I move amendment No. 1: To delete all words after "Dáil Éireann" and substitute the following: "notes that: — the conflict in the Middle East has, once again, exposed the vulnerability of the Irish economy, and Irish society more generally, to imported fossil fuels; — these strategic dependencies have major macroeconomic implications, and the risks to macroeconomic and fiscal stability cannot be ignored; — at a minimum, the large upward shift in energy prices is likely to impart a stagflationary impulse to the global economy, with a combination of lower levels of economic activity alongside higher inflation; — by reducing Excise Duty payable on both petrol and diesel, the Government has dampened the pass-through from higher wholesale price to retail prices; — this burden-sharing has been complemented by other support mechanisms, including an extension of the fuel allowance season and targeted measures for the most exposed sectors; — the total budgetary cost of these measures is of the order of €750 million this year, one of the largest interventions of any country in the European Union (EU), and these measures reduce the annual rate of inflation in April, May, June and July by about 0.6 percentage points; — the Government has also extended the 9 per cent Value-Added Tax (VAT) on gas and electricity bills until 31st December, 2030, one of the lowest rates in the EU, which will have cost over €1 billion from the time it was introduced in May 2022, until the end of this year; — Budget 2026 focused on building more homes and protecting jobs; — the 9 per cent VAT rate for hospitality and hairdressing will take effect from 1st July, 2026, to support businesses in services sectors, supporting over 150,000 jobs across the country; — Budget 2026 delivered weekly welfare rate increases, benefitting approximately 1.5 million people, including pensioners, people with disabilities, carers and lone parents; — for low-income families, Budget 2026 increased the weekly rate of the Child Support Payment; and — the Government has increased the rates for the Fuel Allowance, extended it to the recipients of the Working Family Payment, and recently extended the season by four weeks, to protect those at risk of fuel poverty; recognises that: — a package worth €750 million of supports has been introduced by the Government; — rates of Excise Duty (Mineral Oil Tax) applying to petrol, auto diesel and marked gas oil (MGO) have been temporarily reduced; — the National Oil Reserve Agency levy has been reduced by 2 cent per litre of fuel, to 31st July, 2026; — the total reductions, will reduce the cost of: — petrol, by 27 cent per litre; — diesel, by 32 cent per litre; and — MGO/green diesel, by 7.4 cent per litre; — the Government deferred the planned increase in carbon tax, scheduled for 1st May, until October, to provide additional support for consumers of green diesel and other affected fuels; — to protect those at risk of fuel poverty, the Government extended the fuel allowance season by four weeks, which will result in additional payments of over a quarter of households; — in Budget 2026, Government announced that VAT on electricity and gas will remain at the lowest possible level of 9 per cent to the end of 2030, to mitigate costs and address energy poverty; — the Government increased the maximum repayment allowable under the Diesel Rebate Scheme from 7.5 cent up to 12 cent per litre of diesel, which will apply until 30th June, 2026; — these interventions have been designed to provide timely and proportionate relief, indeed, the Government's approach is underpinned by the need to balance short-term supports with longer-term objectives, including: — maintaining fiscal discipline and building fiscal buffers; — supporting continued employment growth and economic stability; — strategic capital investment and infrastructure delivery; — advancing Ireland's climate commitments and energy transition; and — strengthening energy security and resilience; — the Fuel Support Scheme for farmers is now open for applications, and a scheme for hauliers will open in the coming weeks; — Budget 2026 was the first of five budgets to be delivered by the Government; — this Government has committed to, and will stand by, its Programme for Government commitment to make progressive changes to personal income tax, if the economy remains strong; — preparation for Budget 2027 is already underway, and decisions regarding policy measures should be taken in the context of the annual Budget and Finance Bill processes; — the bank levy has raised €1.8 billion since 2014, with a further €200 million due in 2026; — the National Development Plan, includes the once-off receipts arising from the Court of Justice of the European Union ruling of 2024, to advance key capital projects; — the Irish economy is facing its second fossil fuel shock in less than half a decade; — fossil fuel dependence, especially imported fossil fuels, is a major economic vulnerability; — analytical work will be undertaken by the Department of Finance, to set out the key macroeconomic principles that should guide the medium-term transition