Jim O'Callaghan (Dublin Bay South, Fianna Fail) | Oireachtas source

There is a tendency during political debates about budgets for politicians and political commentators to concentrate on individual measures that have been introduced. That is understandable and I will do that presently. However, it is important we also take into account the general economic condition of the country at the time of the budget. That is what experts in economic departments refer to as the macroeconomic outlook. The budget presented by the Ministers, Deputies Michael McGrath and Donohoe, showed the State believes it will generate €94 billion in revenue next year. That is an extraordinary amount of money for the State to take in. It will take it in mainly through tax revenue, but also non-tax revenue and appropriations-in-aid.

The job of the Government is to ensure this extraordinary amount of money, which is close to €100 billion, is spent prudently and efficiently. The budget that has been outlined proposes that it will be spent prudently and efficiently next year. It is planned that there will be voted expenditure of €88 billion and non-voted expenditure of €14 billion. That brings it up to a total expenditure of €102 billion, meaning there is a planned deficit next year of €8 billion. That is a remarkable achievement, given we have come through a pandemic where huge amounts of money have been spent by the State, correctly, in supporting citizens and businesses. It was believed the deficit for 2021 would be €20 billion. In fact, it will only be €13 billion. Significant credit should do go to the Ministers, Deputies Michael McGrath and Donohoe, for ensuring the macroeconomic outlook is in a good condition and position. If we do not have that and the State is not raising revenues, we will not be able to pay for the essential services so many of us in the House want to see supported.

That brings me to some measures in the budget which I think will be of benefit to young people. As I have said previously in this House, the past two years have been difficult for young people, whether they are students starting third level education or couples married with children. Some of the schemes that have been introduced have huge benefits for young people.

First, we have a youth travel card for people between the ages of 17 and 23 which will result in a 50% discount in their travel fares. That will be of huge benefit to the young people who avail of it. Second, there will be 7,600 more places at third level institutions. There is huge demand for third level institutions. People want to go on after secondary school to educate themselves more and attain expertise in academic disciplines and the apprenticeships. That is why I welcome the 7,600 more places. Third, there will be a €200 increase in the maintenance grant. That is something my party, Fianna Fáil, has called for and I am glad to see it included in the budget. Those three measures will be effective and useful for students in third level.

For students in secondary and primary school, the addition of 1,165 additional SNAs will be of huge assistance. As well as that, there will be 350 additional teachers. Huge amounts of money are being invested in the education system. That is something Fianna Fáil has always prioritised and I am glad to see that it has been emphasised and achieved in this budget. The younger children are also being looked after. We will have free GP care for children of six and seven and the national childcare scheme universal subsidy has been extended to all children up to the age of 15.

This has been an effective and efficient budget. More important, the macroeconomic outlook is good, but we have to be careful of storm clouds on the horizon, which may arise in the form of rising inflation, energy costs and energy security.

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