Jonathan O'Brien (Cork North Central, Sinn Fein) | Oireachtas source

I move amendment No. 154:

In page 133, between lines 5 and 6, to insert the following:“Report on impact of increase on non-residential stamp duty

48.The Minister shall, within 6 months of the passing of this Act, prepare and lay before Dáil Éireann a report on the impact of increasing non-residential stamp duty by 1 per cent and the threat of overheating in the commercial property sector.”.

Before withdrawing the amendment, I wish to have a brief conversation with the Minister. He will be aware of the pre-budget submission by the Irish Fiscal Advisory Council and the new tool used in the submission, which in essence is a heat map. It shows that the area at risk of overheating in the coming years is the non-housing construction sector as opposed to the housing construction sector.

I want to have a brief conversation with the Minister about the risks in the non-housing sector. IFAC has been clear in stating this sector poses a significant risk to overheating in the economy. How is it proposed to dampen down the risk? This is relevant, especially given that we have a housing crisis and a housing shortage and, according to the IFAC heat map, there is no risk to overheating in the housing construction sector. Deputy Pearse Doherty is looking for a report within six months of passing the Finance Bill on the impact of increasing non-residential stamp duty by 1% and how that would or could dampen down the non-residential sector.

Not only that, I imagine both the Minister and I would agree that capacity and labour shortages in housebuilding are relevant. Even if we put all the money in the world into housebuilding tomorrow, only so many houses can be built given the labour available. Would this not be a way of redirecting some of the labour from the non-housing construction sector, which is going ahead too hotly, into housing construction? I am seeking some brief comments from the Minister on that point.