Budget 2023 has been the biggest giveaway in the history of the State as €11bn has been splurged to tackle the cost of living crisis.
Pension hikes, reduced college fees, free energy credits, cheaper public transport, slashed childcare fees and across the board welfare hikes are all part of the bonanza. But how much tax will you pay this year as a result of the Budget bonanza?
PwC have a handy calculator which allows you to calculate exactly how much tax you will be paying next year. The calculator can be accessed here.
Read more: Two new 24-hour night bus services on the way for Dublin
Finance Minister Paschal Donohoe unveiled his sixth budget of his career to TDs yesterday afternoon, detailing a series of measures aimed to take the pressure off of households next year. The €11bn budget includes a €3bn cost of living package which is focused on putting money back in people's pockets.
Here's a rundown of all the Budget 2023 measures aimed at tackling Ireland's rising cost of living:
Education
Students were big winners with a significant reduction in fees. 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.
And it appears we will not have to wait until the next Budget for more cost of living measures as Tanaiste Leo Varadkar exclusively told the Irish Mirror last night that the Government is already “putting money in the tank” to deal with the cost of living crisis next year.
Read next:
Cost of living protest: Thousands demand more from Government as people struggle
Chicken breasts among food you need to bin as supermarkets issue urgent recall
Sign up to the Dublin Live Newsletter to get all the latest Dublin news straight to your inbox.
