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Budget 2023: what time, where to watch and what’s in it – everything we know so far

What time is Budget 2023? Where can I watch it, and what does it contain? Everything we know so far about today’s announcements by Finance Minister Paschal Donohoe and Public Expenditure Minister Michael McGrath

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Minister for Finance Paschal Donohoe and Minister for Public Expenditure and Reform Michael McGrath pictured in the Department of Finance (Picture: Gerry Mooney)

Minister for Finance Paschal Donohoe and Minister for Public Expenditure and Reform Michael McGrath pictured in the Department of Finance (Picture: Gerry Mooney)

Minister for Finance Paschal Donohoe and Minister for Public Expenditure and Reform Michael McGrath pictured in the Department of Finance (Picture: Gerry Mooney)

Here’s everything you need to know about today’s Budget announcement.

What time is Budget 2023?

Finance Minister Paschal Donohoe will stand in the Dáil and announce Budget 2023 at around 1pm and he will be followed by Public Expenditure Minister Michael McGrath at around 1.45pm.

Where can I watch Budget 2023?

RTÉ are broadcasting the Budget as part of a special broadcast on RTÉ One, RTÉ Radio One and RTÉ News Now.

Independent.ie will carry up-to-the-minute in-depth coverage and analysis throughout the day, including a live-blog starting at 9am.

Here’s everything we know so far about what’s in Budget 2023:

Health

Half the population will have access to a free GP visit card or medical card under a major overhaul of health benefits to be announced in the Budget.

Health Minister Stephen Donnelly secured Budget funding to expand the free GP visit card to an additional 430,000 people.

The move means around 2.5 million citizens will have access to either card which both give the recipient access to free GP services.

It is the biggest expansion in the eligibility of the scheme in decades and was secured by Mr Donnelly in the final hours of Budget talks.

The revamped scheme will be announced in Tuesday’s Budget as will plans to abolish hospital charges for all adults.

Mr Donnelly recently revealed that hospital charges for children under 16 would have their fees abolished.

Meanwhile VAT on defibrillators will be reduced to zero in an attempt to encourage their purchase in order to save lives. The devices send electrical impulses to re-start the hear in cases of cardiac arrest.

Taxes

The higher rate of tax at 40pc will apply only to earned income of over €40,000 under what will be one of the highlights of the budget. The move, which Fine Gael has pushed for, will put an estimated €800 into the pocket of a single earner and €1,600 for a couple. It is one of the biggest tax cuts in recent years.

The second USC band is set to be increased to €10,908 from €9,283 due to the increase in the minimum wage. Personal tax credits for carers will also increase by €100 to €1,700.

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Housing

Renters are set to benefit from the re-introduction of a tax credit, totalling €1,000 for people renting accommodation. Ministers have signed off on two credits of €500, one which will apply this year and one next year.

The Help to Buy scheme that gives a tax rebate of €30,000 to first-time buyers will be extended for another two years.

Childcare

Children’s Minister Roderic O’Gorman has secured significant funding to provide a State subvention for creche costs that could save families around €170 a month.

Social Welfare

A double payment of the child benefit has been agreed and will be paid before the end of the year. Carers and people with disabilities are expected to receive a one-off €500 payment. Other social welfare recipients are expected to get a double payment in the weeks after the Budget while the Christmas bonus payment will also be paid in December.

A final figure for the welfare hikes for next year is still being worked on with Social Protection Minister Heather Humphreys still pushing for €15 a week hikes. However, the minister has been told the financial resources are not available for such increases and the final figures may be closer to €12. However, talks are still said to be on going between Ms Humphreys and Mr McGrath.

Pensioners are in line for one-off payments of up to €1,100 before the end of the year under a series of last-minute social welfare spending measures agreed by the Coalition.

A double payment of the €253 per week state pension will be paid twice in the coming months – once soon after the Budget and then again in December.

Pensioners in receipt of the Living Alone allowance will receive a separate €200 payment while those claiming the Fuel Allowance are in line for once-off €400 lump sum on top of their usual rate.

Energy crisis

The excise reductions on petrol and diesel will continue into the new year as will the Vat reduction on energy bills. All households will receive a €600 electricity bill credit which will be paid in either two or three instalments. However, energy bills will not be capped.

The Fuel Allowance scheme will be extended to up to 80,000 people who currently do not qualify for the payment. This will mean around 450,000 people will be able to claim the welfare payment over the coming months.

Alcohol

There will be no additional taxes on beer or spirits in the Budget, sources have confirmed to the Independent.ie.

