Minister for Finance Paschal Donohoe has said that the preparation of October's Budget will be complex and challenging.

Mr Donohoe said Budget 2023 is being prepared against the backdrop of rising borrowing costs, an inflation situation unlike anything encountered in over three decades, heightened economic and geopolitical uncertainty and, what he described as, a "worrying exposure" of revenue to corporate tax receipts.

He was speaking during an address to the ESRI's 'Budget Perspectives' conference in Dublin.

On inflation, Mr Donohoe said the Government would continue to help with cost-of-living challenges.

"But, overall, we will be aiming to design policy in a manner that does not add to inflationary pressures - in other words, budgetary policy itself must not become part of the problem," he said.

Mr Donohoe also said there is a need to reduce reliance on exceptionally high levels of corporate tax receipts.

"There is the need to reduce our dependency on corporate tax receipts that now account for €1 in every €4 collected, a figure that is well in excess of both historical and international norms. These excess receipts present an artificially benign picture of the public finance," he said.

Mr Donohoe said to limit the exposure of the public finances to rising borrowing costs, he will be targeting the lowest level of borrowing.

He said that despite global uncertainties, he believed that Ireland was well-positioned to navigate its way through the current challenges.

Speaking to reporters after delivering his address, the Minister for Finance was asked if there would be a mini-budget or any other interventions ahead of Budget day in October to help ease the pressures of inflation.

He said his main area of focus is the work they will do on Budget day.

"The Government has already put in place a set of measures to help households and businesses that are having to deal with so many challenges at the moment," he said.

"We have already put in place a set of measures for this year alone that are worth well over a billion euro and my focus and the focus of Minister McGrath is now on preparing the budget and at budget time putting in place the measures that we know will be needed to help many with the rising cost of living," he added.