Donegal Sinn Féin Deputy Pearse Doherty claims that the government is squandering Ireland’s economic growth.
The Fiscal Monitor, published yesterday, shows a strong growth in tax revenue, driven by income tax, VAT and corporation tax.
But with the housing sector and health service now in a state of perpetual crisis, Deputy Doherty claims the government is failing to convert economic growth into a social improvement.
The Sinn Féin Finance spokesperson said the recovery of the economy since the pandemic is to be welcomed, but the Fiscal Monitor also reveals the massive growth in corporation tax receipts which has overtaken VAT as the second largest tax head for the Exchequer.
Deputy Doherty said: “We must remain vigilant to any overreliance on corporation tax in the years ahead and ensure our public finances are secured on a sustainable footing.
“The higher than expected surplus in 2022 makes clear the capacity of the State to provide further support to help households weather the cost of living crisis, and the Government must now strengthen cost of living supports in the coming period.”
He continued “Governments are judged on how they convert economic growth into a social improvement – on this measure, this government is failing.
“It is revealing that the Department of Housing and Minister Ryan’s department underspent last year by a combined €546 million.
“Both Ministers must clarify the extent of their over-promising and lack of delivery in 2022 with respect to both housing and retrofitting.”