Cigarettes

A packet of 20 cigarettes will cost an extra 50c in a new excise increase to be announced by Finance Minister Paschal Donohoe tomorrow. The measure will have to be approved by the Dáil in a vote tomorrow, but with approval the new increase will apply from midnight.

Inheritance tax

There will be no change in the inheritance tax ceilings after fears that the State could seek to claw back more from the estates of deceased persons. The recent Commission on Taxation and Welfare had pointed to revenue-raising opportunities in this area.

By the same token, there will be no changes to Capital Gains Tax arrangement, rates and rules.

Health

Health Minister Stephen Donnelly has received funding for a major expansion of the GP visit card scheme.

More than 430,000 people will become eligible for the first time for the means-tested scheme once changes to income limits are enacted after the Budget.

The moves mean around 2.5 million people, or half the population of the country, will have access to a free GP visit card or medical card and is part of the minister’s plan to introduce universal health care.

Mr Donnelly has also secured funding to abolish hospital charges for all adults in the Budget. The policy will save people up to €800 which is the rate at which hospital fees are capped at. Mr Donnelly has previously removed the fees for children under 16 and has pushed his government colleagues to extend this cut to all adults during budget talks.

Gardaí

There will be funding for 1,000 new gardaí to begin training in Templemore next year. There will also be 400 new Garda staff to help free up frontline gardaí for core policing duties. There will also be an increase in overtime to help gardaí tackle crime and anti-social behaviour.

Hospitality

The VAT rate for the hospitality industry will increase from the pandemic reduced rate of 9pc to 13.5pc at the end of February which will be significant blow for pubs, restaurants and hotels.

Students

Students are in line to see their fees cut and could also see an increase in their grants. Third-level fees are to be cut by €1,000 this year, with a once-off double payment of the student grant also in Budget 2023. It means no one will pay more than €2,000 to attend third-level education for the coming term. Those studying for PHDs will get a once-off cost-of-living payment before Christmas.

A new free schoolbook scheme for children in primary school is to be introduced and student/teacher ratio will also be reduced.

Irish colleges

Sports and Gaeltacht Minister Jack Chambers has secured an extra €2.5m to support the Irish summer colleges sector.

This includes a 10pc increase in the subsidy per child for mná tí, who provide meals and accommodation for Irish students.

Public transport

The 20pc reduction in public transport fares will continue until the end of 2023.

Business

Businesses will get up to €10,000 a month paid in their electricity or gas bills as part of a €1bn scheme to be announced in tomorrow’s Budget.

Small to medium enterprises will have 40pc of their increases in electricity or gas bills paid up to a maximum of €10,000 per month.

The Temporary Business Energy Support Scheme (TBESS) will be backdated to September, run to February and be administered by the Revenue Commissioners.

A separate €200m scheme will also be announced which will see businesses being able to avail of up to €2m in financial aid. This Enterprise Ireland scheme will be aimed at companies involved in exporting and manufacturing. They will have to produce a business plan that shows how they will get through the crisis and control their energy costs.

The two new schemes will also be backed up a low cost loan, the details of which will be announced tomorrow.

Newspapers

In a last-minute move, newspapers will be zero-rated for VAT.

Officials had prevailing guided that the move would be too late for today’s package. But it was confirmed this morning.

Farming

A new beef scheme, energy supports and funding for liming of soils are expected to be announced by Agriculture Minister Charlie McConalogue.

He is set to outline measures aimed at supporting farmers dealing with the fallout of the war in Ukraine as well as continuing the environmental work farmers have already started.

There were concerns that with the BEEP-S scheme ending, there would be no new suckler scheme, however Mr McConalogue will have a new plan with a similar level of funding to the €28m BEEP-S and it is understood it will sit alongside the €150/cow Suckler Carbon Efficiency Scheme in the new CAP.

Another fodder scheme is also expected to be announced, which will be open for applications this year, and the majority of agri taxation measures will be rolled over.

In relation to the incoming new CAP, €20m in funding has been secured for 30,000 places in ACRES for 2023. There will also be extra funding for TAMS, forestry and organics, as well as the new and enhanced suckler and sheep supports.

There will also be specific capital funding to support the development of anaerobic digestion in 2023.

To help farmers deal with high fertiliser prices, the minister will have an enhanced Multi Species Sward/Red Clover scheme plus the introduction of a new €8m grant aid scheme to support the spreading of lime.

This is as well as the new €10m Tillage Incentive Scheme which the minister announced at the Ploughing Championships last week.



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