BUDGET 2023 LIVE UPDATES
Keep an eye on the Celt's Budget Blog for live updates as the announcements unfold...
Budget 2023 has been billed as "a cost of living budget" with measures topping €11bn.
The announcements made by Ministers Pascal Donohoe and Michael McGrath received mixed reactions from their colleagues in the Dáil.
In respect of his income tax adjustments - which saw him increase the standard rate cut off point to €40,000; up from €36,800 - Minister Donohoe said: "There are so many people who work hard but whose earnings push them outside of access to social welfare benefits. We need to help them too, we need to put money back in their pockets."
Sinn Féin finance spokesperson Pearse Doherty asserted that a Budget that was supposed to make the people of Ireland feel more comfortable, failed.
"Our economy and society have been lurched from one crisis to another. Failures in housing and healthcare provision. 1-in-3 household only just managing to make ends meet."
Although he welcomed the decrease of €1,000 in student fees, he insisted the decrease should have been made permanent, rather than restoring the fees back up to €2,500 next year.
Deputy Doherty also was glad to hear of the reduction in fuel prices, however he stated that the prices should have been decreased more.
"This budget was to make up for government inaction over the past year."
See below the key announcements made at the Budget 2023.
14.33: Minister Michael McGrath concluded his speech.
14.32: Additional €36bn to department of enterprise
14.30: Peace plus north south organisation a record €1.1bn in cross border investment to promote peace
12.29: Funding of €130 million to arts council level of funding
12.28: Irish Aid's 50th anniversary will be celebrated by increasing the governments funding to 1.2 billion in 2023.
12.26: €100m to to overtime for gardaí to combat antisocial behaviour
12.25: Funding put forward to recruit 1,000 gardaí into garda college next year
12.25: €238m to alleviate Brexit pressure on agriculture sector
12.24: €500m for the sustainability of agriculture
14.23: €11 million for integration of Ukrainians into our local communities
14.22 €17.5m to rural homes to support internet for those working from home
14.20: €2.6bn to capital funding transport
14.17: €930m investment for water services
14.16: €12 a week for social welfare payments
14.16: Working family payment thresholds up by €40 per week
14.16: Qualified Child under 12 up to €42 per week and €50 for over 12s.
14.15: School books have been made free for students
14.13: National childcare scheme to cost €121m
14.12: Free GP care for 6 and 7 year olds
14.11: €225bn to tackle hospital waiting lists
14.10: Funding for recruitment
14.08: Social protection package worth €1bn for 2023 announced by Minister Michael McGrath
14.06: 6.2 billion for department of housing and heritage
14.05: 1.7 to department of housing next year €99m increase in schemes
14.04: €4.5 billion allocated for social and cost rental homes
13.59: Once off double week payment to social welfare recipients
13.58: €400 lump sum for fuel allowance before Christmas
13.57: Third-level funding - Third-level fees reduced immediately by €1,000. Families who earn under 100k will receive a further permanent €500 reduction. Families earning under €62,000 per year will pay no more than €1,500 in fees.
13.56: €100ml for schools energy and school transport providers
13.56: €500 for disability allowance and blind pension in November
13.55: €500 carer support grant
13.54: Christmas bonus will be paid before Christmas this year. Total cost of €1.2bn
13.53: Households provided €600, €200 before Christmas and 2 lump sums after Christmas totalling 1.2 billion euro.
13.50: Minister Michael McGrath begins speaking
13.46: Minister Pascal Donohoe concludes his speech
13.45: Monthly cap of €10,000 for businesses under new energy support scheme.
13.46: €2bn directed into national reserve fund
13.45: 9% vat for tourism and hospitality to expire as planned in February 2023
13.44: Bank levy to be extended for a further year
13.43: 50% reduction for late night licence from €110 to €55
13.40: Price of 20 pack of cigarettes increasing by 50c
13.39: New energy support scheme for businesses
13.37: VAT on defibrillators cut to zero from January 2023.
Editor Linda O'Reilly and the rest of the Celt staff are celebrating!
13.36: Reducing VAT on newspapers from 9% to 0%
13.33: Rate per tonne of carbon dioxide emitted for petrol and diesel will go up from €41 to €48.50 from 12 October.
13.30: Five agriculture reliefs to be extended the duration of which is dependent on talks at EU level including young trained farming and restructuring relief and farm consolidation.
13.28: Total income tax packages €1.1bn announced
13.28: Levy on concrete blocks, pouring concrete and other construction equipment will raise 80 million
13.26: Help to buy scheme to continue at current rates until 2024
13.25: Stamp duty refund scheme extended to 2025
13.24: Income tax standard cut off rate now Reintroduction of rent tax credit confirmed 40,000
13.24: Reintroduction of rent tax credit confirmed
13.23: New rent tax credit of €500 introduced
13.21: 2% USC band rate up from €21,295 to€ 22,920
13.20: Changes to tax brackets confirmed
13.20: Home carer tax up to €100
13.20: Total income package of over €1.1bn announced
13.17: Reduction of diesel and petrol extended. Exercise reductions 21c per litre on petrol, 16c per litre on diesel, 9% reduction on gas and electricity
13.16: Once-off measures worth €4.1bn in Budget 2023
13.15: Public dept expected to establish €225bn
13.13: €1 billion to be registered in Budget surplus
13.12: Tax revenue stand an almost 50bn.
13.11 Corporation tax receipts expected to exceed 20bn
13.08: Modified domestic demand revised downwards to 1.25 in 2023.
13.07: Core inflation expected to be at 4.5% in 2023
13.06: Paschal Donohoe says the Budget will "aim to put money back in your pocket"
13.03: "Budget 2023 is a cost of living budget", says Minister Donohoe.
13.02: Minister Pascal Donohoe welcomes the Budget 2023.
1pm: Finance Minister Paschal Donohoe and Michael McGrath will address the Dáil shortly to detail the measures included in Budget 2023.