In every issue of The Bottom Line, we ask students for their thoughts on a particular topic. This month, we want to know: What do you think of Budget 2023?
Brendan Connor, Risk Assurance Associate, PwC
It's nice to see a strong emphasis on the cost of living and public transport infrastructure in the 2023 Budget.
The energy and rental credits could go a long way for a lot of young people, and the focus on the cost of living shows a commitment to keeping young people from leaving Ireland, which is encouraging. Public transport infrastructure has also been a hot topic for a while, especially in Dublin, and it’s nice to see that it’s getting the funding it deserves.
With the highest proportionate level of investment since 2008, it’s also very positive to see the government’s commitment to environmentally sustainable initiatives in this area.
Rob Courtney, Audit Senior, EY
Personally, I am hopeful that Budget 2023 will work to alleviate uncertainty in people’s lives.
The movement of the 40 percent tax bracket will offer some relief to young working professionals – it will certainly be seen as a welcome change to the doom and gloom of the cost of living crisis.
Alongside this, the new rent tax credit should offer some respite to current renters or those thinking of entering the rental market in the coming year.
The one qualm I have is the relief for energy bills; if energy prices continue to trend as they are, it’s unlikely they will change the current picture by much.
Saoirse Kitt, Banking, Insurance & Aviation Finance Senior Associate, PwC
As a young working professional, there are aspects of the Budget that I’m happy about, such as the €500 rent tax credit for this year and next, the increase of €3,200 to the standard rate income tax band, and the new energy credit being introduced.
It is positive that there are short-term measures being introduced to help those most in need, such as once-off social welfare payments.
However, I think that the budget for 2023 has overcommitted to tax cuts instead of focusing on building more homes, reducing emissions and eliminating poverty.