Pictures: Don MacMonagle
A Killarney man who holds the influential position of Chief Economist and Head of Secretariat with the Irish Fiscal Advisory Council has briefed business interests in his home town on the good and the not so good points of Budget 2024 and what they can expect in the year ahead.
Eddie Casey, who is also Adjunct Lecturer and Assistant Professor at University College, was the keynote speaker at a post Budget information luncheon, hosted by Killarney financial firm OCKT Ltd and supported by Killarney Chamber of Tourism and Commerce.
It was held in the Killarney Park Hotel and Mr Casey, the son of Owen and Katherine Casey of Countess Road – who operate an electrical goods and music store at the College Street-Michael Collins Place junction – captivated those in attendance with a refreshing and fast-paced take on what unfolded in Dáil Éireann on Tuesday.
Prior to joining the Irish Fiscal Advisory Council, the Killarney native worked as an economist with NTMA and as a research assistant in the ESRI and Central Bank of Ireland. He holds a PhD in macro-economics from University College Dublin and first-class honours degrees in M.Sc. Financial Economics and B.A. Economics from University College Cork.
Offering the audience some takeaway points to be considered, from Budget 2024, Mr Casey said that rather than slowing down, the Irish economy is experiencing an acceleration and it is crucial that past mistakes of procyclical fiscal policy are not repeated.
He said it is still difficult to see how far Budget 2024 can go with a possible under-budgeting for health, Ukrainian supports and climate and ageing population pressures after 2026.
Mr Casey is of the opinion that some of the windfalls that could have been contained in Minister Michael McGrath’s Budget are being kept in wait.
He also believes the government should reinforce and adhere to its national spending rule to ensure public finance are managed sustainably.
The Irish Fiscal Advisory Council is an independent statutory body with a mandate to assess the government’s fiscal stance and budgetary forecasts, endorse its economic forecast sand monitor fiscal rules.
It was established on an interim basis in July 2011 and put on a statutory footing in December 2012.
Earlier Marcus Treacy of Killarney based OCKT Ltd briefed the lunchtime gathering on some of the key points from Budget 2024 including:
- An increase in income tax bands by €2,000 and main tax credits by €100
- An increase in the USC band from €22,920 to €25,760 and a reduction in the 4.5 per cent rate to four per cent
- No change in pension tax relief
- No change in insurance levies
- No change in DIRT or life assurance exit tax rates
- The retention of the existing CAT thresholds
Advertise where it will be seen: For great value advertising contact news@killarneytoday.com or call 087-2229761
