Fiona O'Malley (Progressive Democrats)

In preparation for this debate I took a look at Best of Times? The Social Impact of the Celtic Tiger in Ireland , which has a chapter devoted to housing and the housing boom. It states, "Despite its runaway appearance, the housing market in Ireland may be less precarious than in some other countries". It cites three reasons for this. The first is demographics. We have a growing population and an increasing one because of immigration. Second, rising affluence means more people have jobs and pay less tax and there is more disposable income. Third, there are lower interest rates. This third factor is no longer part of the equation as the price increases have declined somewhat. This is welcome.

Senators opposite said this has nothing to do with the availability of housing. Again I refer to this very worthwhile document. The impression given is that the housing system in Ireland is appalling and that nothing is happening for people. The document states that the housing system has also performed well in the sheer volume of new dwellings it has produced and the very large increase in the number of households this has facilitated. One forgets that. Year on year there have been record numbers and outputs. That is an irrefutable fact and one cannot deny that.