Families could receive a one-off double payment of the child benefit allowance in the upcoming Budget.

The Irish Independent reported today that the government is considering doubling the €140 monthly allowance, which will be funded by a €5 billion tax surplus that's currently available to the Finance Minister Paschal Donohoe.

The payment is being considered for December.

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

A family with three children would be in line to receive €840.

"We have one shot to get this right."

If agreed on by the coalition partners, the move could have a substantial impact on parents' pockets this winter as the cost of living continues to rise and energy bills soar.

It's expected next month's Budget will allocate €1 billion to a series of once-off measures to help tackle the cost of living crisis.

Political reporter with the Irish Times, Jack Horgan-Jones told The Anton Savage Show that the Government are willing to make bold decisions to relieve the pressure facing households:

"There is a sense talking to senior people in government yesterday that they really have to step up to the mark here.

"One person yesterday said: 'There's an acute sense of the scale of the challenge facing households and that the government committed to a substantial intervention.

'Look how they're tying themselves up in knots on this issue and the Tory leadership election.'

'We know we have one shot to get this right in the Budget and we intend to take it.'"

Picture by: Sam Boal/RollingNews.ie