Minister for Finance Michael McGrath has said that Budget 2024 marks a step change in how the country plans for the future, by putting in place a long-term plan that will make the economic future safer for all.
Delivering Budget 2024 in the Dáil today, he said the total Budget package will be €14bn.
This will consist of a core expenditure package of just under €5.3bn, a tax package of over €1.1bn and is in line with the budgetary parameters out in the Summer Economic Statement last July.
There is also a package of once-off cost-of-living measures of €2.7bn, net of revenues from the energy sector.
He said the Government has navigated the economy through unprecedented challenges - Brexit, the pandemic, the war in Ukraine, and rates of inflation not seen for some 40 years.
He said that despite slowing, the high inflation rate continues to make life very difficult for many people and this is why the Government will provide assistance in today's Budget - with an emphasis on those who need it the most.
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Welfare increases and tax cuts among Budget 2024 measures
The Minister has estimated an average inflation rate of just over 5.25% for this year and a rate of 2.9% for next year.
He also announced two major new funds in today's Budget.
The first of these is the Future Ireland Fund, which has a potential to grow to over €100bn by the middle of the next decade, will help to protect living standards and public services for current and future generations.
Meanwhile, €14bn will be put aside in the second fund - the Infrastructure, Climate and Nature Fund - by 2030 to allow for sustained levels of investment in infrastructure in the event of economic downturns and to support climate and nature related projects.
The Minister also today kept the 2023 forecast for modified domestic demand growth - the Finance Department's preferred measure of economic activity - broadly unchanged at 2.2% but cut its 2024 growth projection to 2.2% from a previous 2.5% forecast.
Investment in schools
The Minister for Public Expenditure Paschal Donohoe has announced an additional €900 million of investment in schools, hospital infrastructure and for better public and road transport in 2024.
In addition to the €250 million package of temporary supports to assist businesses through cost-of-living pressures, he said he was allocating an additional €35 million to the Department of Enterprise, Trade and Employment in 2024.
It includes €9 million for Local Enterprise Offices and an increase in the IDA's capital allocation of €27 million to accelerate its Regional Property Grants Programme, ensuring balanced regional inward investments.
Budget 2024 will provide €3.5bn to the Department of Transport; €892 million in current funding and €2.7bn in capital funding.
Minister Donohoe said current funding will provide for the continuation of the temporary 20 percent fare reductions until the end of 2024.
He said capital funding will support the construction of MetroLink, the Cork Commuter Rail project, and investment in electric and hybrid-electric buses and the essential infrastructure required for new bus and rail fleets such as the electrification of bus and rail depots.
€1.35bn has been allocated for the development, protection and renewal of the roads network.
The eligibility for the Young Adult Card is being extended to cover adults aged 19-25.
"This Government has invested heavily in walking and cycling infrastructure and improved public transport. We will continue to meet our commitment to invest almost €1 million per day in cycling and walking infrastructure," he said.
National Broadband Scheme
Minister Donohoe announced that a further €348 million will be invested in the National Broadband Scheme.
He said the investment would ensure that another 100,000 homes were provided with access to fibre broadband.
The Budget also provides for the continued expansion of the National Cyber Security Centre to build resilience and address cyber skills shortages as well as to develop the cyber security industry in Ireland.
The Budget provides €1.17bn for the Department of Tourism, Culture, Arts, Gaeltacht, Sport and Media.
The allocation will support enterprise and employment in the tourism sector, and targeted measures to support downstream business impacted as a resulted of the war of Ukraine.
The Minister said this funding will promote the contribution of sport to a healthier and more active society, and promote the increased participation of women in sport and invest in our sporting infrastructure.
It will also support Irish language broadcasting through TG4.
