Kieran O'Donnell (Limerick City, Fine Gael)

That is the figure I have. Perhaps we can do a bit of follow-up on that.

Senator Conor Murphy raised a couple of points. He obviously disagrees with what we are doing. I will put forward a couple of counterarguments and outline the logic of what we are doing. Planning permission has been granted for 40,000 apartments in Dublin, but those projects have not commenced. We are reducing the VAT rate for apartments to 9%. That applies to the sale of apartments and, from 26 November, to the inputs to build apartments. It also applies to student accommodation from 26 November. It is a viability measure. We have to increase supply. As Senator Joe O'Reilly said, we are seeing activity in that area. Ultimately, we believe that the key element in dealing with the housing crisis is supply. We must get an increase in supply.

The Senator said this is a budget for landlords and developers. I disagree. We are bringing in measures for tenants from 1 March next year. We are giving six years of cover. If you are an existing tenant in a house or an apartment, nothing changes. There are now rent pressure zones the length and breadth of Ireland, although obviously not in the North. Within the Republic, everywhere is a rent pressure zone.

In recent budgets, we have increased credits and tax band thresholds for workers. Furthermore, in every single budget, we have increased the threshold for USC to match the minimum wage. Those on minimum wage are the low paid. In that sense, we have always been progressive. The Tánaiste and Minister for Finance has said that the programme for Government commits to continuing what we have done up to this current budget. This budget was about consolidation, which is important in terms of the international markets. We will look to continue with measures to reduce the income tax burden on workers if the economy is strong. Once again, the fundamental point is that governments have to make choices. They are never easy and we may not agree but we have to make choices.

Senator Harmon spoke in a similar vein about the housing situation. We are building 30,000 units a year. Are we building enough? We absolutely are not.We must get more commencements going. As I have said on many occasions, the State cannot do it all. The volume of money involved is too high. It costs about €20 billion a year to build 50,000 homes. We are putting in about €9 billion a year. The private sector has a role to play. Builders and developers all have a role to play in ensuring we have the necessary supply. Do I have much time left?