Donie Cassidy (Fianna Fail)

I welcome the Bill. Anybody who invested in property or bought homes in the past 40 years did the right thing at the right time. A bungalow costing £5,000 in 1972, which covered furniture, carpeting and everything else, is now valued at €350,000. One need not be an expert to know what was the right thing to do. This was the result of low interest rates, the national understanding begun in 1987 by Charles Haughey and the trade union movement, and the developments of the past ten years. I always advise young couples who come to my clinics that it is better to buy than to rent. It is sensible to encourage them to buy.

What has made Ireland plc the most successful country in Europe over the past number of years has been the immeasurable contribution by the construction industry. A four bedroom house in Mullingar for €305,000 is still good value for money; in fact, it is incredible value. The experts and economists who speak on this issue are probably referring to Dublin 4 and other areas where the price of a house has gone through the roof. Ultimately, we must ask: "What is the alternative?" When I first became a Member of this House, people paid rates and property tax. There was compulsory taxation. A senior citizen living in a house all her life might be paying £4,000 of her £10,000 old age pension. That was wrong and had to be corrected. I am pleased to be a member of a party that changed those difficult times, particularly for our senior citizens.

What is being proposed today will encourage young people to continue to purchase their own homes. It is the right thing to do. There is no better encouragement we can give to our young people than that they should buy their own homes. Many Senators made statements on the construction industry. Every year, the construction industry turns money twice in the economy. It has its own sand, gravel, products and labour. This is money recycled in the Irish economy not once but twice in a year. They are a great group of people for spending and as someone whose family has been involved in retail, I can state their wives are twice as good. The people who really keep the economy going must be encouraged. I do not want to see us return to the bad old days of paying huge rents with nothing at the end of it except real doom and gloom.

It must be a difficult time for people on the Opposition benches because a great deal was achieved during the past ten years.