Budget 2023

Safeguarding progress, building resilience

As a ‘cost of living’ budget, Budget 2023 was heavily geared towards tackling inflation and supporting those worst-hit by price increases. But did the Minister for Finance do enough to balance the short-term imperatives with longer-term challenges such as housing supply, pension funding, public health services and climate change? And what do the measures mean for you, your business and your customers?

The role of Budget 2023 in safeguarding progress and building resilience

Budget 2023 was announced against a volatile global backdrop of rising inflation, a deepening energy crisis and extreme geopolitical stress. Add to this the domestic issues of inadequate housing supply, public health service challenges and ageing demographics and the challenge facing the Government becomes clear. Budget 2023 has attempted to balance the short-term need to support those worst hit by inflation with longer-term investment in an effort to secure our economic recovery and reinforce the country’s resilience against future shocks. There were also important announcements concerning our corporate tax regime, and a broader review of other areas including personal taxes, the taxation of certain investment funds and life policies.

Key measures introduced in Budget 2023

Despite the increased volatility in the global economy, the cost of living nature of Budget 2023 will help ease the burden on citizens in the short-term. So, what key measures did the Minister for Finance announce in Budget 2023?

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Susan Kilty

Partner, PwC Ireland (Republic of)

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