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FINANCE MINISTER JACK Chambers is set to deliver his first Budget in the Dáil later today.
This is the Government’s final Budget before a general election takes place.
Like previous years, it looks set to be jammed with once-off cost-of-living measures and tax cuts.
Much of what is included in Budget 2025 has already been made public, with a €2 billion cost-of-living package expected and an unprecedented set of two double-child benefit payments to be made before Christmas.
The Budget announcement itself will take place at 1pm and we’ll keep you up to date with all the latest news here.
The main points so far:
“There is certainly lots of money to go round,” financial advisor Ralph Benson writes in this op-ed breaking down what is expected to be announced this afternoon.
“Tax receipts this year are up a whopping 12.6% on last year, and interest rates are falling.
So everyone will likely see a bit of upside in the announcements.
“But – with one exception, as we’ll see – there is little obvious appetite in the government for real financial reform of the hard problems in Irish society right now, such as lack of accommodation, transport infrastructure, controlling runaway costs on capital projects, public sector costs and efficiency, or dealing with our changing demographics and ageing population profile.”
People over the age of 70 will be able to bring another person on public transport free-of-charge under plans spearheaded by Social Protection Minister Heather Humphreys.
The measure, known as the ‘universal companion pass‘, will benefit tens of thousands of older people.
It is understood that Humphreys pushed for the measure in a bid to tackle isolation among older people.
Health Minister to announce expansion to free IVF scheme to allow couples with an existing child to access treatment. One element of the current criteria sets out that a couple accessing publicly funded IVF must have no living children together.
— Christina Finn (@christinafinn8) October 1, 2024
Health Minister Stephen Donnelly is set to announce an expansion to the free IVF scheme to allow couples who already have a child to access treatment.
It will reverse one element of the scheme’s current criteria which requires that a couple accessing publicly funded IVF must have no living children together.
There are plans to expand the scheme in two areas next year. The first of these will allow couples requiring donor assistance to access the scheme during 2025.
Here is the latest on what students are expected to get in Budget 2025:
Budget 2025 for students:
— Jane Matthews (@janeematthews) October 1, 2024
👉🏼Undergrads set to see a €1000 reduction on the student contribution fee this year bringing fees to €2,000.
👉🏼Once off reduction of apprentice contribution of €1,000.
👉🏼Post Grad supports will see fee contribution ⬆️ from €4,000 to €5,000.
Will you watch the Budget 2025 announcement?
Let us know in our poll.
It’s a fairly mixed bag so far.
Today is Jack Chambers’ first (and possibly last) Budget as Finance Minister.
As we wait for his announcement at 1pm, let’s take a trip down memory lane with some photos of Finance Ministers of the past on previous Budget days.
More details are emerging about health spending.
It’s understood that the sector will get almost €3 billion extra in Budget 2025.
The total health budget is expected to be a record €25.76 billion, representing an increase of €2.94 billion on the January 2024 allocation of €22.82 billion.
The following increases in spending are set to be announced:
While leaking the Budget is par for the course now, it was deemed unacceptable in the past.
Phil Hogan, then-Junior Minister for Finance, had to resign in 1995 after he admitted to leaking details of the Budget.
It emerged that one of his advisers had faxed (kind of like emailing over a landline – look it up, kids) details to the media, causing uproar.
The Rainbow Coalition was in power at the time, comprising Fine Gael, Labour and the Democratic Left.
In the weeks leading up to Budget 1996, opposition parties such as Fianna Fáil had been complaining that the coalition government had leaked more information than virtually any other administration.
More specifically, they said “sensitive market information” was being revealed to the media as a result of inter-party competition within the government.
In the end, Hogan resigned as junior finance minister on 9 February 1995 to avoid “damaging” the government.
Speaking in the Dáil chamber at the time, he said: “I am proud to belong to Fine Gael. A party with the highest ideals and values of honesty and integrity, whose members have always put the country rather than the individual first.
“To avoid any possibility of damaging a government led by Taoiseach John Bruton – a man of the utmost decency and understanding qualities – I have tendered my resignation from government and it has been accepted. The decision to resign is entirely my own.”
As is the tradition, much of the Budget is leaked in advance.
Parents will receive a double child benefit payment, and new parents will get a ‘baby boost’ payment totalling €420.
A reduction to the USC as well as increases to social welfare payments and the rent tax credit are also expected.
Our Political Editor Christina Finn has rounded up what we know so far about the cost-of-living measures and tax measures.
Our Political Correspondent Jane Matthews has been taking a look at how the day will play out.
Finance Minister Jack Chambers will deliver his inaugural Budget speech at 1pm in the Dáil, with Minister for Public Expenditure and Reform Paschal Donohoe set to outline public spending immediately afterwards at approximately 1.45pm.
The Dáil schedule is then cleared until 8pm to allow opposition TDs to respond to this year’s Budget.
Voting on the Budget will then begin at 8.30pm and is scheduled to last until midnight.
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