Kevin Humphreys (Dublin South East, Labour)
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I thank the council members for attending and I wish them a happy Christmas. I am also a member of the Oireachtas Joint Committee on the Environment, Culture and the Gaeltacht. During June and July, that committee tried to design an expert advisory group on climate change to mimic the Irish Fiscal Advisory Council structure. It is quite a compliment to the council that we are trying to repeat the experience of the commentary we get here. It is not necessarily the case that I always agree with the Irish Fiscal Advisory Council.

There is an increase in the price of property in the Dublin area but my analysis is that it is a question of supply rather than a bubble. There is limited supply, with very little being built in the area in the past seven years. The number of units coming on stream mean there are very few two-bedroom family units. That is driving the cost. A tie-in question is that everyone is frightened of the construction industry bubble. My analysis is that the construction industry is operating at too low a level for a sustainable economy and I question how we can rebalance it. There is a need for properly sized units within the Dublin region. My analysis is that the construction industry needs to be brought up to a sustainable level. Has the Irish Fiscal Advisory Council examined the matter?