Irish Fiscal Advisory Council warns of unrealistic spending forecasts and repeated breaches of National Spending Rule (fiscalcouncil.ie)

• Irish economy at or above capacity; underlying deficit of €2.7bn forecast for 2024.
• Repeated breaches of National Spending Rule; spending €8.5bn above 5% path.
• Council calls for legislated spending rule, transparency, and no fiscal gimmickry.

"The Irish Fiscal Advisory Council's June 2024 Fiscal Assessment Report finds the economy operating at or above capacity, with an underlying deficit (excluding excess corporation tax) of €2.7 billion for 2024. The Government is repeatedly breaching the National Spending Rule, with spending in 2024 cumulatively €8.5 billion above the 5% path. The report criticises fiscal gimmickry and lack of transparency, recommends strengthening the domestic fiscal framework, and calls for all windfall tax revenues to be saved in the Future Ireland Fund."