Budget giveaways: What's in it for you on Tuesday?

Budget giveaways: What's in it for you on Tuesday?

This year's budget has been dubbed the cost of living budget, as the Government try to ease inflationary world pressures. Picture: Pexels

Budget 2023 has been dubbed the cost-of-living budget, with the Government stressing the importance of supporting businesses, families, and individuals.

Among the measures to be announced tomorrow are:

COST OF LIVING:

  • An energy rebate to be paid in three installments of €200 this year and next, to help households with rising electricity and gas costs.
  • A double payment of child benefit before Christmas, which will cost €180m.
  • A one-off cost-of-living payment in October or early November for those on social welfare supports, similar to the annual Christmas bonus, which will cost the state around €300m.

FAMILIES:

  • A childcare scheme that will aim to halve creche fees over the next two budgets, starting with a €200 reduction in Budget 2023.
  • The rollout of free schoolbooks for every primary school child from next year.
  • A reduction in the pupil-teacher ratio that will see it go from 24:1 to 23:1. This ratio will be lower in Deis schools.
  • A significant package worth tens of millions of euro for school bus transport. This will allow the Department of Education to prioritise late eligible children and those on concession tickets.
  • A €500 reduction in third-level fees.

BUSINESS

  • An energy scheme aimed at SMEs that will help with the spiralling cost of electricity and heating bills.
  • Low interest loans to help businesses develop and grow.
  • Increased grants for businesses that take people off the live register as well as increased funding for training schemes.

TRANSPORT

  • A retention of the 20% reduction in public transport fares into next year.
  • €1m a day in funding to develop greenways and other walking and cycling amenities, which will amount to €364m over the entire year
  • €10m out of the cost-of-living package will go towards providing fuel subsidies for school transport.

TAX

  • An increase in the entry threshold to the highest rate of income tax, meaning workers will not start to pay 40% tax until they reach around €40,000
  • The introduction of 0% tax on newspapers as part of a wider media package that will include a €6m fund to prioritise local democracy and court reporting.
  • No change to USC, except to allow for an increase in the minimum wage.

SOCIAL WELFARE

  • Across the board increases in all social welfare payments of €12 per week.
  • An expansion of the fuel allowance scheme to ensure more pensioners qualify for the support.
  • A widening of the eligibility criteria for the working family payment to help those on lower incomes either stay in employment or take up jobs.

HOUSING

  • The Help to Buy scheme will be retained for another year.
  • Renters will receive a tax credit.

OTHER

  • An extra 800 gardaí
  • The abolition of hospital charges, however, this is not likely to come into force until later into 2023, due to the pressure on the Health budget.

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