Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

There is no doubt at all that, in times of recession, people who are looking for their first jobs and homes and trying to establish themselves in life and society have it more difficult than those who are established and have homes, families, jobs, pension provisions, etc. That is a given and is borne out by all of the evidence. The best thing a government can do for a younger generation is to ensure that there are jobs. That was our approach - the priority was to create jobs. We have been successful in that. When I entered office in 2011, the rate of unemployment was in excess of 15% and among young people, it was much higher. As of last week, the rate is now 6.4%. The ESRI projects that it will be 5.7% by the end of this year, although we believe that we will be in the mid-5% range in 2019. As committee members know, the difference of returning to work, even for average pay of €700 or €800 per week, to a family that was jobless during the recession is dramatic. That is the best thing that we can do.

Obviously, we prioritised education after that. A great deal of money was invested in higher education, including third level. Participation rates are very high now. They increased rather than decreased during the recession. Education directly targets young people. Our young people are probably the best educated young people in Europe and are as good as anywhere else. This is important. I agree with Deputy Chambers's general analysis, in that delivering for the rising generation must be a priority in any social and economic development plan.

I take issue with her and various other commentaries to the effect that the help-to-buy scheme has increased the price of houses. That claim does not stand up to any economic analysis. In the three months of this year so far, approximately 1,000 people have received money under the scheme. The cost is approximately €10 million. That amount of extra spending in the housing market could not possibly affect prices. It is too small a quantum. Prices are increasing but not on account of the help-to-buy scheme as the input is far too small. The scheme is working. It was designed to help young couples get a deposit for a house. It contributes close to half of what was required for a house deposit last year. Combined with the Central Bank's adjustment to the prudential rules, this has stimulated the starter home market again. Starter homes are being built and young couples are buying them. However, there is no circumstance in which an injection of €10 million into the housing market could drive up prices. It is not possible.