John Paul Phelan (Fine Gael)

I will use another cliché. The budget almost has one for everyone in the audience. However, no sector in particular will be jumping for joy as a result of the budget's contents. I was disappointed the Minister did not use the opportunity either to abolish completely the means test for the carer's allowance or to increase its threshold greatly. While he made changes in this regard, they are insufficient and an opportunity existed for significant reform in this regard.

If this budget is considered from the perspective of reform, there is very little of a reforming nature. It includes much tinkering around the edges of schemes and extensions of schemes, such as those for small business to which I referred earlier. However, very few departmental initiatives were announced by the Minister today. His mention of reform of vehicle registration tax was remarkable, although it was put on the never-never in that it would be carried out in a few years' time. It was also noteworthy that he inserted a particular paragraph on the entire area of stamp duty, which was a clear kick in the pants directed at the Progressive Democrats Party and its economic policy. He stated that any reform of stamp duty would end up in developers' pockets, rather than benefitting first-time buyers. I disagree with him. It was well within his grasp today to abolish stamp duty completely for first-time buyers, which would have cost €44 million according to the figures I received from the Department of Finance last week.