Taoiseach Leo Varadkar has said that he does not want any future government, no matter which political party, to face a situation like that faced by Minister for Finance Michael Noonan in 2011.
"They were very tough times, the Troika were in town," he told Newstalk’ Pat Kenny show “I never want anyone, I don't care what party they're from. I just don't want anyone ever to face those decisions again. And the fact that we have these four funds.
"Well, I think it puts future governments in a much better position if we get into trouble again economically. That's not on the horizon at the moment, but history teaches us that sooner or later we won't be doing so well.”
"Budget 2024 was “above all” about putting money back in people's pockets, “making sure that you earn more, and that you get to keep more of the money that you earn.”
"The Government recognised how high the cost of living was at the moment, particularly energy bills. There would be additional funding for the gardaí, building safer, stronger communities. And there would be a focus on children as well", he said, along with reduced childcare costs, free school books in secondary school, extending child benefits to those in full-time education.
Mr Varadkar said the Government was “thinking ahead well beyond the next election to future generations. "So we're setting up for what's going to be called the Future Ireland Fund, and that's a fund we're going to put money into to pay for future pension costs. It's not a rainy day fund.”
"With the growing population and the aging population, the country was facing increased pension costs, health care costs and social care costs so it was important that money be sent aside for that."
Mr Varadkar said he felt very strongly about the infrastructure climate and nature fund, because there had been a tradition in Ireland that when the economy slowed down, when the country goes recession, the first thing that gets cut is the capital investment budget.
“So we know the metro gets delayed, housing gets slowed down, the school building programme gets slowed down, new hospitals don't get built. And this new fund will help us to break out of those patterns.”
When it was pointed out that a future Government led by a different political party could use the fund for different purposes, the Taoiseach said he hoped that would not be the case.
"The new funds would mean that if in the future there was an economic shock and unemployment went up, the money in the fund, not higher taxes, could fund jobseeker's benefit."
