The Irish Budget 2024, presented on October 10, 2023, focuses on addressing the cost of living, supporting public services, and preparing for future economic challenges. Here are some of the key highlights:
Cost of Living and Social Supports
Energy Credits: Three €150 energy credits will be given to every household, with payments scheduled between late 2023 and April 2024.
Social Welfare Increases: Weekly social welfare payments, including pensions, will see a €12 increase from January 2024. Additionally, lump sum payments are provided to various groups, including a €300 fuel allowance payment and €200 for those receiving the Living Alone Allowance.
Minimum Wage: The national minimum wage will increase to €12.70 per hour starting January 2024.
Child Benefit: A double payment of child benefit is planned before Christmas 2023, with an extension to cover 18-year-olds in full-time education from September 2024.
Housing and Taxation
Rent Tax Credit: The rent tax credit is increased from €500 to €750.
Mortgage Relief: Mortgage interest tax relief is introduced for 2024, providing relief for those facing higher interest rates.
Help-to-Buy Scheme: Extended until the end of 2025 to assist first-time homebuyers.
Vacant Property Tax: This tax will be increased from three to five times the rate of Local Property Tax to encourage the use of vacant properties.
Education
Reduced College Fees: College fees for families earning under €100,000 will be halved to €1,500. All other families will see a €1,000 reduction in fees for full-time undergraduate students.
Student Grants: Maintenance grants will increase by over €300 from January 2024.
Environmental Measures
Carbon Tax: The carbon tax will rise by €7.50 per tonne, bringing it to €56 per tonne, effective from October 2023 for auto fuels and May 2024 for other fuels.
Electric Vehicles: VRT relief for electric vehicles (up to €50,000 value) is extended until 2025, encouraging the adoption of cleaner vehicles.
Public Services and Infrastructure
Public Transport: Reduced public transport fares, a 20% reduction, will continue throughout 2024. Additionally, funding for Local Link services and electric vehicle infrastructure is expanded.
Health and Social Care: Various measures include funding for increased staffing in healthcare and new initiatives to combat domestic, sexual, and gender-based violence.
This budget is designed to provide immediate relief to households while also making long-term investments in public services and infrastructure, reflecting the government's commitment to addressing both current economic pressures and future challenges