It’s that time of year again. Budget 2025 will be presented to Dáil Éireann today, 1 October 2024. The Minister for Finance Jack Chambers will speak at 13:00 whilst the Minister for Public Expenditure, National Development Plan Delivery and Reform, Paschal Donohoe, will speak at 13:45.
But what do we know about the Budget so far?
A huge cost of living package is expected, along with energy credits, tax cuts, a payment for new parents, and more.
Bonus payments – A number of bonus payments are expected to be unveiled in today’s Budget. These include a Child Benefit Payment Increase in the form of two double child benefit payments before Christmas of €280 per child. Two double welfare payments in October and Christmas are also expected.
In addition, we can expect a €400 disability support grant, a €400 carer’s support grant, a €300 fuel allowance payment, a €200 living alone allowance, a €400 working family payment and a €100 child support grant.
€420 for new parents – New parents are set to receive a payment of €420 following the birth of a baby as part of the measures announced today.
€250 energy credit – This credit, which has been signed off on by the government, will apply to everyone. It will be paid out in two instalments of €125, likely before Christmas.
Rent Tax Credit – An increase to the €750 rent tax credit will be considered for Budget 2025, with the Finance Minister suggesting it could be raised to as high as €1,000, the Irish Independent reports.
Tax cuts – Minister Chambers has claimed that low and middle income workers will be an “absolute priority” in the Budget’s tax package, stating that he wants to “give workers a break in 2025”.
“We will be prioritising low and middle income earners so that it is progressive,” the Finance Minister said, adding:
“We’re going to make sure that as wage inflation occurs that we are not excessively levying tax and that’s the basis upon which we will design an income tax package.”
Education – Student fees to be reduced by €1,000-€1,500 in the coming academic year, along with eligibility for student grants. There are also measures for parents with children in school, with Tánaiste Micheál Martin stating that there would be Budget 2025 provisions for childcare and free school books for children of all ages. A €500 cut in college fees has also been reported.