towards energy independence; and — the Government has also established the National Energy Affordability Taskforce, to identify, assess and implement measures that will enhance energy affordability for households and businesses, while delivering key renewable commitments and protecting security of supply and economic stability; and acknowledges that: — the geopolitical and economic outlook continues to be highly uncertain; — in the Department of Finance's reference scenario, inflation is projected to average 3.3 per cent this year, 1.5 percentage points higher than assumed at budget time, but still significantly lower than the 8.1 per cent rate recorded in 2022, after the last energy price shock; — the economy is still expected to grow this year, albeit at a slower pace than previously forecast, and Government has committed to a range of temporary measures to mitigate the impact of increases in energy prices on households and businesses; — the overall approach to budgetary policy must remain balanced and sustainable over the medium-term; and — the Government will consider the continued impact of the energy shock on households, and make proportionate decisions in the forthcoming Budget.". The Government opposes the motion initiated by the Labour Party. Nonetheless, I thank it for giving me the opportunity to discuss the Government's management of the public finances, the supports we have put in place and the preparations already under way for budget 2027. I will do so without resorting to petty name-calling of any individuals. Nobody can honestly say what the future holds in regard to the war in the Middle East. This is contributing to a deeply uncertain global picture. No government can totally shield its country against the worst global energy crisis we have seen since the 1970s. For a small, highly open economy and, importantly, a net importer of energy, this situation presents a particular challenge for Ireland. The Government has already taken action, in a targeted and affordable way, to protect households, businesses and key sectors of our economy from the recent energy price shock. Our response goes much further than the responses of many other nations around the globe. This is a testament to the prudent management of public finances, which I will touch on later. We may disagree on what supports we have initiated, but it is simply wrong to say that nothing has been done. Our status as a net importer of energy means that movements in international energy prices are transmitted quickly into our domestic economy. We are acutely aware that this places real pressure on households and businesses. I acknowledge the fear and frustration which were evident around the country in recent weeks. We are responding to those concerns, and will continue to do so. That is why the Government acted in a decisive and responsible manner, providing supports of over €750 million. These interventions were built on permanent targeted supports which were introduced as part of budget 2026 and budget 2025, including the 9% VAT rate for gas and electricity, increases for social welfare, higher child support payments, increases and extensions to the eligibility for the fuel allowance, the further roll-out of free school meals, which Deputy Nash acknowledged as a good initiative, further roll-out of the free books schemes, a significant increase in housing spend - last year, the highest number of social houses were built since the 1970s - and a significant increase of 20% in the disability spend. It is simply wrong to say that nothing is being done. It is important to be clear about this Government’s approach. The choices we make in responding to these pressures will have longer term consequences, and that is why the Government has been very deliberate in its response. Our response has been targeted, temporary and proportionate. This allows us to support those most vulnerable, avoid embedding measures that add to inflation and retain capacity to respond to future challenges. The Government has introduced both tax and spending measures, including reducing the excise duty on diesel by a total of 32 cent per litre, on petrol by 27 cent per litre and on green diesel by 7.4 cent per litre. This means a saving of roughly €16 on diesel and €13.50 on petrol for motorists for an average 50-litre fill at the pumps. Every single motorist is benefiting from those interventions. We are enhancing the diesel rebate scheme. We are delaying the scheduled May increase in carbon tax until later in the year. We are reducing the NORA levy to a nominal amount. We are extending the fuel allowance season, directly targeting energy costs, benefiting the widest range of cohorts, focusing on pensioners, carers, lone parents, people with disabilities and long-term unemployed people. For the first time, the Government is extending the fuel allowance to people who are in receipt of the working family payment. These are all direct, targeted measures helping the most vulnerable in society, which the Deputies failed to acknowledge. The Government is also introducing a transport support scheme for haulage operators, Local