Kieran O'Donnell (Limerick East, Fine Gael)

Does the Minister agree that the legislation he introduced prior to the summer recess was a sham? The legislation to which I refer did nothing in respect of introducing mobility to the market. As matters stand at the end of the third financial quarter, almost 10,600 fewer houses have been built this year compared to last. The Minister's pre-budget outlook is built on the estimated completion of approximately 60,000 houses. The eminent firm of Goodbody Stockbrokers has indicated that the actual figure may be as low as 50,000. As the Minister is aware, there is a loss of almost €1 billion for every reduction of 10,000 in the overall figure.

The Minister last night stated, as part of the Indecon public policy lecture he delivered at the Royal Irish Academy, that he was building his budget on three priorities, one of which was equity in tax treatment. The current position on stamp duty is inequitable. The Minister must follow through on his public pronouncements and make what he is saying part of policy.

Does the Minister agree that the Finance (No. 2) Act 2007 which was passed before the summer recess has had no impact on the market? He stated stamp duty was a great provider of revenue. However, the Exchequer is going to be short almost €600 million because he failed to introduce the stamp duty proposals he was supposed to bring forward. HIs former colleague, Michael McDowell, previously indicated that stamp duty was to be done away with. This week, another of his former colleagues, Tom Parlon, as head of the Construction Industry Federation stated the goose that was laying the golden eggs was no longer doing so. The Minister must reform the stamp duty regime. Will he do so?

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