Finance Minister Michael Noonan and Public Expenditure Minister Paschal Donohoe presented Budget 2017 in the Dáil today.
You can follow updates and join the conversation by using #Budget17 or #Budget2017.
Watch the MerrionStreet.ie stream of Budget 2017 press conferences from the Government Press Centre above.
The press conferences took place as follows:
- Department of Communications, Climate Action & Environment
- Department of Housing, Planning, Community & Local Government
- Department of Social Protection
- Department of Children & Youth Affairs
- Department of Health
- Department of Finance & Department of Public Expenditure & Reform
Minister Donohoe outlined a package of spending of €58 billion:
The €58 billion which I am announcing today is made up of:
- €53.5 billion in current, day-to-day spending – equivalent to almost €11,500 for every man, woman and child in the country; and
- €4.5 billion in capital spending to deliver the ongoing programme of investment in the Government’s Capital Plan.
In total this is an increase of €1.9 billion or 3.3 per cent on the expected 2016 outturn.
The Minister also announced funding for recruitment of "close to 4,500 additional frontline staff, such as nurses, Gardaí and teachers", as well as an increase in the Christmas bonus for Social Welfare recipients to 85%.
He also highlighted Housing as a key area of spending:
Housing is a core priority of the Programme for a Partnership Government.
I am committing some €1.2 billion in funding for Housing to the Department of Housing, Planning, Community and Local Government for 2017.
This funding will allow for continued implementation of the Housing Action Plan. Under the Plan, 47,000 new social housing units will be delivered by 2021.
There will be increased spending on Health, with an additional €497 million for Health for 2017, bringing total spending to €14.6 billion.
A new Single Affordable Childcare Scheme will be introduced from September 2017, and will provide both means-tested subsidies, based on parental income, for children between 6 months and 15 years and universal subsidies for all children aged 6 months to 3 years.
Read Minister Paschal Donohoe's full speech here.
Minister Noonan noted that an increase of 50 cents in excise duty on a pack of 20 cigarettes was the only tax increase in today's Budget. He announced cuts to the three lower rates of USC, of 0.5% each.
The Minister said:
Overall, the Budget package of €1.3 billion favours expenditure increases over revenue reductions by over three to one. This reflects the Government’s commitment to rebuilding and investing in public services.
A Help-to-Buy Scheme will be introduced to provide rebate of income tax over the previous four tax years up to a max of 5% of the purchase price of a new home, up to the value of €400,000, to first time buyers of new houses.
The Minister outlined the scheme:
The Help-to-Buy Scheme is designed as follows: The scheme will provide a rebate of income tax paid over the previous four tax years up to a maximum of 5 per cent of the purchase price of a new home up to a value of €400,000, to first time buyers of new houses. Pro rata rates will apply to lower priced houses and a full rebate calculated on €400,000 will also apply to houses in excess of €400,000 and up to €600,000. No rebate will be paid on house purchases in excess of €600,000.
I have discussed the proposed scheme with the Governor of the Central Bank and he has agreed that any rebate received under the scheme will be reckoned in full in the calculation of the deposit required to be eligible for a mortgage under the Central Bank’s macro-prudential rules. The Scheme will apply to the purchase of newly built primary residences by first time buyers from the 19th of July this year until the end of 2019.
Read Minister Michael Noonan's full speech here.
For more information on Budget 2017 click here to check out the Budget website.
Read more on Budget 2017:
Over 2,400 extra teachers to be hired in 2017 through Education budget – Minister Bruton
Record Enterprise Capital allocation to support jobs in all regions
Budget 2017 of nearly €2bn for Transport, Tourism and Sport to be welcomed – Ross & O’Donovan
Minister Humphreys prioritises culture and rural Ireland in Budget 2017
Coveney announces transformational housing budget
Focus on incomes & brexit in €150 million low interest loan fund & €120 million increased spend - Creed
Minister Flanagan & MoS McHugh announce €10m in additional funding for ODA in 2017
Tánaiste welcomes extra funding for Garda recruits, more civilian staff and sustained additional overtime in 2017
Budget 2017: Department of Children and Youth Affairs: Statement by Dr Katherine Zappone, Minister for Children and Youth Affairs
Doyle welcomes Budget 2017 allocation for Forestry, Horitculture, Organics and Greyhound sectors
Minister with Responsibility for Defence, Paul Kehoe announces €16m in additional funding for Defence
Ministers welcome €14.6 billion health budget
Minister Stanton welcomes additional funding for Equality measures in Budget 2017
Minister Finian McGrath welcomes increased funding for Disability Services & Medical Cards for children who qualify for the Domiciliary Care Allowance
The Ministers spoke to MerrionStreet.ie ahead of the Budget. Watch the videos below: