. He noted that tariffs and trade barriers are increasingly used for security reasons rather than economic ones.  

His message to Singapore was clear: keep adjusting, rather than assume that past certainties will remain. For middle-market organisations, this means building flexibility into your planning and staying alert to changes that can arrive quickly.

Looking ahead to ASEAN

As Singapore takes over as ASEAN chair in 2027, its aim to strengthen regional unity and integration could open new opportunities for cross border growth and collaboration.

For companies operating in or expanding into Southeast Asia, a Singapore led ASEAN chair year can bring more regional dialogue, trade discussions and policy coordination across member states. It is useful to consider how your business is positioned across the region, not just in Singapore, and whether your structures, tax planning and compliance are ready to support that growth.

AI is a national priority, not a passing trend

The government pointed to earlier shifts, such as industrialisation and the rise of computers and the internet, as proof that Singapore can manage major technology changes without leaving workers behind. AI will be treated the same way, with the aim of moving workers into new roles instead of displacing them. Businesses across all sectors should expect continued government support for AI adoption, alongside a push to reskill workers.

Foreign manpower stays managed, not opened up

PM Wong said Singapore will continue growing its foreign workforce, but in a careful and controlled way. He addressed calls to ease work pass rules more broadly and pointed out that work permit holders are already the largest group of foreign workers in Singapore. For businesses that rely on foreign talent, this points to steady, calibrated growth in headcount rather than a loosening of quotas.

Greater support for families 

On the family front, the government will replace the Baby Bonus scheme with a new SG Child Support Package. Instead of a payment when a child is born, support will now continue every year as the child grows up. Working parents will also get more childcare leave, up to 12 days a year if they have three or more children, and the government will pay for all of this leave itself, instead of splitting the cost with employers as it does now. Preschool fees will also come down by more than half, and more families will qualify for subsidies.

For employers, this is worth planning for now, so payroll and leave policies are ready before the changes take effect.
 

Planning ahead on land and housing

Income ceilings for BTO flats and executive condominiums were raised, and PM Wong touched on longer term plans to unlock land for development, including ideas for Singapore's outer islands. As a result, construction and property activity is likely to stay strong over the coming years. 

Taken together, these announcements point to a shifting regional landscape as Singapore takes on the ASEAN chair, alongside real changes in technology adoption, manpower planning, family support and land use. None of this requires urgent action, but early planning will put you in a stronger position. The sooner you understand how these changes affect your business, the more options you will have.

How RSM can support your business

Whether you are adjusting to new HR and payroll rules, planning for AI adoption, or thinking about growth across ASEAN, RSM works alongside you across every stage of that journey.

Our corporate advisory team helps you plan for change, from restructuring and business planning to mergers, acquisitions and succession. On tax, we support both compliance and planning, helping you manage your obligations today while structuring efficiently for tomorrow, including cross-border tax matters as you grow regionally.

For businesses setting up or restructuring in Singapore, CorpServe handles company incorporation, corporate secretarial work and ongoing regulatory compliance, so you can focus on running the business rather than the paperwork. Our hiring and payroll services, through AccountStaff and PayrollServe, keep you compliant with evolving leave and manpower rules while managing the administrative load. Our accounting teams provide day to day bookkeeping through to full financial reporting, giving you a clear picture of your business at every stage.

On technology, we support businesses adopting new systems and AI tools and can help you modernise operations without losing sight of security and governance.

And as more businesses look beyond Singapore, particularly with the ASEAN chairmanship ahead, our advisory practices work together to help you extend your footprint across Asia, from market entry planning to navigating tax and regulatory requirements in new jurisdictions.

If any of these changes affect your business and you would like to talk through what they mean for you, our team is here to help.

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