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One choice we can make is to use the current favourable economic environment to help prepare for some of the risks that the public finances and the economy faces.
Figures from the Revenue Commissioners show that around 80 per cent of corporation tax is paid by foreign companies,[this] corresponds to €1,500 for every household in the country and most of it has been spent.
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Housing remains an area of obvious concern. Housing output needs to increase substantially, but thought needs to be given in how to do this in a sustainable manner. At a basic level this could be overcoming the problems of just having workers with the appropriate professional and trade skills to undertake the work.
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The upcoming budget is the first to be presented by the reformulated Government. Through a combination of luck and sound policies it will be presented against the backdrop of a positive economy and an improving fiscal situation.
If there is anything to be wary of it is that they might try to give us everything we want.
