Jack Chambers (Dublin West, Fianna Fail) | Oireachtas source

As the Minister, Deputy Donohoe, has said we have a major demographic challenge in our country. Our population pyramid over previous years was defined as being very much a young and wide base, but this is now ageing quickly and we are seeing our population ageing comparatively in a very accelerated way compared with European countries that have a higher age demographic. This is why the establishment of the future Ireland fund and the infrastructure, climate and nature fund are there for the medium to long term so future governments have the ability to intervene with savings from today in addressing the demographic challenges of tomorrow. As the Minister said, we are seeing those demographic challenges present right now even in terms of acute hospital admissions. We absolutely must provide for that in the context of existing levels of service, but it is very important we get a balanced budgetary strategy so that we put the excess tax receipts aside to deal with the challenges the Deputy has referenced.

It is also why in the context of housing policy and other areas of expenditure we must drive progress to ensure that our ageing population is provided for. The Minister, Deputy Darragh O'Brien, has sought to address this aspect through the Housing for All plan. This is why when we are discussing budgetary policy I think it is important we do not enter into the domain of spending the moneys in these funds to finance current expenditure measures. This is why the Government has established the funds and we will have €10 billion put aside this year and €16 billion next year. We want to add to these sums in future so we will be able to address the demographic and other challenges that exist, including deglobalisation and the disruption of our trading position that could occur in future. Another element of this context will be how digitalisation and AI impact the labour force. There is then the absolute need to address climate change and invest in the future. There are wide challenges we must address, demographics being one. I appreciate the fact that the Deputy has raised this aspect as an issue.