Minister for Finance Paschal Donohoe delivered the highly anticipated Budget 2023 this afternoon which was focused on tackling the rising cost of living.
Minister Donohoe unveiled his sixth budget of his career to TDs this afternoon, detailing a series of measures aimed to take the pressure off of households next year. The €10bn budget includes a €3bn cost of living package which is focused on putting money back in people's pockets.
Social welfare recipients, college students and renters are among the sections of society that received big benefits today. Here's a rundown of all the Budget 2023 measures aimed at tackling Ireland's rising cost of living:
Education
College students received big wins in the Budget today, with the announcement that fees will be significantly reduced. Third-level fees have been immediately reduced by €1,000, while all families who earn under 100,000 will receive a further permanent €500 reduction. Families earning under €62,000 per year will pay no more than €1,500 in fees.
Students who receive the SUSI grant will get a double payment before Christmas. PHD students are also to receive a once-off cost of living payment.
It was also announced that all primary school students will get their schoolbooks for free from next September. Around €10 million was allocated for the school bus scheme
Health
Hospital in-patient fees have been scrapped and the free GP visit card has been extended to an additional 430,000 people. The move means that almost half of the country's population will have access to either a free GP visit card or a medical card.
Ireland's first publicly funded IVF treatment was also announced. It will begin next year, supported by a multi-million euro fund.
The Free Contraception scheme for women aged 25 and under which came into effect this month has also been extended to those 30 and under.
Housing
The most notable housing measure announced in today's Budget was the reintroduction of a tax credit for renters. Taxpayers who rent will receive €1,000, split into two credits. One will apply this year and the second one will apply next year.
The Help to Buy scheme that gives first-time buyers tax rebate of €30,000 will be extended for another two years.
Energy payment
One of the highlights of Budget 2023 was the announcement of a €600 electricity credit for households. This will be paid over three bills.
Social welfare
Every pensioner, carer, disabled person and those on the dole are among the big winners in the Budget today as universal €12 a week social welfare hikes was announced. This measure alone will cost close to €1 billion next year, with the increases kicking in from January 1. Before that, all welfare recipients will receive a double payment under the cost of living package in the coming weeks, and another one at Christmas.
Eligibility for the Fuel Allowance is also to be widened and payments increased. A once-off payment of €500 for carers of people with a disability was also announced.
Read Next:
- Budget 2023: What time will it be announced and all we know so far
- Budget 2023: How possible measures could affect pensioners
- Budget 2023: How possible measures could affect middle income earners on €35,000 to €50,000
- Budget 2023: Thousands in line to receive €500 boost to pay packet
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