Oireachtas Joint and Select Committees

Tuesday, 19 June 2018

Committee on Budgetary Oversight

Priorities for Budget 2019: Discussion

4:00 pm

Photo of Jonathan O'BrienJonathan O'Brien (Cork North Central, Sinn Fein)
Link to this: Individually | In context | Oireachtas source

Let us have an honest conversation.

In the economic statement just published, the Government states there is €800 million for further allocation. If we were to look at the fiscal rules and adhere to them, particularly the expenditure benchmark - the benchmark that has been implemented for the past number of years - they are there for a reason and that is to prevent this boom-and-bust cycle of the economy. If we were to meet the expenditure benchmark next year, and the Government even states this, we would have an additional €900 million on top of this year. I am talking about this year and I am just giving the facts. By adhering to the fiscal rules and meeting the targets under the expenditure benchmark, we could have €1.7 billion rather than €800 million. If we take the rainy day fund the Government proposes, which is €500 million and with which I do not agree because we need to spend the money now, we could potentially have €2.2 billion extra allocated next year and still meet the targets under the fiscal rules, as opposed to €700 million under Fianna Fáil. These are the types of conversations we need to have. We need to put all of the figures and all of the facts out there and state we can still achieve and that it is about choices. We need to make choices that are obviously fiscally responsible but also socially responsible. We also have a social responsibility to people in terms of providing childcare and housing, and we can achieve that.