Marie Sherlock (Labour) | Oireachtas source

Budget 2023 takes place at a remarkable time for this country. While we hear a lot about Putin's war and what else is happening in the world, it is very important to remember that our State is in an extraordinarily well-off situation. That we have an Exchequer surplus at all is simply remarkable. We are one of only two countries in the European Union that has a surplus, Denmark being the other. If we think about it, we do not have to borrow for current expenditure or capital expenditure and this is the equivalent of being a cash buyer with very deep pockets. Our debt maturity is one of the longest in Europe. The vast majority of Irish debt is fixed at a 1.5% interest rate. While the era of low borrowing rates may well be coming to an end we cannot forget that at the beginning of this year we had approximately €27.5 billion sitting in reserves with the National Treasury Management Fund.

Even though we have all sorts of uncertainties in the State with regard to the future, we cannot underestimate how fortunate our fiscal situation and stance are. It is remarkable to look at the figures today and in the White Paper last Friday. Even if we take the corporation tax revenues out of the public finances for next year we are still on track to record a surplus. No other country in Europe can lay claim to this. In thinking about this extraordinary good fortune that our State has, it is unconscionable that anyone should go cold or hungry or would ration heat for fear of running out of money this winter. Despite some very positive measures today people will go cold and hungry. There will only be one €200 credit between now and Christmas. People will go short. The one-off payments are welcome but Threshold summed it up very neatly today. The €500 renter's credit is the equivalent of one week's rent. When we think that renters in this country spend an average of €20,000 on rent, €500 is a drop in the ocean.