Brian Cowen (Laois-Offaly, Fianna Fail)

With regard to the programme for Government, it involves a five-year term. The programme for Government was based on the assumption of being able to achieve an average annual growth rate of 4.5%. We may not achieve that rate next year but the programme should be considered over the five-year period. This is all predicated on maintaining an overall budgetary policy of broad budgetary balance which is important in sustaining existing improvements, quite apart from making the right choices regarding other elements one might wish to introduce consistent with having a responsible budgetary policy.

On housing output, based on demographics one would expect that a sustainable level of housing output, once the adjustment that is under way has been made, will be between 60,000 and 70,000 per year. The question of when this adjustment will be completed is still being examined. The measure of housing output mentioned by the Deputy is broadly correct. The shortfall in stamp duty at the moment is around €400 million but one should remember that excise duties and capital taxes comprise around 15% of total tax revenue while the big four taxes constitute at least 84%. This is the context for this matter.

See this speech in context