There could be no further cost of living measures in this year’s budget, Jack Chambers has said.
In 2022, the Government responded to surging inflation with a series of measures to mitigate its impact on household budgets.
Each home was given an energy credit worth €600 and there were also a series of one off social welfare payments.
Speaking on The Hard Shoulder, the Minister for Finance said the question of whether there would be further measures was a “matter [for] close to the Budget time”.
“We’re in a much different budgetary environment than we were in the last four years,” he said.
“We obviously had to respond and intervene in a substantial way during COVID and also during the cost of living crisis where inflation was up at 10% at particular points in time.
“The flat inflation rate for June this year is 1.5% and that gives a different context to any further interventions or supports.
“We’ll discuss this further closer to the budget time but if there are additional supports in terms of cost of living, it won’t be of a scale near to what it was in previous years.”
Micheál Martin and Jack Chambers.Today, the Government set out the nation’s fiscal position in the Summer Economic Statement.
Public spending is forecast to rise by 6.9% next year and the Department of Health will be given a further €1.5 billion.
Minister Chambers said housing would also be at the heart of the budget, which he described as the Government’s “core priority”.
“That’s why there is an additional allocation of €1.4 billion for capital this year to drive further delivery in housing,” he said.
“That [will be] set out by Minister Donohue through the National Development plan, some of it will be on housing… and it’s to reach and exceed our housing targets.
“We reached our targets this year, we want to surpass them this year and Minister O’Brien will be coming out with new targets for 2025 and beyond.”
Budget 2025 will be delivered on October 1st.
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Main image: Jack Chambers. Image: Newstalk
