What does Singapore PM-in-waiting Heng Swee Keat’s 2019 budget say about an early election?

In the weeks leading up to Singapore’s budget, expectations were running high for Finance Minister Heng Swee Keat’s first major policy speech since being designated as the prime minister in waiting. There was intense talk by economists and analysts that he would use this budget as his platform to launch the election campaign for his party, the People’s Action Party (PAP), in some style. Singaporeans were also looking forward to seeing a huge cash bonus in advance of what would be an early…