It’s one of the most anticipated days in the political calendar.
Minister for Finance Paschal Donohoe will formally reveal the budget for 2022 at 1pm today but until then, here’s everything we know so far.
According to the Irish Times, today’s budget package is expected to amount to about €4.7 billion. Approx. €3.2 bn of this will be used for existing pay and spending increases, leaving €1 bn available for new initiatives. €500 million will be allocated for tax measures.
Otherwise, we can expect to see an €100 million recovery package for the tourism and aviation sector, an extra €4 billion to be spent on housing and the usual increase on cigarettes and petrol.
Here’s a quick breakdown on other elements of the budget we can expect to be announced this afternoon.
Aviation and tourism: A €100 million recovery package for the tourism sector is planned. Also, a basic income scheme for artists will be piloted from January.
Carbon tax: According to the Irish Times, carbon tax will rise €7.50 per tonne as part of an effort to reduce greenhouse gas emissions. This means approx €1.28 extra on a 60 litre tank of petrol and €1.48 more for a full tank of diesel from midnight tonight.
Childcare: A childcare package of €100 million next year is expected, which we could see raised to €200 million once ramped up. As part of this, childcare fees may be frozen for many parents and we may see more access to subsidies for working and unemployed parents.
Cigarettes and alcohol: Smokers can expect the usual 50c increase per box of cigarettes. The price of alcohol is expected to remain untouched, as the government are aware of the pressure the hospitality sector is already under following the pandemic.
Climate: €200 million to go on retrofitting in over 20,000 homes, with half to be spent on 4,500 free home upgrades for low-income or energy-poverty households.
Education: We can expect an additional 1,000 special needs assistants and more than 400 special education teachers. Also, a potential expansion of the Deis scheme.
Healthcare: €1bn in covid funding is anticipated, along with free GP visits for children under 8 and €200 million to tackle waiting lists.
Housing: €4 billion of the budget is to be allocated to housing. This will include nearly €200 million in funding for homeless services and €85 million for retrofitting.
Policing: 700 new Gardaà are set to be recruited in 2022, a rise from the previous 500.
Transport:Â Half price public transport for those ages between 19 and 23.
Welfare and pensions: Welfare payments including the fuel allowance are expected to increase by €5. Pensioners, job seekers and those on maternity benefit can also expect a €5 increase.
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