Dr. Tom McDonnell:

One would be moving towards that point. It would probably be a matter of "indexation plus" for several years. This speaks to the fact that we need to have a serious conversation about revenue sufficiency in Ireland. We are just not there. It is a difficult conversation for everybody and is not popular. Our ageing population will result in additional costs and we have to pay for climate change transition. If the latter succeeds, we will lose all our carbon-based revenue. The yield from carbon tax will be zero if net zero is achieved. We will have to ask whether the corporation tax yield will be sustainable. It will be a multi-year process but step one would be to set up the commission on an evidence basis. Like a low-pay commission or something like that, its role would not be to tell the Government what to do but to give it a range and to advise. It would be the Government's decision as to whether to adhere to the advice.