Minister for Finance and Public Expenditure Paschal Donohoe has said any additional resources that become available to the Government will be made available on a two-to-one split, between additional investment and a smaller portion going into taxation.
Speaking on RTÉ’s Drivetime, Mr Donohoe said anything done with tax will have to be done on the basis that it is "genuinely affordable".
Minister Donohoe said eliminating the need to borrow next year, while reducing debt is "so important".
He said there is a comprehensive spending review under way, adding "we are going to use that as an opportunity to see could we make better use of the money that is available to us at the moment".
He said, following the summer, he will be in a position to answer how much the Government will have to spend, but will give an update in the Dáil over the coming weeks as to how "that's evolving now".
Speaking earlier on day two of the National Economic Dialogue at Dublin Castle, Mr Donohoe said there is not enough talk about debt levels in Ireland and the potential overheating of the economy, which was seen in the lead-up to the financial crisis.