Link providers, school transport providers and certain commercial passenger operators, to a maximum of €40 million per month for a period of three months from March to May 2026, providing a flat-rate payment based on the number of vehicles operated. This is helping to keep food on our shelves and preventing further increases on the cost of doing a weekly shop, ensuring that children can continue to go to school on a daily basis. These are all direct, targeted interventions. The Government has also introduced a fuel subsidy support scheme for farming and fisheries, totalling €20 million per month for the five-month period from March to July 2026, to provide funding support equivalent to 20 cent per litre for green diesel to be paid based on usage, again supporting our primary food producers. These measures have been put in place because the Government has had sound management of our public finances in recent years and we had the capacity to make the interventions. Many countries across the globe have had to borrow to make their interventions. There is not, as some on the Opposition benches might describe , a sort of endless money tree to pick from. Our economic position of strength requires careful management, something which not all in opposition appreciate. We have vulnerabilities in our tax base, particularly when it comes to corporation tax. The Government has been effectively managing these windfalls and investing in the future of this economy through the Future Ireland Fund and the Infrastructure, Climate and Nature Fund. This will allow us to plug the infrastructure gap to make our economy more competitive. This motion tabled by the Opposition seeks to have us spend not only in the future but also in the past, reopening tax credits and income tax bands on a retrospective basis. What will the Deputies forgo to make this happen? Will they deprioritise investments or scale back on everyday services? Those are choices they will have to make. This Government is honest. It is time for the Opposition to be honest too. The Government was elected to maintain sound public finances. As such, an inappropriate fiscal response would risk undermining our ability to take further action in the future as the situation evolves.

Sentiment score: 0.11

It is jammy when things are going right and when things are going wrong, it is the fault of the Government. That is a very simplistic approach. lf the economy remains strong, we will stand by the programme for Government commitment to make progressive changes to personal income tax rates. We have full employment. I suppose that is jammy and good luck too. From my perspective, as a Minister of State in the Department of Finance, this budget should be about rewarding work. In budget 2026, it was about supporting jobs, record investment in housing and record investment in disabilities. We must ensure that budget 2027 is about supporting those who are working and there are significant tax measures to support them. I remind the Opposition, the Labour Party in particular, that the programme for Government is a five-year programme. We have delivered one budget in that timeframe, yet the Deputies seem somewhat disappointed that every measure has not been introduced in year one at a time of huge global uncertainty. It is not about political gameplaying. Preparation for budget 2027 is already well under way. Next month, the Government will host the national economic dialogue. We will be listening to stakeholders from across society and discussing the necessary reforms and priorities for the upcoming budget, all with a view to shaping a secure future. The Government has shown that we are not afraid to act swiftly and forcefully when required, but we have always been clear that the best way to debate and manage fiscal policy is in the context of the annual budget cycle, rather than through multiple fiscal events a year. It is also worth stepping pack for a moment and looking at the broader economic context. The Irish economy has continued to demonstrate remarkable resilience. Our unemployment rate has remained below 5%, a level consistent with full employment, for almost four years now. This strength reflects the resilience of our economy and enterprise base. We cannot take this economic resilience for granted. In the current environment, risks remain firmly tilted to the downside and the outlook continues to be shaped by developments beyond our control. Inflation now stands at 3.6% for April. Four years ago, in 2022, that rate was over 8%. While still lower than at the peak of the energy shock in 2022, Irish electricity prices are high compared to those of our European neighbours. We are responding to that previous shock and the one we are feeling now. It is important to acknowledge that Ireland's exposure to this energy price shock is, in part, a consequence of our reliance on imported fossil fuels. Reducing that reliance is imperative. We are making significant investments in renewable energy and grid infrastructure and rolling out supports to improve the energy efficiency of our homes and workplaces.

Sentiment score: 0.18