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As long as the opposition can sort it out among themselves, and avoid 3 cornered fights, the likelihood of opposition losing deposits remains slim. Independent candidates look more likely to lose their money though.
With GRC and high election deposit, there wasn't a single independent candidate in GE 2006. Think it's going to be the same next round.
Is it good that high election deposit seems to have deterred frivolous independent from creating 3- or multi-cornered fight? Perhaps. But I think that now it's not only high enough to deter frivolous opportunists, but also too high that it stifles serious parties from fielding more serious candidates. Serious parties and candidates aren't expected to lose their deposits, yes. But the huge sums tied down means less funds available for campaigning. I think that a deposit peg of half-month MP allowance is sufficient, e.g. if allowance = S$12,000, then deposit = S$6,000.