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Budget 2023: What we know so far

The announcement of Budget 2023 is inching nearer and, in the midst of a cost of living crisis, t...
Mairead Maguire
Mairead Maguire

15.09 28 Aug 2022


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Budget 2023: What we know so f...

Budget 2023: What we know so far

Mairead Maguire
Mairead Maguire

15.09 28 Aug 2022


Share this article


The announcement of Budget 2023 is inching nearer and, in the midst of a cost of living crisis, the country is eager to see what relief the government will offer.

Budget 2023 is set to be one of the most significant packages in a decade in terms of putting money back in people's pockets.

€6.7 billion is the total figure - a 6.5% increase on last year's package.

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Social welfare payments will increase, likely by €10-€15 per week.

At €15, it would cost the state €1.1 billion per year.

The big issues

Energy prices are set to skyrocket this winter and up to 80% of the country could be at risk of fuel poverty as a result.

A record number of people are in homeless accommodation.

Figures from the Department of Housing show 10,568 people were in homelessness as of July, including 3,137 children.

Rents in the second quarter of the year were on average 12.6% higher than the same time last year.

That's the highest figure recorded by Daft.ie since the website's launch in 2006.

Hospital overcrowding is also a concern.

On Friday morning, 354 admitted patients were on trolleys waiting for beds, according to the INMO's Trolley Watch.

What we know - Taxes

Tanáiste Leo Varadkar has hinted at a 30% rate on those earning between €36,800-€41,800, giving them an extra €500 a year.

The tax rate may even extend to those earning up to €46,800 annually, but it's unlikely considering it would cost the state €945 million in total.

Today, the Vintners' Federation of Ireland urged the government to cut alcohol duties by 15%.

Over 1,800 pubs shut their doors between 2005 and the end of 2021, and the association says a tax cut could help prevent further closures.

What we know - Housing and health

Reducing taxes on landlords has been mooted but following the recent controversy over former TD and landlord Robert Troy, it may not come to fruition.

What is definitely expected, however, is tax relief for renters, according to Varadkar.

More money is also set to be put into IVF treatment, as well as cutting hospital fees in general.

What we know - Parents

Families could receive a one-off double payment of the child benefit allowance at the end of this year.

The payment would be funded by the €5 billion tax surplus currently available to the Finance Minister Paschal Donohoe.

Parents with one child would receive a €280 one-off payment, while those with two children would get a total of €560.

Tackling extortionate childcare will also be crucial, and Minister for Children Roderic O'Gorman has said he wants to half the cost over the next two budgets.

Listen back here.

Reporting by Seán Defoe


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Budget 2023 Cost Of Living Crisis

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