The annual vehicle growth rate will be lowered from the current 1.5% to 1.0% in 2012, and then to 0.5% in 2013 and 2014.
It's a topic that has been discussed previously, but the full implications of the reduction will only be known once it comes into force next year.
However, LTA claims that it is unlikely to have a huge impact on COE supply (hence prices) when the measures kick in, as it expects a rise in vehicle deregistration during this period, hence balancing out the cut in growth.
Whether this will pan out to be the case, remains to be seen.
But it's encouraging that Transport Minister Lui Tuck Yew has been listening to feedback, and considering all viewpoints before announcing any drastic implementations, as can be seen here.
Let's hope that Singapore's transport system can finally move on to become world class, whether it be public or private transport.