The Summer Economic Statement shows this Government is out of ideas and is squandering a generational opportunity, according to Social Democrats finance spokesperson Cian O’Callaghan.
Deputy O’Callaghan said:
“The Government is again expected to have a significant surplus with the potential to change people’s lives.
“This will be the fifth year in a row of surpluses, with the previous four years amounting to over 50 billion euro.
“What have Fine Gael and Fianna Fáil achieved with this money? Billions have been spent on untargeted measures, handouts for property developers, and tax cuts for fast food giants.
“Meanwhile, Ireland’s infrastructure remains threadbare, our bills are the most expensive in Europe, and the housing crisis is worse than ever.
“We know that these surpluses come primarily from a handful of multinationals – we cannot rely on them forever.
“The Summer Economic Statement shows that just ten companies account for more than half of corporation tax receipts. It also predicts a consistent slowing down of economic growth in the coming decades, with annual GNI growth to slow to 0.6 per cent by 2065.
“If the Government does not use surpluses wisely now, it risks squandering a once in a lifetime opportunity to invest in our indigenous economy, roll out renewable energy, build up our infrastructure, and make life affordable for ordinary people.
“This Summer Economic Statement was an opportunity to plot a different course: a chance to stop wasting taxpayers’ money and start investing in permanent solutions.
“The Government has instead doubled down on failure. Ireland cannot afford another year of wasted potential.”
July 22nd, 2026