The Finance Minister is indicating a €3 billion boost to infrastructure spending in the upcoming budget.

The money is expected to come from the State's sale of AIB shares and will be directed towards delivering affordable housing in particular.

Budget 2025 is just around the corner, taking place on October 1st, a week earlier than usual amid rumours that a General Election could be held before the end of the year.

Minister Jack Chambers outlined the breakdown of how the funds from the sale of AIB shares will be invested.

“I’m working on a detailed plan which involves the €3 billion the state has received from the AIB share sales,” he told Newstalk.

“The focus is on investing in the future and in infrastructure in our country, particularly capitalising important state agencies that drive the delivery of affordable housing, water infrastructure and also improving energy infrastructure across our country.

“This is about investing in the long-term future productive capacity of the Irish economy.”

AIB shares

He explained how the sale of shares would free up money for public infrastructure spending.

“Once the allocation from the AIB share sale has been made, it sits in the Irish Strategic Investment Fund and that allows the government to prioritise infrastructure such as affordable housing and water infrastructure across the country,” he said.

“It will also address concerns about energy infrastructure in our country and that will help build a wider and future productive capacity of the economy, give certainty for investors, but also improve the lives of citizens and communities right across our country.”

Apple money

Minister Chambers also said the spending of Apple’s €13 billion tax windfall should be considered carefully.

“Government will give detailed consideration to the final determined allocation which will come from the escrow account when that's finalised,” he said.

“I’m very clear that spending that on day-to-day expenditure would risk Ireland's future, and we need to make sure we've carefully considered how that can be best utilised for the medium to long term so that we ensure future economic growth for the long term of our country.

“We will have wider consideration of that over the coming weeks.”

Housing Minister Darragh O’Brien told Newstalk this week that some of Apple’s tax payment should be spent on housing.

Main image: M50 motorway in Dublin. Image: Peter Cavanagh / Alamy Stock Photo