Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

As the Deputy well knows, there are a whole range of measures in budget 2024 designed to help people with the cost of living. We are focusing here on one particular measure. There are changes to our income tax system, changes to our social welfare system, energy credits, exceptional lump sum payments and measures to reduce the cost of accessing public services. The budget must be considered in the round and there are a wide array of measures the households in question will benefit from in the context of budget 2024.

The Deputy consistently misrepresents my position and the position of Fianna Fáil. He knows well that in the period 2016 to 2020 when we were in opposition we entered into a confidence and supply agreement and negotiated for an extension of mortgage interest relief at that time, and we achieved that. Mortgage interest relief lasted for longer than it otherwise would have. There was an extension and the Deputy knows that well, but it does not stop him from consistently misrepresenting the position to make political points.

On the measure itself, an element of targeting is warranted. The Deputy would have a situation where somebody with a €5,000, €10,000 or €20,000 mortgage balance with repayments that are very low would benefit from tax relief the State is going to provide. We decided the relief would be at the standard rate and that is at 20%. We do not have a 30% rate of income tax in our system. This is a standard-rated relief at 20%, so it is targeted, but the vast majority of mortgage holders who are feeling the pressure from the consistent interest rate increases we have experienced will get a benefit from this measure. Many of them will welcome it, have already welcomed it and look forward to drawing it down once it is available.

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