Sean Barrett (Independent) | Oireachtas source

We share the same objectives on this section. We are trying to get a growth economy back. We all share that view because we all know the situation that the Minister has had to deal with since he came to office.

I wish to comment on the institutional structure for which the Minister has the expertise because he is a former Chairman of the Committee of Public Accounts. We are quite good after the events but then it is too late, the money has been spent and the cost overruns have taken place. As everyone knows, economists have dwelt on the question of whether the Comptroller and Auditor General should conduct an audit. I would have given a wider range of functions to the fiscal council. After all "fiscal" refers to taxation and the section deals with taxation. Debates on forecasts are interesting but the section is about resource allocation. At this time we are imposing house taxes and getting into hot water about special needs assistants, respite care and all of the other things. Therefore, we must ensure that everything we do in the Finance Bill has a guarantee that the benefits will exceed the costs, otherwise the national debt will increase and will continue to do so. I am worried about the institutional structure because so much of the institutions that presided over our getting into trouble in this country still exist. We need to change their corporate culture and develop an emphasis on value for money just like the Minister urged for research and development. Everything contained in the Finance Bill is of vital necessity.

The Minister said that this project will be tendered out on the relevant website. I hope that his Department will develop the role quickly because the Exchequer and taxpayer are under siege and we have a rescue operation by the troika. The old emphasis that the Department of Finance had has been undermined by social partnership and lobbying. It must be restored and re-emphasised because it is more important than ever as we are close to reaching the taxable limits as far as most people are concerned. In addition, the property tax will take more money out of the economy. Therefore, we need a value for money focus and that is the purpose of the amendments.

I hope that the Minister will develop the thinking behind research and development evaluation. Quite an amount of money has been spent on the sector and it is time we saw results. A euro spent on research and development could yield better returns elsewhere. All of these initiatives must compete in the Minister's bailiwick to see which ones are worthwhile. The role played by the Department of Finance is more vital than ever given the amount of borrowing that we are all trying to address. I thank the Minister for his response.