Noel Harrington (Cork South West, Fine Gael)

I welcome the opportunity to speak. This is an important debate. As we enter our second year as elected representatives, it is particularly important that we have a chance to speak on what is a fundamental debate on a referendum. This debate goes to the nub of all political issues in that our primary function in this House is to raise and monitor taxes to pay for all the public services we approve under Vote to provide for all of our citizens.

In doing that we must be realistic. The fiscal compact sets out a framework as to how we plan our financial affairs as a nation and member of the European Community and common currency. Some, like the previous speaker, Deputy O'Brien, have called it an austerity referendum. In reality, it would be better to call it a reality treaty. He referred to stimulus and investment. One can only provide them in an environment where those people that will invest can achieve certainty and stability. That is what the fiscal treaty is all about and why I am very pleased to support the referendum.

In doing that we must be realistic and this fiscal pact sets out a framework as to how we plan our financial affairs as a nation, a member of the European community and as members of a common currency. Some, like the previous speaker, Deputy O'Brien, have caused it an austerity referendum. In reality, it would be better to call it a reality treaty. He referred to stimulus and investment. One can only provide them in an environment where those people that will invest can achieve certainty and stability. That is what the fiscal treaty is all about and why I am very pleased to support the referendum.

It is only right that we have a constitutional referendum on adopting this reality pact. In doing so, we are writing the rules which can provide a framework for our monetary affairs now and, more important, in the future. In simple terms, we cannot borrow money if we cannot pay it back and we are currently living way beyond our means. The situation we have inherited is, according to the 2012 Estimates, that we as a Parliament on behalf of the Irish people will spend €55.75 billion or €12,192 for every man, woman and child in the country. The real problem is that we are only raising €38.08 billion or €8,312 for every man, woman and child in Ireland, in taxes and other income. We are overspending by €3,879 for every single person in the country.

I know Members opposite will oppose every effort to increase revenue by a euro or cent or by cutting expenditure. They do not want to pay back one red cent. Regrettably, those policies and ideology are as bankrupt and defunct as this country. We have and need a plan to reform our country's financial affairs and I look forward to some Deputies accepting this reality so they can reform their ideology and policies.

After a year in the House it is important to reflect on how every taxpayer sees his or her money being spent. The money spent on every man, woman and child in the country can be divided in broad terms. It comprises: €4,485 on social welfare; €3,065 on the health service; €1,971 on education; and just over €500 on the provision of justice system. We take in per person: €3,294 in income tax; €2,130 in VAT; just over €1,000 in excise duties; and €305 in stamp duties. That is the current situation and it is not good.

I want to see a better way of planning our nation's finances so that my children and grandchildren do not have to face this situation again in 20 years' time. By agreeing to the treaty we are ensuring stability, not just for our citizens, but to increase investment and make a better way of life for our country.

Any previous Administration could have made mistakes. There was a series of up to 20 projects, such as Punchestown, the Media Lab, the Cork courthouse, e-voting, marine projects in Kerry, Galway and Sligo, accommodation for asylum seekers, PPARS, residential abuse in institutions, overruns, medical card for the over-70s miscalculations, Kilkenny flood relief, east and west toll link overruns, Stadium Campus Ireland or the Bertie bowl, the new passport system overrun, the LUAS overrun, the Dublin Port tunnel overrun and the Thornton Hall prison site debacle.

Such projects amounted to €7.3 billion of mismanagement and waste over a period of ten years. If the Deputy wants to vote for that and continue to vote for the possibility of it happening again, he should by all means reject the treaty. However, we are in a different time and need a different reality. Is there any better reason to vote for a reality treaty?

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